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DAILY NEWS October 16, 2018

CHAIR OF “TI”: RECENT BACKSLIDING ON DEMOCRATIC GOVERNANCE IN GEORGIA IS EXTREMELY TROUBLING

“For many years, Georgia has been one of the top performing countries in its region on anti-corruption and good governance”, declared Delia Ferreira Rubio, chair of TI (Transparency International).

However, “The recent backsliding on democratic governance is extremely troubling”, Rubio pointed, adding: “It would be a great shame if Georgia’s progress towards improved rule of law would turn instead towards kleptocracy and impunity for corruption”. More...


GEORGIAN ECONOMY MINISTER DISCUSSED PROSPECTS OF COOPERATION DEEPENING WITH SWEDISH AMBASSADOR

Georgian Ministry of Economy and Sustainable Development reported about meeting, which the Minister Giorgi Kobulia held today with Swedish ambassador Ulrik Tidestrom, appointed to Georgia in September.

At the meeting, the parties considered bilateral trade and economic relations and priority directions of future cooperation, the Ministry said. More...


DEPUTY MINISTER OF ENVIRONMENTAL PROTECTION AND AGRICULTURE: WITHIN DCFTA GEORGIA HAS TO HARMONIZE THIS YEAR 24 LEGAL ACTS, OF WHICH 4 ARE ALREADY ADOPTED

Georgia’s First Deputy Minister of Environmental Protection and Agriculture Nodar Kereselidze said that within the Deep and Comprehensive Free Trade Agreement with the EU (DCFTA), Georgia has to ensure this year rapprochement with 24 legal acts of the EU.

From this number, 4 legal acts are already adopted, while 6 ones are prepared and consultations with various departments are underway, the Deputy Minister specified. More...


NATIONAL FOOD AGENCY: FROM THE NEXT YEAR, RULES OF FOOD LABELLING, REGULATION OF NUTRITIONAL SUPPLEMENTS AND IMPORT WILL BE CHANGED

Georgian National Food Agency declared that rules of food labeling, regulation of nutritional supplements and import are planned to amend and, respectively, business operators will be subjected to new obligations since January 1, 2019.

Kakha Sokhadze, head of department at the Agency, said that “according to new regulations, food origin, producer, characteristics, ingredients, nutritional supplements of any type, renewed terms of expiration dates etc. More...


MINISTRY OF ENVIRONMENTAL PROTECTION AND AGRICULTURE: QATAR IS INTERESTED IN EXPORT OF AGRARIAN PRODUCTION FROM GEORGIA

Qatar is interested in export of agrofood production from Georgia, including honey, demand for which grows, while current output of this production is insufficient, Georgian Ministry of Environmental Protection and Agriculture reported. The mentioned became known at the meeting with delegation of Qatar, held in the Ministry. More...


TBILISI SUPERVISION SERVICE RENAMED INTO MUNICIPAL INSPECTION

Tbilisi City Hall declared about change of name of its supervision service, which will continue operation since this month as municipal inspection. The inspection is headed by Giorgi Bagrationi. More...


IN Q3, REMITTANCES TO GEORGIA INCREASED BY 12% Y-O-Y

National Bank of Georgia reported that remittances to Georgia amounted in the 3rd quarter to $411.16 million. This volume has increased by 5.6% quarter-on-quarter and by 12% year-on-year. More...


IN Q3, REMITTANCES FROM GEORGIA INCREASED BY 5.3% Y-O-Y

National Bank of Georgia reported that remittances from Georgia abroad amounted in the 3rd quarter to $57.09 million. The volume has increased by 2.2% quarter-on-quarter and by 5.3% year-on-year. More...


IN Q3, “GOLDEN CROWN” ACCOUNTED FOR 22.9% OF TOTAL REMITTANCES TO GEORGIA AND FOR 41.5% OF TOTAL REMITTANCES FROM GEORGIA

National Bank of Georgia reported that Golden Crown accounted in the 3rd quarter for 22.9% of total remittances to Georgia and for 41.5% of total remittances from the country abroad.

This system served in the reporting period remittances to Georgia of $93.99 million (growth – 17.3% quarter-on-quarter and 1.6% year-on-year). More...


ECONOMY MINISTRY: BRITISH “FEAR GROUP” PLANS INVESTMENTS IN GEORGIA

British Fear Group expressed interest to investment in Georgia, Georgian Ministry of Economy and Sustainable Development declared.

As the Ministry said, sphere of interests of Fear Group includes mining sector, retail trade and the company is interested in attraction of large supermarket chain to the local market. More...


ECONOMIC PRESS MONITOR October 16, 2018

Forbes Georgia: “BAKU-TBILISI-KARS CAN COMPETE WITH THE NORTHERN ROUTE”

Baku-Tbilisi-Kars railway route, which is mentioned sometimes as “Silk Railway”, can become a leader of rail transportation in Georgia, the article states.

In order the project could be considered successful, 4 million t of freights have to be transported annually on this section, which is not so easy business against the background of general reduction of freight turnover, the article points. More...


Forbes Georgia: “AUTUMN EXAM OF LARI”

In August, lari depreciated during a week from 2.45 GEL/USD to 2.63 GEL/USD, which reason was named devaluation of Turkish lira and conversations about development of economic crisis in Turkey (key trade partner of Georgia), the magazine reminds.

However, the stir, caused by devaluation of Turkish lira, has calmed down, and lira has strengthened in September by 7%, while lari exchange rate has stopped near 2.6 GEL/USD, the article specifies and adds: it seems that there was something else occurred. More...


Tabula: “EXPERT OF “2030” AND DONOR OF “DREAM” IS APPOINTED THE EXECUTIVE DIRECTOR OF NBG”

Vakhtang Burkiashvili, former consultant of 20/30 (economic program of GDS broadcasting company, established by Bidzina Ivanishvili, billionaire leader of ruling Georgian Dream), is appointed the executive director of National Bank of Georgia (NBG), Tabula reports.

Burkiashvili will replace Giorgi Melashvili, who resigns in order to move to private sector. More...


Netgazeti.Ge: ““SAKSTAT”: IN 2017, LESS MIGRANTS LEFT GEORGIA IN COMPARISON WITH PREVIOUS YEAR”

Referring to Sakstat, Netgazeti.Ge reports that 85,451 people emigrated from Georgia in 2017, including 47,770 men and 37,681 women, while in 2016 – 98,288 people (55,255 men and 43,033 women).

As the article notes, biggest part of emigrants both in 2017 and in 2016 was from age group of 25-29 years. More...


SPECIAL REPORT September 18, 2018

FOREIGN DIRECT INVESTMENT, JANUARY-JUNE 2018

Analysis of the preliminary data on FDI for the first half of 2018 revealed the following general findings:

- The financial, energy, and construction sectors attracted the most FDI;

- Azerbaijan, the United Kingdom, and the Netherlands were the largest investing countries for Georgia;

- Based on the cumulative values of the past 4.5 years, transports and communications is the most attractive sector for FDI in Georgia;

- The shares of FDI from China and the EU in the total FDI in Georgia were their highest since 2014;

- Based on a semi-annual analysis, reinvestments surpassed equity for the first time in the available data of 2013-2018.

According to the preliminary data, in the first half of 2018, FDI in Georgia amounted to US$676.2 mln, a US$73.2 mln (9.8%) decrease compared to the corresponding period of 2017. More...


Exchange Rates (NBG)
  10/16/18 + / -
  USD   2.6855   0.0191
  EUR   3.1095   0.0170
  RUR   4.1008   0.0380
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