(MENAFN- Trend News Agency ) Baku, Azerbaijan, Oct. 31
By Nigar Guliyeva – Trend:
Doing Business 2018 report ranks Georgia on 9th place among world's 190 countries, highest in Europe and Central Asia.
Georgia's score improved by 2.12 points to make up 82.04 points, and the country has advanced from 16th to 9th place. Compared to 2017, in 2018 Georgia surpassed countries like Sweden, Macedonia, Estonia, Finland, Australia, Taiwan (China), and Latvia, according to the report.
The country remains exceptional in Europe and Central Asia as a country that has taken important steps toward better and more effective regulations.
Notably, Georgia's positions have improved in 5 indicators: Starting a business: 4th place (8th in 2017) ;Getting electricity: 30th place (39th in 2017); Protecting minority investors: 2nd place (7th in 2017); Enforcing contracts: 7th place (16th in 2017); Resolving insolvency: 57th place (106th in 2017).
Doing Business finds that Georgia implemented substantive changes in the local regulatory framework in the following areas in 2016-17:
Getting electricity was made more affordable, by reducing connection costs for new customers.
Protections for minority investors were strengthened. This was achieved by making it easier to sue directors in cases of prejudicial transactions between interested parties, by increasing shareholder rights and their role in major corporate decisions, and by clarifying ownership and control structures.
Resolving insolvency was made easier, by making insolvency proceedings more accessible for debtors and creditors, by improving provisions on the treatment of contracts during insolvency, and by granting creditors greater participation in important decisions during the proceedings.
"With tangible reforms implemented in three key areas this year - making electricity more affordable, strengthening minority investor protections, and making resolving insolvency easier - Georgia continues to be a top reformer in the Europe and Central Asia region, and is poised to accelerate inclusive and sustainable growth," said Mercy Tembon, World Bank Regional Director for the South Caucasus. "We commend the Government of Georgia for this remarkable achievement and encourage them to maintain this momentum."
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