Azerbaijani Capital Moves to Georgia

The Azerbaijani Fund for Export and Investment Promotion (AZPROMO) invites business people to an investment forum "Invest in Georgia 2015", which wil be held Batumi on September 4-5.

AZPROMO advises those interested in participating to contact Aynur Alishli by phone (+99412) 598 01 47/8 (extension number - 125) or by e-mail aalishli@azpromo.az.

It is expected that the forum will have enough participants. In light of the deteriorating economic situation in Azerbaijan and the unfavorable business climate more Azerbaijani businessmen want to move to Georgia, which every year becomes more and more attractive for business. In 2014, the country improved its position in the business climate, taking 43 place in the world rankings of investment attractiveness, ahead of Azerbaijan by 22 positions. Due to the deteriorating outlook for oil dependence of Azerbaijan in 2015, the gap is likely to grow.

In 2014 in Georgia, the volume of direct foreign investments amounted to $ 1.272 billion, or 39% more than in 2013, a 35% increase, according to official statistics.

At the end of 2014 Azerbaijani business with a portfolio of $ 302 million ranked second on investments in Georgia, behind the Netherlands and ahead of China. In the first quarter of this year, Azerbaijan ranked first in investments in the Georgian economy with $ 444 million, about $59 million of which was investment from Azerbaijan. Turkey took the second place with $ 27 million and Russia also invested $ 27 million.

Selective journalistic survey of Azerbaijani businessmen shows that they are attracted to the transparent and simple tax system, simplified customs procedures, non-interference of the state in the sphere of the private sector, a high degree of investment protection and private property, as well as the incentive policy of the Georgian government. -0-