Business
Posted: 1 week ago

Foreign Investment at Risk: DWV Head Forewarns Impact of New Legislation in Georgia

Sascha Ternes, head of the German Economic Union (DWV), has expressed concern over the draft law on "transparency of foreign influence," highlighting the surge in investor inquiries and potential negative impacts on investment.

Speaking at a joint press conference with nine business associations, Ternes underscored the critical nature of the situation and its implications for Georgia's economic development and European integration.

"We find ourselves in a precarious situation," Ternes explained. "As a representative of the German Economic Union, which is strictly non-political, I must emphasize our pragmatic perspective. For over two decades, we've been dedicated to fostering development here. It was a pivotal moment five months ago when Georgia achieved candidate status, and it's disheartening to see the potential for such rapid changes. Our path towards European integration should not be compromised. The volume of queries from members, investors, and partners is already significant. Should this law pass, we anticipate decisions to curtail or even suspend operations, placing many potential investments on hold. This would undoubtedly be a significant loss for Georgia," Ternes elaborated.

The concerns raised by Ternes reflect the apprehension within the international business community regarding the proposed legislation's impact on Georgia's investment climate and its aspirations for European integration.