Due to the success achieved by the Canada Egypt Business Council in contributing towards enhancing the bilateral trade relations, this led to being approached by several entities, organizations and embassies of some countries suggesting cooperation in similar formats where mutual business strategies may offer maximum returns to the sharing parties.

From here the initiative originated and the Egyptian Council for Sustainable Development “ECSD” was launched as a non-for-profit NGO committed to foster the relations between Egypt and other countries, especially those which do not have joint business councils with Egypt.

This newborn Council aims at opening nontraditional markets before the Egyptian products through organizing promotional missions, holding meetings and events to revitalize investments hence support Egyptian exports and raise growth rates.
In the beginning of June, ECSD organized its first business mission to the Caucasus area, visiting Georgia and Armenia in a five working days time.
As the first mission visiting these booming promising area, we have had the privilege to meet and share views with business counterparts and official representatives among which; the Armenian Deputy Prime Minister and minister of Local Development, the Armenian minister of Economy and the Georgian Deputy Minister of Economy.

Our members had informative meetings and roundtable discussions at the Georgian Investment Authority and the Georgian Partnership Fund, presenting areas of possible cooperation and win-win-business opportunities.

The first destination was Tbilisi, the capital of Georgia where meetings focused on identifying the points on Georgian economic policy such as:

• The efforts of the Georgian Government are focused on delivering of results of the economic growth to the majority of Georgian citizens.

• The economic policy of the Georgian Government is oriented on free, fair, inclusive and sustainable development.

• It is based on the fundamental principles of economic freedom, protection and respect of private property.

• The Georgian economic policy is guided by the principles of social security and social justice. Creation of new employment opportunities is supplemented by the inclusive and affordable systems in the field of education, healthcare and social insurance.

• A comparatively small, efficient and transparent governmental structure works hard in order to ensure free and fair environment for the private sector.

• Governmental involvement in the economy is limited only to those spheres in which private sector demonstrates weakness and inefficiency.

• Financial transparency, minimization of country’s financial risks and maintaining the stabile financial system in the country are addressed at the first place.

• We also make special focus on promotion of innovations and improvement of entrepreneur capacities. A special structure, an Agency for Innovation and Technology has recently been established (Before this service was operating under the Ministry of economy).

• The wave of the reforms, started in 2004, in particular, minimization of the number
of licenses, permits and taxes significantly liberalized the Georgian market. The state investments in infrastructure projects became main driving force for the instant growth. However, significant violations with regards to property rights undermined the efforts. Elite corruption intertwined with tough state control and interference in activities of local businesses had, literally, thrown the economy over the verge of the crisis (this point has to be used accordingly).

• The judicial system in Georgia is free from the any governmental pressure.
Enhancement of its competence and capacity is our priority, including with regard to ensuring free and fair dispute settlement in Georgia. We are working on an Alternative Dispute Resolution mechanism in accordance to the best international practices. Here, the enhanced role of the business ombudsman should also be an effective supplementary measure.

• Georgia maintains the favorable ranking records. In accordance to the Heritage Foundation Georgian economy scores the 21st freest in 2014 with improvements in 6 out of the 10 economic freedoms, in management of public finance, investment freedom, monetary freedom and property rights. Georgia is ranked 12th out of 43 countries in the European region, and its score is well above the regional average. Not less importantly, the recent World Bank forecast for the economic growth in Georgia for 2014 is amounted to 6.3% instead of 5.0%.

• The Government’s tax policy stipulates creation of an attractive and stable tax system for Georgian private sector and foreign investors.

• Simplification of tax administration, optimization of tax penalties, decriminalization of certain categories of economic violations have also been efficiently addressed. Taxation in Georgia is simple, low, efficient and fair: VAT-18%, Income tax – 20%, Excise (different rates), Corporate income tax – 15%, Property Tax -1% Income on Dividends and Interest, 5%, Customs Tax (0%, 5% and 12%)