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Daily News


January 12, 2021

IN THIS ISSUE:

1. BATUMI UNIVERSITY PROFESSOR: EFFICIENCY OF FREE INDUSTRIAL ZONES IS ESSENTIALLY LOW
2. BATUMI UNIVERSITY PROFESSOR: AREAS ENVISAGED FOR FREE TOURIST ZONES TURNED OUT TO BE ECONOMICALLY INACTIVE
3. NBG: COMMERCIAL BANKS ARE EXPECTED TO START IFRS-BASED REPORTING AFTER Q1
4. SHARES OF “GREEN INSURANCE GEORGIA” ARE ADMITTED TO TRADING SYSTEM OF GEORGIAN STOCK EXCHANGE
5. IN 2019, PROFIT OF “TKBILI KVEKANA” REDUCED BY 14%
6. IN 2019, LOSS OF “GINO PARK” INCREASED 3.1 TIMES
7. “EUROPARK” FINISHED 2019 WITH PROFIT

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1. BATUMI UNIVERSITY PROFESSOR: EFFICIENCY OF FREE INDUSTRIAL ZONES IS ESSENTIALLY LOW
Economics

Efficiency of free industrial zones, existing in Georgia, is essentially low, states the article, published in Economics and Banking, journal of National Bank of Georgia (NBG).

Author of the article (Besik Bolkvadze, doctor of economics, associate professor of Batumi State University) indicates that main profiles of these zones are manufacturing, warehousing and logistics facilities, that is why they are mostly traditional and lack innovative systems.

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2. BATUMI UNIVERSITY PROFESSOR: AREAS ENVISAGED FOR FREE TOURIST ZONES TURNED OUT TO BE ECONOMICALLY INACTIVE
Economics

Areas, envisaged for free tourist zones in Georgia, turned out to be economically inactive and adjusted only for seasonal loading, points the article published in Economics and Banking, journal of National Bank of Georgia (NBG).

Author of the article (Besik Bolkvadze, doctor of economics, associate professor of Batumi State University) indicates that creation of these zones was preceded by neither economic research nor study of foreign experience.

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3. NBG: COMMERCIAL BANKS ARE EXPECTED TO START IFRS-BASED REPORTING AFTER Q1
Economics

National Bank of Georgia (NBG) said that it has accomplished by the end of 2020 key works on transition to International Financial Reporting Standards (IFRS).

Commercial banks of the country are expected to start submitting (voluntarily) IFRS-based financial statements after the 1st quarter of this year, the NBG pointed.

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4. SHARES OF “GREEN INSURANCE GEORGIA” ARE ADMITTED TO TRADING SYSTEM OF GEORGIAN STOCK EXCHANGE
Business

Georgian Stock Exchange reported that shares of Green Insurance Georgia have been admitted since December 28, 2020 to the listing of category “B”. The emission was made on December 24, 2020.

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5. IN 2019, PROFIT OF “TKBILI KVEKANA” REDUCED BY 14%
Business

LLC Tkbili Kvekana (Sweet Country, confectionery production) reported profit of 2.1 million lari for 2019. According to audited report of the company, the volume has decreased by 14.7% year-on-year.

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6. IN 2019, LOSS OF “GINO PARK” INCREASED 3.1 TIMES
Business

LLC Gino Park reported loss of 8.2 million lari for 2019. According to audited report of this multifunctional aquapark complex, the volume has increased 3.1 times year-on-year.

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7. “EUROPARK” FINISHED 2019 WITH PROFIT
Business

LLC Europark reported profit of 6.3 million lari for 2019. According to audited report of this aquapark complex, loss for 2018 made up 980,301 lari.

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Exchange Rates (NBG)
  01/15/21 + / -
  USD   3.2987   0.0052
  EUR   4.0033   0.0029
  RUR   4.4956   0.0019
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