British investors suspend major deals in Georgia amid political instability - media
Kyiv • UNN
British investors have suspended several significant deals in Georgia due to political instability caused by the adoption of the law on foreign agents, which jeopardizes Georgia's EU accession process and foreign investment.
British investors have suspended several important deals in Georgia amid political instability in the country, which began after the adoption of the law on foreign agents. British Ambassador to Georgia Mark Clayton said this in an interview with BMG, UNN reports.
"I am aware of several significant deals, but I won't go into details. The mildest thing I can say at this stage is that they are on hold. Not only because of what has already happened, but also because of the risks that may follow the October elections," the ambassador said.
According to him, with limited consulting services, British investors look to the press, and "today Georgia does not look good in the international media.
"Large investors do not have market experts who are able to study Georgia... They look at the financial information of potentially interesting companies and then look at the international press - the Guardian, the Economist," Clayton says.
"They read about instability, violence, and intimidation of civil society," he added.
The ambassador recalled that London had condemned the events in Georgia, and he himself had "raised the issue with the government.
"News Georgia reports that in 2023, the United Kingdom accounted for the largest share of foreign direct investment in Georgia, with $392 million of the total $1.6 billion.
In addition, Georgia is represented on the London Stock Exchange by three companies. These are TBC Bank, Bank of Georgia and Georgia Capital. The adoption of the law on foreign agents in the country, which was criticized by the EU and the US, was marked by a rapid decline in their shares.
