Notes

The Committee on Sector Economy and Economic Policy began to study the challenges in attracting direct foreign investments (FDI) in Georgia.

The committee held a meeting with the representatives of the business sector in the online format. Among the challenges for the investment environment of Georgia, the executive director of the Business Association Levan Vepkhvadze named the instability of Lari course as one of the issues.

"The four main components will be allocated to the course of the Lari course. The direct foreign investment is carried out in foreign currency and the investor receives the back of the local currency, which makes serious problems and since 2017, what was the first, the Lari Course drop in Reduced, if the reduced investments fell to the gel, it is a long time to argue with the national bank, but the fact is that these two things are closely linked to each other.

The second issue is very important - these are regulations. For some reason we are getting the most strict regulations in the process of harmonization with the EU legislation. There are many countries in the EU and everyone has its specifics, but we are always the most strict regulation that I think is one of the factors of investment. In terms of regulations, the second issue is foreseenance - often it is a very limited process in time and does not appear to be a lawmaker, because there are many regulations that are more declarative in the law and then there is already a specific detail in the subordinate acts that are very important for business. We are getting the law so that we do not know, then what will it follow?

Third, what our members always appeal to the bureaucratic problems, which was also said at the meeting of the Investors Council. This concerns different types of permits, timeframes for issuing these permits, it is construction permits, as well as different types of property issues, etc. Bureaucratic topics are probably once and for all. Here, in the bureaucratic part investors mention the court. Unfortunately, there is a big problem for the forgiveness, because in courts there is no uniform practice. One court may make another decision on the same cessay, the other - the other and this is a very serious problem for business. The second problem is to competence with respect to the courts and especially the knowledge of English. There may be anyone else, but contracts are mainly drawn up in English and judges sometimes have trouble entering the details of the contracts, because the problems of English are. Also, there is a very serious problem with the decision-making decisions.

Finally, the investors often appeal to the problem of qualified personnel, or it is very often talking about the introduction of new technologies, which has not been with us and it is a very serious emptiness because the investor is always reading what time it takes to prepare for the appropriate workforce and During the time he can become investigated, "said Levan Vepkhvadze.

These and other problems were heard by the Committee on Sector Economy and Economic Policy and Eka Sepashvili, deputy chairperson of the committee, explained, the relevant recommendations will be prepared to control the execution of the parliament.