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This was definitely an interesting read. The investment climate is Georigia has been appalling. Companies pouring in resources and working as hard as is possible, all in good faith, to be undone by the most blatant corruption.
FRR/ ZM need to slaughter these feckers in the media. Show the corruption of the Government, embarrass the people with it, if ZM has to (being a Georgian, he has a moral and ethical bases for doing so). Make GD unelectable. Get the feckers out.
This confirms even more that Iconia agrees with ZMs words on the GD/GG.
Morning toatie. Those comments look to be the same as I refer to in my earlier message, maybe the last part is missing. It's a nice find but odd it has suddenly popped up as new. Maybe the original article has been updated in some way, I will try to check it later.
toatie
Great bit of info & very interesting.
Morning guys just found this.
Seth CharApril 18, 2019 at 5:09 PM
I have to respectfully and strongly disagree with David. The business climate for foreign investors, including Americans and Europeans, has never been worse in Georgia.
First of all, if the business environment was so great in Georgia, why is a record number of investors - which include American (such as ours, Iconia Capital LLC), European, and Canadian companies, suing the government for violations in international arbitration tribunals and/or international courts? The level of arbitration activity against Georgia for investment treaty violations is off the scale, at numbers even higher per capita than under the previous administration, which is odd given the sharp decline in FDI in present day compared to the past.
Second of all, let's talk about a problematic and massive decline in foreign direct investment (FDI). According to the National Statistics Office of Georgia, there was a massive decline of foreign investment in Georgia - a staggering drop of 35% in 2018 as compared to the previous year. Further, Q4 2018 marked the lowest investment figure since Q1 2010 - an alarming eight year low. (SOURCE: https://factcheck.ge/en/story/38031-we-are-not-facing-a-trend-nor-a-dynamic-of-decreasing-foreign-investments)
If Georgia was an investor's utopia, why are so many investors here closing their businesses, electing not to continue their operations, and fleeing the country? Why are new investors so hesitant to commit significant resources and funds to new projects?
If the investment environment in Georgia was so positive, why did the U.S. House of Representatives introduce not one, but TWO international sanctions bills (2017 and 2019) targeting the Georgian government and individual political officers, in response to massive and widespread complaints by American companies being attacked and harassed by corrupt court and government elements? (House Resolution 1461; Source: https://www.congress.gov/bill/116th-congress/house-bill/1461/text?q={%22search%22%3A[%22Georgian%22]}&r=1&s=1)
Last but not least, your personal criticism of the subject of this interview is questionable. Fady Asly has gone on the record for years in pointing out mistakes from the authorities that have harmed business across three different administrations (Shevardnadze, UNM, Georgian Dream). One doing a simple Google search will even pull up media appearances showing Mr. Asly praising the efforts of former Prime Minister Kvirikashvili in the latter's attempts to clean up the system and protect innocent investors and their businesses. Going a bit deeper into the rabbit hole, you will also find Fady Asly being a harsh critic of the previous administration, if and when they stepped out of line with regards to fair and equitable treatment of the business community.
David, as a fellow Georgiaphile as yourself and investor in the country, I find the best way toward restoring faith in the country's bus