Georgia exempts defaulted investors from fine payment
By Jamila Babayeva
Georgian Economy Ministry has decided to exempt those investors from fine payment, who have defaulted on their commitments, in a bid to promote more investments.
Minister of Economy Giorgi Kvirikashvili said the decision will give the opportunity to investors to resume the implementation of more than 50 projects, costing more than $360 million.
The penalties amount to $16 million, plus 6.5 million lari.
"Furthermore, the inventory of state property, which was unaccounted for many years, has been started. More than 600 facilities with a total area of five million square meters have already been registered," the minister noted.
Kvirikashvili recently said foreign direct investments in Georgia totaled $697.3 million in the first nine months of 2013, a 2.8 percent rise compared to the same period in 2012.
However, Finance Minister Nodar Khaduri expects investments will be increased in 2014.
"By all accounts 2014 will be better than 2013. The amount of investments and the number of employed citizens will be increased," he recently said.
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