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Daily News

January 12, 2021

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economics

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

    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.


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

    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.


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

    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.


business

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

    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.


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

    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.


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

    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.


    “EUROPARK” FINISHED 2019 WITH PROFIT

    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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