Private sector and human-resource development in Georgia

RecommendationsObjectives to be AchievedPerformance IndicatorsResponsible AgenciesDurationComment Conduct the 2nd round of the privatization process through GSE; Involve the Investment Funds into the

Private sector and human-resource development in Georgia

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TBILISI, GEORGIA

 

 

 

 

 

 

Private Sector and Human-resource Development in Georgia

Author: Lasha Martashvili

E-mail: lmg@bk.ru

 

(18.02.2004)

 

 

 

 

 

 

TABLE OF CONTENTS

 

1.Government Policies5

1.1Government promotion policies of small and medium size enterprises5

1.2National Investment Agency of Georgia5

1.3Georgian Investment Center5

1.2.1Governments Export Promotion Policy6

1.2.2Georgian Export Promotion Agency (GEPA)9

1.4Foreign Investment Promotion14

1.3.1Governments Foreign Investment Promotion Policy14

1.3.2Foreign Investment Advisory Council (FIAC)21

1.5Tax Regime23

1.3.3Taxation System and Tax Rates in Georgia23

1.3.4Existing Taxation Practices34

1.3.5Tax Reform Areas38

1.6Legislative Basis for the Operation of the Private Companies44

1.5.1Law of Georgia on Entrepreneurs (LoE) (Corporate Law)44

1.5.2Law of Georgia on Securities Market (SML)51

1.5.3Employment Regulations in Georgia57

1.5.4Regulations about Real Estate in Georgia59

1.7The Business Environment in Georgia61

1.8Institutional Arrangements64

1.3.1Securities Industry64

2.Society65

2.1Poverty issues65

3.Economics70

3.1Main economic indicators70

3.2Agriculture77

3.3Trade104

3.4Construction106

4.Business110

4.1Company Registration and Licensing System110

4.1.1Company Registration System110

4.1.2Company Licensing System117

4.2Local Enterprises119

4.1.3Joint Stock Companies traded at Georgian Stock Exchange120

4.1.4Joint Stock Companies not traded at Georgian Stock Exchange132

4.3Human-Resource Development in the Private Sector134

5.Other Donors Activities138

5.1The World Bank and IMF138

5.1.1List of the Active World Bank Projects in Georgia138

S Satisfactory138

U - Unsatisfactory138

5.1.2List of the Closed World Bank Projects in Georgia139

5.1.3Description of the Closed World Bank Projects in Georgia140

5.1.4The World Bank and IMF Cooperation in Georgia149

5.1.5The World Bank Country Assistance Strategy for Georgia154

5.1.6The World Bank Partners in Georgia161

5.2USAID162

5.3EBRD162

5.4EU162

5.5GTZ163

5.6CIDA163

5.7DFID163

5.8The Government of the Netherlands163

5.9IFAD164

5.10UNDP164

5.11UNICEF164

 

Currency

(Exchange rate as of 01 Feb. 2004)

Currency Unit = Georgian Lari (GEL)1 USD = 2.11 GEL

1.0 GEL = 0.47 USD

Abbreviations and AcronymsCASCountry Assistance Strategy of the World BankCFAACountry Financial Accountability AssessmentCISCommonwealth of Independent StatesCPIACountry Policy and Institutional AssessmentDFIDDepartment for International Development, U.K.EBRDEuropean Bank for Reconstruction & DevelopmentEDPRPEconomic Devt & Poverty Reduction ProgramEUEuropean UnionFAOFood and Agriculture OrganizationFDIForeign Direct InvestmentFIASForeign Investment Advisory ServiceFSAPFinancial Sector Assessment ProgramFSUFormer Soviet UnionFYFiscal YearGDPGross Domestic ProductGELGeorgian LariGNPGross National ProductGoGGovernment of GeorgiaGSEGeorgian Stock ExchangeGTZGerman Technical CooperationIDAInternational Development AssociationIDFInstitutional Development FundIDPInternally Displaced PersonsIFCInternational Finance CorporationIMFInternational Monetary FundIOSCOThe International Organization of Securities CommissionsJSCJoint Stock CompanyKfWGerman Financial CooperationLLCLimited Liability CompanyMDGsMillennium Development GoalsMoFMinistry of FinanceNBGNational Bank of GeorgiaNGONon-Governmental OrganizationNBGNational Bank of GeorgiaNGONon-Governmental OrganizationOECDOrganization For Economic Coopn & DevelopmentPERPublic Expenditure ReviewPPPPurchasing Power ParityPRGFPoverty Reduction and Growth FacilityPRSPPoverty Reduction Strategy PaperSACStructural Adjustment CreditSATACStructural Adjustment Technical Assistance CreditSECSecurity and Exchange CommissionSIDASwedish International Development AgencySIFSocial Investment FundSMESmall and Medium EnterprisesSRSStructural Reform Support ProjectTACISTechnical Assistance to the CIS (EU)UNDPUnited Nations Development ProgramUNHCRUnited Nations High Commissioner for RefugeesUSAIDUnited States Agency for International DevelopmentVATValue Added TaxWTOWorld Trade Organization

  1. Government Policies

 

  1. Government promotion policies of small and medium size enterprises

 

 

[To be described:] "Small and Medium Enterprise State Support Program for 2002 - 2004 in Georgia"

 

[To be described:] Law of Georgia "On Promotion of Small and Medium Enterprises"

 

 

  1. National Investment Agency of Georgia

 

[To be described:] Law of Georgia "On National Investment Agency of Georgia"

 

[To be described:] Activities of the National Investment Agency of Georgia

 

 

 

  1. Georgian Investment Center

 

[To be described:] Activities of the Georgian Investment Centre

  1. Governments Export Promotion Policy
Foreign Trade Regimes. Reforms carried out in recent years in Georgia, including serious legal reforms, are working successfully to create a favourable foreign trade regime in the country. Since 1995 the following major reforms have taken place in Georgian legislation:

  • The system of quotas has been eliminated.
  • Products included in the nation's export embargo policy include only works of art and antiques and items of national historical importance.
  • There is no customs duty for exports in Georgia.
  • A fiscal policy aimed at stimulating exports has been introduced whereby all export goods are free of VAT and excise duty;

Export of goods requiring an export license have been reduced to the following classes:

Collections and collectors' pieces of zoological, botanical, mineral, anatomical, historical, archaeological, paleonthological, ethnographic or numismatic interest (HS - 9705);

Wood and timber (4401, 4403, 4404, 4406, 4407);

Seeds of Caucasus Pine (120999100);

Ferrous and non-ferrous metal scrap (7204, 7404, 7602).

The system of compulsory registration of foreign trade contracts was eliminated in November 1997.

 

The establishment of favourable trade regimes with partner countries through bilateral and multilateral agreements has commenced. During the period 1992 - 1998, Georgia signed trade agreements with 22 countries. Agreements on free trade have been signed with eight CIS countries and Georgia already has working free trade agreements with Russia, Ukraine, Azerbaijan, Armenia, Kazakhstan and Turkmenistan. Currently a multilateral agreement on CIS free trade zone is being enforced. According to these agreements signatories to the agreement need not use customs duties and taxes for exports or imports of the goods originated in the territory of one party and destined to the territory of the other party.


Furthermore, Geo

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