Georgian tourist industry looks to Middle East for investment

Georgian tourist industry; A combination of tax reforms, less red tape and the upgrading of the nation’s infrastructure should help attract FDI inflows from the Middle East into its tourist and hospitality sectors,  its Prime Minister Giorgi Kvirikashvili told delegates at an international conference in Dubai this week.
“We’ve set ourselves a  target of $1.5bn FDI for this year,  an increase of between 12% and  15% up from last year’s figures.” he said.  His country had been particularly successful in securing UAE investment into its  retail and hospitality sectors, he said, but felt there was potential for more.
“We are surrounded by the oil countries, ” he explained,  “and as oil prices went down,  the appetite for investment went with them. We we have had to be outstanding in our internal efforts to make our country attractive in the region, which I think we are doing successfully. 
“In the past several years we’ve made important reforms to minimise bureaucracy in the country and eradicate corruption. We are now launching further liberal reforms in tax administration.  including the abolishing  of profit tax and the introduction of  the Estonian model of tax-only distributive earnings.”