Georgia is a country that is open to any foreign investment and encourages investors in every possible way. Laws and government create a comfortable environment for foreign investment earnings. The main driving force for attracting foreign investment is the investment department of Enterprise Georgia. They are directly involved in attracting, promoting, and developing foreign direct investment in Georgia. Invest in Georgia are moderators between foreign investors and the government of the country. In this article, we will look at the main “Invest in Georgia” success stories.
Organization 'Invest in Georgia'
In 2016, the World Trade Organization confirmed that Georgia has open, transparent, and predictable trade and investment regimes. Since 2015, the country has undertaken a large number of reform initiatives, including tax optimization, liberalization, and trade facilitation. The WTO highly appreciates the openness of Georgia's trade and the prospects for foreign investment.
Georgian legislation does not impose any special requirements for foreign investors. They are subject to the standard conditions of registration and work for Georgian companies. You can read more about the registration of a company in Georgia here. The only exceptions are companies that operate in the areas of air traffic, shipping, railway management, defense, weapons production, nuclear energy - in this case, the Georgian state should have a controlling stake.
Invest in Georgia is part of the larger Enterprise Georgia, a state economic development agency operating under the Ministry of Economy and Sustainable Development of Georgia. The ultimate mission of the organization is to support the achievement of the long-term strategic goals of the Georgian economy.
Here are just a few of the services they offer to investors:
Information
- Provides general market data and statistics, including industry research.
Communication
- Moderation of communication between investors and government agencies, as well as potential local partners.
Business visits
- Preparation for site visits, escorting potential investors to promising development sites.
Follow-up support and assistance
- Support for existing investors and reinvestment activities.
“Invest in Georgia” success stories
Since the day of its foundation, thanks to the activities of the 'Invest in Georgia' organization, more than a hundred companies have been successfully opened and billions of investments have been attracted. Let's talk in more detail about the most striking examples:
Hualing group
The company started investing in Georgia in 2007 and has completed several large investment projects so far. Hualing group projects include Hualing Tbilisi Sea New City, Hualing Tbilisi Sea Residence, Hualing Tbilisi Sea Plaza, Hualing Hotels & Preference Tbilisi, Hualing Park, Hualing Dormitory Hotel, Hualing Free Industrial Zone, BasisBank, Hualing Hotel in Kutaisi, Hualing Wood Development.
Until now, the investment capital of the company was $ 500 million. More than 3,000 jobs have been created. The company is headquartered in China, the largest overseas base of the company is in Georgia.
“Hualing Group chose Georgia because of its favorable investment environment, corruption-free government, beautiful nature, and warm-hearted people. Georgia is business-oriented and free of corruption for investment, ”- Hualing Georgia.
Evolution Georgia
Evolution Georgia is part of Evolution Gaming Group AB, the world leader in online live dealer gaming. At 14 sites, approximately 8,000 people work in areas such as game development, software development, IT support, facility creation and maintenance, and human and administrative support services.
The company's services, which allow licensee players on desktops, tablets, and smartphones to play Live Casino games at live tables and with live dealers, have been honored with numerous international industry awards, including B2B Vendor of the Year for 10 consecutive years. ...
Evolution entered the Georgian market by the end of 2017. Operations began in March 2018 and the company currently employs about 2,700 people and is expected to continue to grow.
“Before entering the Georgian market in 2017, we conducted thorough research to find a suitable location for our further expansion. We were looking for a stable, transparent, and predictable business environment for our next major website. As we are not only a technology company but also a people-to-people company, we were looking for a place where a large number of young, ambitious English-speaking people live, who aspired to start their careers in an international, multicultural environment.
Based on our requirements, Georgia has become a suitable market for Evolution. Today we have about 2,700 employees in Georgia and we expect continued growth in the coming years, ”- Jacob Classon, Head of Production Department.
Henkel
Henkel Adhesive Technologies, a leading supplier of adhesives, sealants, and functional coatings, has opened its first dry mix plant in Georgia near Tbilisi. The new facility allows the company to meet the growing consumer demand for building mixes in Georgia and the Caucasus region.
