Minister of Economy: Investments Hit a Historic High in 2017

access_time2018-03-13 14:10:32

In 2017, foreign direct investment (FDI) inflows  in Georgia grew  16% compared to 2016 and reached a historic high for the entire period of independence as per the  Minister of Economy Dmitry Kumsishvili.

According to him,  growth was provided by the increase in reinvestment, which in comparison with 2016 increased by 129% to GEL 700 million.

“This confirmed that the introduction from January 1, 2017 the so-called Estonian model that  envisages exemption from the tax on reinvested profits was the right step and the reform really works, "the Minister says.

In Kumsishvili’s words, before the Estonian taxation model was launched, reinvestment in Georgia did not exceed $ 300 million, and only one year was enough to double the  figure.

"It’s  about the capital that without the Estonian model would have most likely been withdrawn abroad, and only thanks to benefits  it was decided to leave it  in the country and spend on  reinvestment and new jobs creation," the Minister points out.

Kumsishvili notes that  the current investment rate  is the highest  for the entire period of independent Georgia.

"This record shows that the reforms are working and inertia is gaining momentum. As we expected, they will have a much greater effect in the next 3 years, both in terms of economic growth and jobs creation, "the Minister of Economy says.

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