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Fadi Asli- Georgia has Lost its Attractiveness for Foreign Investors

Fadi Asli, President of the  International Chamber of Commerce,  urges the government to give the  Economy Minister more leeway. According to Mr Asli, the government’s biggest problem is that those who know do not have the political power, and those who have the power, do not understand anything.

He recommends to give Minister of Economy more freedom to speed up the processes in the economy as  he is competent and is surrounded  by a team of professionals. However, as long as it is covered by the decisions of other political forces, the situation will not improve.

Fadi Asli notes that the government is starting to understand that they have made mistakes and now are trying to correct them, which is a positive fact. In his opinion, privatization is one of the mechanisms that will be used by the Government to mobilize so much needed foreign currency into the budget.

In his view, the problem is that Georgia has lost attractiveness for the foreign investors and yet the government  wants to  carry out privatization of  some objects that will be a good challenge to search investors which at the moment want to buy assets in Georgia, if, of course, Bidzina Ivanishvili doesn’t gain the significant assets offered for privatization through his  foreign holdings.

He says the government has largely affected the overall situation in Georgia in terms of attractiveness for investors. “Almost in two years the government has adopted a large number of  laws that are unfriendly to business and harmed Georgia’s global competitive advantage,” – Asli notes.

He points out that, of course,  we’ll  always find investors who are ready to invest despite the current climate  in the country.

One of the government’s main mistakes, Fadi Asli notes, is  the lack of a coordinated policy and orchestra conductor in the country. Each minister or political leader follows his own approach that causes the legislative chaos, – says Fadi Asli and notes that the authorities are scared of decision-making.

Along with that, he adds that many government officials are incompetent and do not realize those negative consequences of their policies on the economy and the country. The Revenue Service is the number one responsible authority for the business climate and responsibility for the economic slowdown in the country lies with it too, – Asli says.