Patriciu: "In Georgia, I double my money twice as fast"

Publish date: 23-09-2009
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After confirming yesterday in Tbilisi the takeover of a 91 percent share package of the Popular Bank of Georgia together with Georgia's former Prim e Minister, Vladimer Lado Gugenidze, for €15 million, Romanian businessman Dinu Patriciu said that he chose Georgia because this is one of the most liberal countries in the world economically.

"In terms of the ease to do business, the World Bank places Georgia in 11th place. We [Romania] rank 55th. The Georgian economy is so liberal that this country in the Caucasus will become a new Switzerland."

When asked if he expects a profitability rate higher than in real estate or media, the businessman said: "I plan to invest in things I enjoy. I enjoy starting a new restructuring with my partner, Lado Gurgenidze, like so many other restructurings I have engaged in. We know very little about countries such as Georgia, Malaysia, Rwanda, Botswana, and many others, about 20-25 countries in which the principle of governing actually leads to prosperity."

Regarding the possibility of him further investing in the Romanian financial sector, Patriciu said that he will only invest in Romania when this country is determined to progress, and tries to be a free market economy, with no constraints. The reason is not related to low risk investments, but rather to "growing with economies that grow. If GDP [gross domestic products] in such extremely liberal countries grows 10 percent, the population's deposits increase 50 percent."

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