Abstract: Current state of foreign direct investment (FDI) in Georgia is analyzed and evaluated in the paper, the existing legislative background for regulating investments and stimulating policies to attract investments are shown. It is noted that in developing countries encouragement of investment activity, support and implementation are of the most important tasks, implying a consistent investment policy, investor-friendly tax regime and the legal system, reducing administrative barriers and restrictions, fare competitive conditions and business development infrastructure. The work deals with the determining factor of FDIs and the main directions of stimulation, as well as prospective industries where new investments are needed. Contributing and hindering factors and stimulating measures are analyzed. As a result of the research, the direct and indirect factors attracting FDI have been identified. Facilitating factors to FDI inflow are as follows: simplicity of starting business, geopolitical location, low taxes, access to credit, ease of ownership registration, natural resources, low burden of regulations, low level of corruption and low crime rates. Hindering factors to FDI inflow are as follows: small market, lack of policy for attracting investments, low qualification of the workforce (despite the large number of unemployed people it is difficult to find workers with necessary special skills and qualifications), high interest rates, instability of national currency exchange rate, presence of conflict zones within the country and so forth.
Abstract: The article presents the development trends of farms, estimates on the optimal scope of farming, as well as the experience of local and foreign countries in this area. As well, the advantages of small and large farms are discussed; herewith, the scales of farms are compared to the local reality. The study analyzes the results of farm operations and the possibilities of diversification of farms. The indicators of an effective use of land resources and land fragmentation are measured; also, a comparative analysis with other countries is presented, in particular, the measurements of agricultural lands for farming, as well as the indicators of population ensuring. The conducted research shows that most of the farms in Georgia are small and their development is at the initial stage, which outlines that the country has a high resource potential to increase the scale of the farming industry and its full integration into market relations. On the basis of the obtained results, according to the research on the scale of farming in Georgia and the identification of hampering factors of farming development, the conclusions are presented and the relevant recommendations are suggested.
Abstract: The article discusses the consumer market of agricultural products and agricultural policy in Georgia. It is noted that development of the strategic areas of the agricultural sector needs a special support. These strategic areas should create the country's major export potential. It is important to develop strategies to access to the international markets, form extensive marketing network etc., which will become the basis for the promotion and revenue growth of the country. The Georgian agricultural sector, with the right state policy and support, can achieve success and gain access to the world market with competitive agricultural products. The paper discusses the current condition of agriculture, export and import of agricultural products and agricultural policy in Georgia. The conducted research concludes the information that there is an increasing demand on the green goods in the world market. Natural and climatic conditions of Georgia give a serious possibility of implementing it. The research presents an agricultural development strategy in Georgia and the findings and based on them recommendations are proposed.
Abstract: This paper discusses the current condition of tourism and its economic policy in Georgia. It analyzes and studies wellness tourism, as one of the directions of tourism; the newest niche in the wellness industry – triggering wellness resorts with medical ideology. The paper discusses the development tendencies of medical wellness resorts in Georgia and its main economic preferences. The main finding of the research is that Georgia is a unique place in the world according to the variety of medical recourses. This makes the opportunity to create and successfully operate medical wellness resorts, as well as develop it as a brand for Georgia in the world. The research represents the development strategies of tourism and its medical wellness resorts in Georgia, and offers recommendations based on the relevant conclusions.
Abstract: This paper discusses small entrepreneurship development strategy in Georgia and the tools and regulations that will encourage development of small entrepreneurship. The current situation in the small entrepreneurship sector, as well as factors affecting growth and decline in the sector and the priorities of state support, are studied and analyzed. The objective of this research is to assess the current situation of the sector to highlight opportunities and reveal the gaps. State support of small entrepreneurship should become a key priority in the country’s economic policy, as development of the sector will ensure social, economic and political stability. Based on the research, a small entrepreneurship development strategy is presented; corresponding conclusions are made and recommendations are developed.
Abstract: The importance of agribusiness development is
proved in accordance with the trends in the agricultural sector of
Georgia. Agribusiness environment and the consequences of the
agricultural reforms are evaluated. The factors hindering the
development of agribusiness are revealed and the ways for
overcoming these problems are suggested. SWOT analysis is done in
order to identify the needs of agribusiness. The needs of agribusiness
development in Georgia are evaluated by priorities: prevention of
diseases and reduction of the harm caused by these diseases,
accessibility of long-term agricultural loans with low interest rates,
improving qualification of farmers, the level of education and usage
of modern technologies, changes in legislation, accessibility to high
quality agricultural machinery, and the development of infrastructure.
Based on the outcomes of the research, agribusiness development
strategies in Georgia are suggested and appropriate priorities of
economic policy are determined. Conclusions are made and based on
these conclusions, some recommendations are suggested.
Abstract: The paper discusses mineral water consumer market
and development policy in Georgia, the tools and measures, which
will contribute to production of mineral waters and increase its
export.
The paper studies and analyses current situation in mineral water
production sector as well as the factors affecting increase and
reduction of its export. It’s noted that in order to gain and maintain
competitive advantage, it’s necessary to provide continuous supply of
high quality goods with modern design, open new distribution
channels to enter new markets, carry out broad promotional activities,
organize e-commerce. Economic policy plays an important role in
protecting markets from counterfeit goods. The state also plays an
important role in attracting foreign direct investments. Stable
business environment and export oriented strategy is the basis for the
country’s economic growth.
Based on the research, the paper suggests the strategy for
improving competitiveness of Georgian mineral waters; relevant
conclusions and recommendations are provided.
Abstract: The paper discusses economic policy of Georgia
aiming to increase national competitiveness as well as the tools and
means which will help to improve the competitiveness of the country.
The sectors of the economy, in which the country can achieve the
competitive advantage, are studied. It is noted that the country’s
economic policy plays an important role in obtaining and maintaining
the competitive advantage - authority should take measures to ensure
high level of education; scientific and research activities should be
funded by the state; foreign direct investments should be attracted
mainly in science-intensive industries; adaptation with the latest
scientific achievements of the modern world and deepening of
scientific and technical cooperation. Stable business environment and
export oriented strategy is the basis for the country’s economic
growth.
As the outcome of the research, the paper suggests the strategy for
improving competitiveness in Georgia; recommendations are
provided based on relevant conclusions.
Abstract: The topic reviews the situation existing currently in Georgia in the field of tourism in conditions of globalization: Touristic resources, the paces of development of the tourism infrastructure, tourism policy, possibilities of development of the Wellness industry in Georgia, that is the newest direction of the medical tourism. The factors impeding the development of the industry of tourism, namely – existence of the conflict zones, high rates of the bank credits, deficiencies associated with the tax laws, a level of infrastructural development, quality of services, deficit in the competitive staff, increase of prices in the peak seasons, insufficient promotion of the touristic opportunities of Georgia on the international markets are studied and analyzed. Besides, the level of development of tourism in Georgia according to the World Economic Forum, aspects of cooperation with the European Union, etc., is reviewed. As a result of these studies, a strategy of development of tourism and one of its direction – Wellness industry in Georgia, is introduced with the relevant conclusions, on which basis the recommendations are provided.