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.
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.