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Establishing and developing economic, trade and business relations between Georgia and Norway

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Why invest in Georgia

Index of economic
freedom: 75.90
(Rank: 16)

Georgia is ranked 8th among 44 countries in the Europe region, and its overall score is above the regional and world averages.

Since the 2003 “Rose Revolution,” reforms by successive administrations have reduced petty corruption, cut regulation, simplified taxes, opened markets, and developed transport and energy infrastructure. The government hopes that further reductions in regulation, taxes, and corruption will attract foreign investment and stimulate growth. 

Ease of doing business:
83.28 
(Rank: 6)

Georgia’s economy has maintained strong momentum in liberalizing economic activity. It takes only two procedures and two days to start a business, and no minimum capital is required. The non-salary cost of hiring a worker is not burdensome, but the labor market lacks dynamism. The government is increasing subsidies for green energy and transport projects.

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Tax burden:
87.1
(Rank: 15)
 

The flat income tax rate in Georgia is 20 percent, and the flat corporate tax rate is 15 percent. Other taxes include value-added and dividends taxes. The overall tax burden equals 25.8 percent of total domestic income. In 2017 Georgian government introduced new growth oriented model of Corporate Income Tax. Under the new model taxation of corporate income is postponed until distribution of net income. This increases availability of the funds and promotes reinvestment of earned profits into the same or new activities.

Strategic Location

Since the early middle ages while Georgia was on the path of The Great Silk Road it formed a reliable corridor between Central Asia and Europe. Nowadays Georgia is in a highly strategic location that serves as an entry gate to the Caucasus and focal point of trade to and from Central Asia. 

As a direct result of the absence of customs and import tariffs, Georgia’s liberal trade regimes provide investors with opportunity to easily enter the local market as well as access to the wider region’s markets.

Georgia enjoys Deep and Comprehensive Free Trade Area with the European Union, which means tariff free trade for product and service with all EU28 states, in addition with EFTA countries (Switzerland, Norway, Iceland and Liechtenstein). Moreover, since January 2018, Georgia has become the first country in the region to have signed Free Trade Agreement with China.

 

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0164 Oslo, Norway

 

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