Cyprus biggest investor in Georgia

More than USD 173 mln entered Georgia in the first quarter of 2011 and more than USD 41 mln of this amount came from Cyprus. It is a strange development because so far nobody in the Georgian government has named Cyprus as the biggest investor. There is confusion, as to the direction in which Cyprus is investing in Georgia. Although it is a member of the EU, Cyprus is by no means a financial heavyweight.

Some Georgian experts give a very plain explanation as they think that behind those investments there are Georgians who have moved illegal money gained in Georgia into free economic zone entities like Cyprus is and are now returning this money in the form of investments. Some analysts think that having Cyprus, Russia or Virgin Islands among the leading investors in Georgia is not a glorious achievement.