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National Investment Agency to Conduct Monitoring

According to the draft law on legislative measures to stimulate investment in Georgia, the GeorgianNational Investment Agency (GNIA) will monitor the implementation of investment commitments. We are not talking about private investment but the government projects, however, the Agency will not be entitled to penalize those who do not fulfill theirobligations.

According to the head of the Agency George Pertaia, the structure will have the right to request documents from the public authorities, if an investor declares that there are problems.

“If a problem is identified, as a result of the study, the Agency may appeal to the Prime Minister, and Prime Minister’s Office will be able to solve it in  the most effective way,” – he says.

In his words, the Agency’s transition under the jurisdiction of the government will lead to the growth of its status.

“The high rank of the Agency will help attract investment, in particular, will facilitate negotiations with leading foreign companies. It is known that for investors, especially eastern, the powers of the agencyhave a great importance. If the Agency is governmental, it has several advantages. This is important, given that mainly companies from Azerbaijan, Turkey, India, China, the Middle East are among ourpotential investors. Our experience shows that they are always interested in the status of the partner. Sometimes it turns out to be the deciding factor, “- the head of the Agency notes.

According to President  of the “New Economic School” Paata Sheshelidze, the efficiency of the Agency will largely depend on the order.

“If the Agency is entitled to cancel any law, it will promote reforms, otherwise it will be vice versa. If it has a lot of new functions, in particular, the monitoring of the projects and determination of their appropriateness, it can lead to lobbying, corruption, illegal transactions. All this will depend on government instructions and  an approach to business, “- the expert believes.