Investors Council, launched with the support of the European Bank for Reconstruction and Development (EBRD) to facilitate dialogue at the highest level between the government and business, held its inaugural meeting on October 29.

PM Irakli Garibashvili, who chairs the Investors Council, said the government “will be maximally open to listen to your feedback and critical remarks.”
 
EBRD said in a press release on October 29, that the government officials, representatives of local business associations and international financial institutions discussed at the meeting “key challenges affecting the business climate in Georgia and how to further support the development of the private sector.”

Bruno Balvanera, EBRD Director for Caucasus, Moldova and Belarus, said that Georgia has made “significant progress in terms of improving the business climate.”

“But there are still many gaps to close. It is important, in light of the requirements of the EU Association Agreement, to support Georgia in adopting further regulations based on European Union standards,” Balvanera said.

A  Georgian chapter of the International Chamber of Commerce (ICC) was absent at the meeting. According to its chairman, Fady Asly, an outspoken critic of government’s economic policies, the group did not participate because, as he said, the Investors Council refused to include in the agenda the pressing issue of “harassing” businesses by the Finance Ministry’s Revenue Service. Asly said that some of those companies, which are members of the ICC Georgia, are facing protracted tax probes in the course of which their assets are frozen, impeding their business operations. He said that the Revenue Service is “acting like gangsters.”

Mariam Megvinetukhutsesi, the head of secretariat of the Investors Council, said that issue raised by the ICC Georgia will be discussed at Council’s next meeting, planned for December.

The launch of the Investors Council was agreed in May, when EBRD President Suma Chakrabarti visited Georgia.