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Georgia ranked highest in Europe and Central Asia in Doing Business report – Giorgi Kvirikashvili
21:20 31-10-2017
Georgia ranked highest in Europe and Central Asia in Doing Business report – Giorgi Kvirikashvili Georgia advances 7 positions and is ranked highest in Europe & Central Asia in World Bank's Doing Business 2018 report, - Georgia’s Prime Minister Giorgi Kvirikashvili has responded to the World Bank report results according to which Georgia has been ranked in the top ten countries.

As reported by Georgia’s governmental administration, Reforming to Create Jobs 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. Georgia remains exceptional in Europe and Central Asia as a country that has taken important steps toward better and more effective regulations. Country's success in the World Bank's rankings has been predetermined by the Government's effective and coordinated work.

The Government of Georgia has implemented, and continues to implement, reforms that further advance Georgia's position in the World Bank's ratings for next year. 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)

Compared to the 2013 Doing Business Report (which was published in 2012), Georgia's positions have improved in the following 6 indicators:

• Starting a business: 4th place (7th in 2013)
• Getting electricity: 30th place (50th in 2013)
• Protecting minority investors: 2nd place (19th in 2013)
• Paying taxes: 22nd place (33rd in 2013)
• Enforcing contracts: 7th place (30th in 2013)
• Resolving insolvency: 57th place (81st in 2013)
The 2013 report ranked Georgia 9th. It should be noted, however, that Doing Business changed its methodology after 2013 (qualitative indicators were added to simplicity and speed indicators) and recalculated the results of the previous years.

Georgia's 9th place according to the 2013 report now equaled 23rd. Accordingly, the country has advanced by 14 points compared to 2013. The significant success in the 2018 ranking and the country's international recognition stem from the reforms implemented by the Government of Georgia.

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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