The new plant was built to Henkel's highest sustainability standards. They use the latest technologies to ensure the efficient use of natural resources and limit the environmental impact of their activities, such as filtration units installed in production facilities.
Founded in 1876, Henkel has over 140 years of success. In 2018, Henkel had sales of around € 20 billion and an adjusted operating income of around € 3.5 billion.
“The main factors determining the decision to do business in Georgia and invest in the market are an attractive business climate in terms of tax regulation and relatively simple local legislation. The Georgian construction market is developing very quickly and this is a great potential for Henkel products. Moreover, Georgia is definitely a very attractive investment destination. There is a growing economy, falling inflation, transparency, a stable banking sector, and affordable labor costs. Georgia has the potential for development, effectively using the advantages of its country and actively introducing innovations. '
Asseco Georgia
Asseco Georgia is part of the Asseco Group, one of the largest software providers in Europe, ranked sixth in the Truffle 100. It operates in over 50 countries worldwide. The company was founded in Georgia in 2013 and has been successfully operating in the Georgian market for over 6 years.
Asseco Georgia offers customized software and comprehensive services, including the development, implementation, and maintenance of IT solutions. The company creates custom software developed in Georgia based on international standards and know-how, and its partners are large companies and corporations in both the private and public sectors, such as TBC Bank, Georgian Indbuustrial Group, Liberty Bank, Toyota Caucasus, USAID, MFO Crystal, Halyk Bank, Compulsory Insurance Center, Deposit Insurance Agency, etc.
According to Asseco Group, Georgia has not only stable economic growth but also one of the lowest operating costs in Eastern Europe. In addition, Georgia has a highly skilled workforce. All of these factors contribute to the creation of a competitive and attractive business environment.
“The software development market in Georgia is viewed by Asseco Group as fast-growing and changing and has even greater potential for expansion. Moreover, according to the management, it is easy to do business in Georgia, and it is one of the most business-friendly countries in the world, and this is what attracted Asseco Group to the creation of a joint venture in Georgia, '- Asseco Georgia's management.
Asseco Georgia currently employs about 60 people and the company plans to significantly increase the number of employees in the next few months. This will allow the company to expand its expertise and become even more competitive in the market.
Majorel Georgia
Majorel Georgia opened in Tbilisi in 2016 with a small number of employees and only one customer on board. Over the years, the company has invested over several million euros and has attracted more than 6 new clients around the world. Majorel Georgia is constantly expanding throughout Georgia currently has 4 offices in Tbilisi, Kutaisi, and Batumi.
Majorel is a global business process outsourcing (BPO) company that serves customers around the world through its more than 48,000 employees in 29 countries in Europe, the Middle East, Africa, America, and Asia in 36 languages. The company supports customers at any time, using any device, and in the way, they expect from their brands. Majorelle speaks their language wherever they are and whatever culture they are. The company does this through consulting and contact centers through direct interaction with customers and many things that affect the overall quality of customer service.
For three years of work in Georgia, the company's team has grown exponentially and now has more than 1,500 employees. For the company, Georgia is a success story and a main reference point for the future. They decided to grow here because of the business-friendly investment climate. Majorel received the necessary support from local authorities and the private sector, who became partners of the company and a key asset for the growth of their business. According to the company, other important points should be mentioned: the company can be set up in one working day without any additional effort or cost; Most of the business processes are aligned with those in the EU.
“I have personally worked on several Majorel sites and I can say that the energy, enthusiasm, and dedication of the local staff are unmatched in some of the places where I have worked. People really take responsibility for their tasks and achieve good results. In addition to growing in the market, our goal is to create a better working environment, healthy leadership and offer our employees real opportunities for development, ”- Alexander Mironenko, Majorel Regional Manager in Georgia.
As you can see, large international companies have been investing in Georgia for a long time and quite successfully and open their branches here. We have covered only the biggest success stories of “Invest in Georgia”. Thanks to Invest in Georgia and other Enterprise Georgia organizations, the business environment in the country is getting better and filled with new interesting, and promising projects.