OECD Investment Policy Reviews
Georgia's reform trajectory has been nothing short of remarkable. In less than two decades, successive structural, regulatory and economic reforms have propelled Georgia from one of the poorest post-Soviet states to an upper-middle income economy.
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| Autor Corporativo: | |
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Paris :
OECD Publishing
2020.
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| Colección: | OECD investment policy reviews.
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| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009704831006719 |
Tabla de Contenidos:
- Intro
- Foreword
- Table of contents
- Abbreviations and acronyms
- Executive summary
- 1. Assessment and recommendations
- Historical context
- Liberalisation reforms have improved the business environment and propelled GDP growth
- But socio-economic challenges remain
- Boosting investment and economic growth requires more than doing business reforms
- Main recommendations
- Legal framework and regulations on investor entry
- Promoting sustainable investment in Georgia's agri-food value chain
- Investment promotion
- Responsible business conduct
- References
- Notes
- 2. FDI trends and sustainable development impact
- Summary
- Recent FDI trends suggest potential areas for growth
- Firms in Europe and bordering countries provide the most FDI
- FDI in export-oriented sectors remains below potential
- Harnessing FDI for sustainable development
- References
- Notes
- 3. Domestic regulatory framework and investor protection
- Summary and policy recommendations
- Georgia is open to foreign investment, with limited exceptions
- Competition policy is still a work in progress
- Consumer protection
- Investment protections under the Investment Law and related legislation
- Strengthening the protection and enforcement of intellectual property rights
- Sustained momentum is needed to build on recent improvements for the independence, accountability and capacity of the judiciary
- Strong legal framework for arbitration and mediation but some challenges remain in becoming an attractive place for alternative dispute resolution
- The success of recent land reforms should provide a base for continual improvement of land tenure rules and land administration services
- Strong legal frameworks for data protection and cyber security
- Investment treaties
- Overview of Georgia's investment treaties.
- Treaty use: ISDS claims under Georgia's investment treaties
- Georgia's investment treaty policy
- Provisions referring generally to "fair and equitable treatment" may generate serious risks and costs, and should be addressed where possible
- Most-favoured nation (MFN) treatment provisions in Georgia's investment treaties may have a range of unintended consequences
- Unqualified provisions referring to protection for indirect expropriation should be clarified where possible
- Georgia's investment treaties contain relatively few specifications or clarifications in investor-state dispute settlement (ISDS) provisions
- Clearer specification of investment protection provisions would help to reflect government intent and ensure policy space for government regulation
- Investment treaties can be used as tools to liberalise domestic investment regimes
- Addressing the unique approach to claims for reflective loss in ISDS
- Opportunities for investment treaties to address investor responsibilities
- Evaluating overlaps between investment treaties
- Evaluating overlaps between investment treaties and domestic law
- Developing approaches to prevention of ISDS claims and ISDS case management
- Procedural considerations: exit and renegotiation
- References
- Annex 3.A. Georgia's investment treaties
- Notes
- 4. Promoting sustainable investment in Georgia's agri-food value chain
- Summary and policy recommendations
- Trends in agri-food investment, trade and productivity
- The agri-food value chain plays an essential role in Georgia's economy
- Foreign and domestic investment can support the development of Georgia's agri-food value chain
- Trade is a crucial component of agri-food MNEs' investment strategies
- Attracting FDI can boost productivity and wages in Georgia's agri-food value chain.
- The policy environment for agri-food investment
- A broad range of policies and strategies have been developed to support Georgia's agri-food value chain
- Investors in the agri-food value chain benefit from a relatively liberal trade policy regime
- Investment restrictions in the agriculture and food sectors are low by international standards
- A well-functioning market for agricultural land could help to encourage investment
- There is scope to enhance access to finance in the agri-food value chain
- Further improvements to infrastructure and logistics services are needed
- Strengthening supply chain linkages in the agri-food value chain
- Boosting the capacities of agri-food SMEs could help to facilitate linkages
- More can be done to improve food safety and quality standards
- References
- Notes
- 5. Promoting investment in Georgia
- Summary and recommendations
- Investment promotion and facilitation structure and actors involved
- The strategic and institutional framework for investment promotion and facilitation
- "Produce in Georgia", the overall industrial development framework implemented by Enterprise Georgia.
- A fragmented institutional framework for investment promotion and a need to strengthen Enterprise Georgia's Invest branch
- Enterprise Georgia's mandate, governance and resources
- Allocating more resources to investment promotion would raise its visibility and hence effectiveness
- An enhanced oversight function for Enterprise Georgia's could further empower the agency and support its investment promotion functions
- Enterprise Georgia would benefit from recruiting more staff from the private sector
- The strategy and instruments of investment promotion
- Enterprise Georgia's activity mix is balanced overall, but with less investment facilitation and aftercare services than peers.
- Enterprise Georgia's restructuring can give renewed emphasis to investment attraction
- Investment facilitation, aftercare and policy advocacy activities
- Georgia has established itself as an easy place to do business since 2003
- In the longer term, Enterprise Georgia could strengthen aftercare and policy advocacy
- Formal co-ordination and co-operation terms and mechanisms would improve investment promotion and encourage synergies
- References
- Notes
- 6. Promoting responsible business conduct in Georgia
- Summary and policy recommendations
- Scope and importance of responsible business conduct
- RBC in Georgia: context, incentives and opportunities
- Awareness of RBC is on the rise
- Consolidating efforts: government commitments and policies
- RBC and the state as an economic actor: leading by example in the state's own economic activities
- Public procurement
- State-owned enterprises
- Investment promotion
- Policies in specific areas covered by the Guidelines and relevant to Georgia
- Need for maintaining gains in human rights protection
- Access to remedy and independence of the judiciary
- Civil society space and human rights defenders
- Business-related RBC impacts: spotlight on high-risk sectors
- Continue to strengthen environmental governance, including enforcement
- Existing environmental issues
- Environmental governance
- Environmental performance of SMEs
- Employment and industrial relations: Georgia is strengthening its system of labour rights protection
- Policy developments: Georgia's path towards stronger protection of labour rights
- Working conditions and occupational safety and health
- Non-discrimination
- Freedom of association and collective bargaining
- Forced labour and human trafficking
- The fight against corruption has advanced
- References
- Notes.
