Georgia had secured the 3rd spot in the inaugural Business Ready report by the World Bank, behind Singapore and Estonia. Such a statement made today the Deputy Economy Minister.

“The new rating had replaced the Doing Business ranking of the World Bank, in which Georgia was previously ranked 7th. Georgia finished 3rd among the 50 economies assessed this year, and was ahead of Portugal, Hungary, Slovakia, Croatia, and Montenegro. Furthermore, Georgia had surpassed Hong Kong and New Zealand, both of which were previously ranked higher in the Doing Business rating.

The rating evaluates the regulatory and operational environment for doing business in the country, reaffirming Georgia’s attractiveness to both international and local investors. Our goal is to continue to further improve the business and investment climate. The Government is implementing a number of reforms in this direction that will structurally move the Georgian economy to a new level”, - explained Vakhtang Tsintsadze.

The report aimed to quantitatively and qualitatively assess the business environment for the development of the private sector. Georgia has “excelled” in 7 out of 10 indicators, the report said, securing the top position in business location and labour indicators, 2nd in dispute resolution, 6th in taxation and business insolvency, 7th in financial services, and 10th in international trade.