IN JANUARY-MARCH, GEORGIA’S EXPORT TO TURKEY DECLINED BY 9.6% Y-O-Y, WHILE IMPORT FROM THIS COUNTRY INCREASED BY 14%

In January-March, Georgia’s export to Turkey amounted to $54.79 million (9.5% of Georgia’s total export). The volume has increased by 9.6% year-on-year. More...

IN JANUARY-MARCH, GEORGIA’S EXPORT TO RUSSIA JUMPED BY 133.2% Y-O-Y

According to Sakstat’s estimation for January-March, Russia became the second largest trade partner of Georgia. In 2016, this country ranked the third. More...

IN JANUARY-MARCH, GEORGIA’S EXPORT TO AZERBAIJAN INCREASED BY 80.2% Y-O-Y, WHILE IMPORT FROM THIS COUNTRY – BY 39.3%

Sakstat published estimation for January-March, according to which Georgia’s export to Azerbaijan amounted to $31.22 million (5.4% of Georgia’s total export). If compared with the same quarter of 2016, the volume has increased by 80.2%. More...

GEORGIA AND HUNGARY SIGNED MEMORANDUM ON INVESTMENTS’ ENCOURAGEMENT

Today, Georgia and Hungary have signed memorandum of understanding on mutual encouragement of investments.

The document was signed in Tbilisi by Georgia’s Minister of Economy and Sustainable Development Giorgi Gakharia and Hungarian Minister of National Economy Mihaly Varga. More...

FINANCE MINISTRY: INTERNATIONAL RATING COMPANIES POSITIVELY ASSESS GEORGIA’S FISCAL POLICY AND REFORMS

Georgian Finance Ministry reported that within his visit to the US, First Vice-Premier and Finance Minister Dimitri Kumsishvili has met with representatives of Fitch, Moody’s and Standard&Poor’s.

“Rating company Fitch positively assesses fiscal policy that is being implemented in Georgia from November 2016”, the Ministry said. More...

FINANCE MINISTER: WE EXPECT TRANSFER OF $100M FROM THE WORLD BANK WITHIN BUDGET SUPPORTING PROGRAM

“We expect transfer of $100 million from the World Bank within the budget supporting program”, Finance Minister Dimitri Kumsishvili declared.

As the Minister specified, “We expect transfer of $50 million from the World Bank very soon, while receiving of the same volume from the mentioned financial institute is expected in the second half of summer”. More...

“UNICREDIT BANK AUSTRIA” TO ALLOCATE 7M EUR TO GEORGIA

The government declared that UniCredit Bank Austria will allocate 7 million EUR to Georgia. The financial facility is envisaged for funding of Georgian Energy and Hydrotechnics Scientific-Research Institute. More...

ENVIRONMENTAL ASSESSMENT CODE ADOPTED IN FIRST READING

The Parliament adopted Environmental Assessment Code in first reading yesterday. The Code is adjusted to the relevant directives of the EU, Ministry of Environment and Natural Resources Protection said. More...

NEW HOTEL “IRE PALACE” OPENED IN BATUMI

Ajara government reported that hotel Ire Palace was opened in Batumi. Investments in the project have totaled to $1.5 million. More...

REGULATORY COMMISSION FINED “TV ERA” AND “T-NET”

National Communication Commission imposed fine of 11,278 lari on LLC TV Era (entity, authorized for broadcasting transit in Batumi) because of violation of copyright and allied rights.

As the Commission pointed, it was established that the company is broadcasting channels without any license and permission. More...

Tabula: “BY DRAFT CONSTITUTION, ACCESS TO INTERNET IS RECOGNIZED AS CIVIL RIGHT”

According to draft constitution, “Everyone has right to have access to internet and use it freely”.

Legislation recognizes access to interest as the right, for instance, in Finland, where internet speed is also regulated by law, Tabula points, noting that “we see no notation regarding interest speed in case of Georgia”. More...

Liberali: “INTERIOR MINISTRY: COMPARED WITH 2014, NUMBER OF CARS IN THE COUNTRY HAS INCREASED BY 16.8%”

Interior Ministry reported that rate of vehicle fleet growth in Georgia made up 8% in 2016. In comparison with 2014, number of vehicles has increased by 16.8%. More...

Bankebi da Finansebi: “PROFIT TAX DOES NOT EXIST ANYMORE, AS WE HAVE TAX ON EXPENDITURE, IN FACT”

Auditor Irakli Shavishvili estimates that exemption of reinvested profit from tax “is good initiative”.

At the same time, “The government announced that it reduces profit tax by half a billion, but in fact, reduction makes up 300 million and in exchange, excise has been increased by 600 million, while income tax has increased by almost half a billion”, Shavishvili points. More...

Netgazeti.Ge: “ENFORCEMENT PROBLEM OF LAW ON SMOKING”

According to the current law on smoking, tobacco smoking is banned in administrative facilities, except special smoking areas, but this ban is not observed, the newspaper says.

For instance, “There are several such areas in the Parliament building in Kutaisi, but MPs arrange such places near the assembly hall by their own, and if they are shoot during process of smoking, they express discontent”, the article points. More...

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...