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Expert skeptical on Georgian financial center

By M. Alkhazashvili
Tuesday, February 12
A leading economic analyst is throwing cold water on the government’s plan to transform Georgian into a regional financial center.

Tbilisi is trying to attract capital by establishing itself as a tax haven, Demur Georkhelidze told the newspaper Akhali Versia, but that won’t be enough. He points out that big business needs stability and a firm political foundation before moving into a country, with some certainty about the long-term direction of the country.

The analyst warns that creating offshore tax havens here, given the instability of the Caucasus, could end up attracting unsavory money of uncertain origins.