IN BRUSSELS, FIRST SUMMIT WITH PARTICIPATION OF GEORGIAN GOVERNMENT AND MEMBERS OF EUROPEAN COMMISSION TO TAKE PLACE

Georgia’s Prime Minister Mamuka Bakhtadze departed to Brussels, where the first summit with participation of Georgian government and members of European Commission will take place, press service of Georgian Premier reported.

Within the visit, the Premier will hold meetings with president of the European Council Donald Tusk and president of European Commission Jean-Claude Juncker. More...

ECONOMY MINISTRY: GEORGIA IS NAMED BY OECD THE MODEL SUCCESSFUL COUNTRY IN TERMS OF SUPPORT TO SMALL AND MEDIUM BUSINESS

Organization for Economic Cooperation and Development (OECD) estimated that Georgia successfully conducted actions, envisaged by strategy of small and medium business development and respective action plan, as well as recommendations of OECD, Georgian Ministry of Economy and Sustainable Development reported.

The Ministry pointed that OECD praised Georgia as model successful country in this term. More...

IN Q3, PRODUCTION OF MEAT, MILK AND EGGS INCREASED

Sakstat released estimation for the 3^rd quarter, according to which meat production in the reporting period amounted to 14,500 t. If compared with the same period of 2017, the showing has increased by 2.1%. More...

KVEMO KARTLI ACCOUNTS FOR 21% OF SLAUGHTERHOUSES, SHIDA KARTLI – FOR 35.3% OF COOL STORAGE FACILITIES

Sakstat reported that in the 3^rd quarter, there were 100 slaughterhouses in Georgia.

Out of total number, 21% is located in Kvemo Kartli region. More...

TBILISI HOSTS THE 18^TH INTERNATIONAL EXHIBITION “AGRO EXPO – 2018”

Today, the 18^th international agro/food/drink/tech exhibition “Agro Expo – 2018” was opened in Tbilisi exhibition center ExpoGeorgia.

As Georgian Ministry of Environmental Protection and Agriculture said, part in the exhibition is taken by over 120 companies from 14 countries. More...

AS OF SEPTEMBER 30, NET PROFIT OF INSURANCE COMPANIES INCREASED 2.6 TIMES Y-O-Y

State Service for Insurance Supervision reported that net profit of insurance companies amounted as of September 30 to 34.66 million lari. If compared with the same period of 2017, the volume has increased 2.6 times. More...

AS OF SEPTEMBER 30, VOLUME OF REIMBURSEMENTS INCREASED BY 26.7% Y-O-Y

State Service for Insurance Supervision reported that total volume of reimbursements amounted as of September 30 to 220.59 million lari. If compared with the same period of 2017, the volume has increased by 26.7%. More...

CONTRACT ON CONSTRUCTION OF KHEVI-UBISA HIGHWAY SECTION IS SIGNED WITH “HUNAN ROAD AND BRIDGE CONSTRUCTION GROUP”

Georgian Roads Department reported that contract on construction of the site of Khevi-Ubisa section of the East-West Highway (E60) across Rikoti pass is signed with Chinese Hunan Road and Bridge Construction Group, which won the international tender. Works have to be completed within 3 years. More...

WITHIN THE WB PROJECT GENIE, GRANT PROGRAM ANNOUNCED AGAIN

Georgian Agency of Innovations and Technologies declared that the grant program for co-financing within project “Georgian National Innovations Ecosystem” (GENIE) of the World Bank (WB) is announced for the 2^nd time.

The program aims stimulation of creation of innovative enterprises through development and commercialization of innovative products and services, the Agency pointed. More...

WITH ASSISTANCE OF “SAKARTVELOS BANKI”, DEVELOPER FEST HELD IN TBILISI

Sakartvelos Banki (Bank of Georgia) reported about “DevFest” (a developer festival), which took place in Tbilisi Technology Park (Okrokana) with assistance of the program of “open banking” development of BOG Fintech (banking information technologies).

“DevFest” are held globally, being organized by development groups of Google, the bank noted. More...

Forbes Georgia: “WHICH BANKS HAVE “IDLE CREDITS” MOST OF ALL”

National Bank of Georgia reported that Georgian banks’ overdue credits (for 90 and more days) have reduced in September by 6.7 million lari, to 397.6 million lari, the magazine reports.

Overdue credits made up 1.6% of banks’ total loan portfolio. More...

Tabula: “BAKHTADZE ABOUT ZEROING OF DEBTS: THE OPPOSITION WANTED TO POSE OUR INITIATIVE AS THEIR IDEA”

Georgia’s Prime Minister Mamuka Bakhtadze declared that the opposition wanted that write-off of debts of citizens, who are registered in the black list, “was perceived as their idea”.

On November 18, presidential candidate from united opposition Grigol Vashadze (the second round of elections will take place on November 28) declared that the government has to pay debts of those citizens, who are registered in the black list of debtors, while on November 19, the initiative in connection with excessive indebtedness was presented by the Premier. More...

Netgazeti.Ge: “WHAT RISKS ARE SEEN BY PART OF ECONOMISTS IN PRE-ELECTION WRITE-OFF OF DEBTS”

While commenting on the governmental initiative on write-off of debts of those citizens, who are registered in the black list of debtors, economist Akaki Tsomaia specifies that very dangerous precedent has been created. “Why the good payer has to have now a desire to pay credit, when the government can write off a debt in the eve of elections”, he declares. More...

Bankebi da Finansebi: “LADO GURGENIDZE AND “VIVUS” REFUSE FROM WRITE-OFF OF DEBTS TO CITIZENS”

Lado Gurgenidze, chairman of supervisory council of online credit company Vivus, refuses write-off of debts to citizens, the newspaper reports.

As Georgia’s Finance Minister Ivane Machavariani declared, the company “for reasons that are unknown for me, has stated a refusal” to participation in the governmental initiative, which envisages write-off of debts of those citizens, who are registered in the black list of debtors. More...

Bankebi da Finansebi: “BANKS CONTINUE TO CATCH NON-CORE BUSINESSES”

Sakartvelos Banki (Bank of Georgia) establishes already the fourth insurance company, the newspaper reports.

At the joint meeting, Insurance Companies Association and Insurance Union estimated the mentioned innovation as continuation of banks’ expansion policy and developed appeal to the government, State Service for Insurance Supervision and the Parliament, the article says. More...

TRANSFER PRICING (NOVEMBER 2018)

TRANSFER PRICING IN GEORGIA – ARE YOU TRADING AT ARM’S LENGTH?

What does the term “arm’s length” mean to you? The term is frequently used to describe the commercial and financial relations between independent parties when they engage in trading activities, and is usually synonymous with market conditions. However, when companies forming part of the same multinational group enter into intra-group transactions with each other, the commercial and financial conditions of the arrangement might be more in favor of one of the parties to the transaction. More...