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DAILY NEWS April 28, 2017

AVERAGE REAL ECONOMIC GROWTH IN Q1 MADE UP 5%

Sakstat published preliminary data, estimating that average real economic growth in the 1st quarter made up 5%.

Of it, in March real GDP growth stood at 5.3%. More...


ECONOMY MINISTRY: INCOME FROM TOURISM IN Q1 GREW BY 23% Y-O-Y

Ministry of Economy and Sustainable Development reported that revenues from tourism, gained in January-March, made up $435 million. This volume is increased by 23% year-on-year. More...


GEORGIA AND MOLDOVA AGREED ON ECONOMIC COOPERATION ENHANCEMENT

Tbilisi hosted first meeting of Georgia-Moldova intergovernmental commission on economic cooperation today.

As Georgian Ministry of Economy and Sustainable Development said, the meeting scoped consideration of cooperation enhancement in such fields as transport, tourism, energy, communications and innovation, environment protection, etc. More...


GEORGIA AND KIRGIZSTAN DISCUSS PROSPECTS OF COOPERATION IN WINEMAKING AND VITICULTURE

Georgian Agriculture Ministry reported that Georgian side considered with Kyrgyz delegation prospects of cooperation in winemaking and viticulture.

The delegation members showed interest in vine growing, as well as Georgian wine and brandy spirits production, the Ministry said. More...


THE SPEAKER: THE PARLIAMENT AND BUSINESS SECTOR TO COOPERATE ACTIVELY WITHIN VARIOUS FORMATS

Chair of the Parliament Irakli Kobakhidze declared that the Parliament and business sector will actively cooperate within various formats. “The Parliament will be absolutely open for cooperation with business”, he assured. More...


ECONOMIC POLICY COMMITTEE CHAIR: INSOLVENCY LEGISLATION NEEDS PERFECTION

Chair of the Parliament’s Branch Economy and Economic Policy Committee Roman Kakulia considers that legislation on insolvency necessarily needs perfection.

Gaps of insolvency system were considered at meeting, organized today by the Committee and Business and Economic Center (BEC). More...


ECONOMY MINISTER: PROPERTY EXPROPRIATION FOR ROPEWAY INSTALLATION WAS OUR PERSONAL INITIATIVE

Economy and Sustainable Development Minister Giorgi Gakharia declared that property expropriation for urgent public needs, namely – for installation of ropeway’s stationary facilities, “was our personal initiative”.

The Minister stated the mentioned in response to Georgian Young Lawyers Association’s assumption that the mentioned initiative is related with “Panorama Tbilisi” (project of ex-premier billionaire Bidzina Ivanishvili). More...


ROADS DEPARTMENT: CONSTRUCTION IS UNDERWAY ON THE SECOND SECTION OF KOBULETI BYPASS ROAD

Roads Department declared that construction works are underway on the second section (18 km) of Kobuleti bypass road.

Within construction of this section, 15 bridges will be built, using new technology at that, the Department noted. More...


THE GOVERNMENT: QATARI “AL FARDAN GROUP” SHOWS INTEREST IN INVESTING IN GEORGIA

Al Fardan Group, one of the largest Qatari companies, is interested in investing in Georgia. As Georgian government said, the mentioned was declared by the company’s president and CEO Omar Hussain Al-Fardan during today’s meeting with Georgia’s Prime Minister Giorgi Kvirikashvili. More...


TBILISI BRANCH OF “ZIRAAT BANK” TO CONTINUE OPERATION AS THE BANK

Tbilisi branch of Turkish Ziraat Bank will continue operation from May as full-fledge bank under name of Ziraat Bank Georgia, National Bank of Georgia (NBG) announced. Respective banking license within the mentioned change has been already issued. More...


REGULATORY COMMISSION LAUNCHED CONSIDERATION OF CLAIM OF “CAUCASUS ONLINE”

Georgian National Communication Commission declared about launch of consideration of claim, submitted by Caucasus Online against MagtiCom, Geocell, Mobitel (Beeline) and SilkNet.

Caucasus Online disputes restriction by the mentioned companies of interconnection service for international calls termination without required preliminary consent of the Commission. More...


ECONOMIC PRESS MONITOR April 28, 2017

Tabula: “FADY ASLY: DECISION ON MY REMOVAL FROM THE MEETING WAS NOT MADE BY THE PREMIER”

Chair of International Chamber of Commerce in Georgia (ICC-Georgia) Fady Asly states that “both the airport incident and cancellation of the meeting”, which happened during visit of high-profile business delegation from Middle East, “naturally, have had a negative impact on the country’s investment climate”.

However, “I’m addressing a request to political parties, to refrain from politicizing of this incident in favor of Georgia”, Asly’s statement says. More...


Tabula: “IMPORT OF HYBRID CARS TO GEORGIA INCREASED 8 TIMES SINCE 2014”

Referring to Interior Ministry’s statistics, Tabula reports that 5.7% of cars, imported to Georgia in 2016, had hybrid engine. This rate has jumped almost 5 times, if compared with the showing of 2015 (1.4%), while 8 times, if compared with 2014 (0.7%), the magazine states. More...


Eugeorgia.Info: “GEORGIAN IT COMPANIES ENTERED INTERNATIONAL MARKETS”

Referring to research of Dutch Center for Promotion of Imports from developing countries (CBI), the article points at lack of IT knowledge and experience in Europe. At that, outsourcing of web development is much cheaper for European companies. More...


SPECIAL REPORT March 27, 2017

FOREIGN DIRECT INVESTMENTS, 2016

Based on the preliminary data, in 2016 compared to 2015:

- The volume of foreign direct investment (FDI) increased by 5% and amounted to 1.6 bln USD;

- The largest increase in FDI came from Turkey (200 mln USD), amounting to 272 mln USD;

- By sector, the biggest increases in the volume of FDI were in manufacturing (79%, 53 mln USD) and in the energy industry (64%; 79 mln USD). Meanwhile, in the financial sector the volume of investment decreased (-24%; 42 mln USD);

- The volume of investment increased in Kvemo Kartli (265%; 56 mln USD) but decreased in Adjara (-21%; 43 mln USD). More...


Exchange Rates (NBG)
  04/28/17 + / -
  USD   2.4416   0.0335
  EUR   2.6701   0.0295
  RUR   4.2768   0.0811
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