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Economic Press Monitor

November 28 - December 4, 2021

Previous Issues:  Days: < 06 13 20 27 04

 

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economic & politics

    TABULA: “EU ON JUDGES: EU ASSISTANCE TO GEORGIA DEPENDS ON THE PROGRESS OF REFORMS”

    December 3, 2021 - In connection with appointment of 4 termless judges of Supreme Court in Georgia on December 1, the EU released a statement, which indicates that this action contradicts recommendations of the OSCE/ODIHR and the Venice Commission. The EU once again urges the Georgian authorities to promote the reform of the judicial system.


    TABULA: “IN GEORGIA, 1M PEOPLE HAVE BEEN VACCINATED TWICE, THIS IS 35.1% OF ADULT POPULATION”

    December 2, 2021 - In Georgia, 1 million people have been vaccinated twice against COVID-19, which makes up 35.1% of the adult population, Tabula reported. Up to 1.17 million, or 41% of the adult population, are vaccinated with one dose.


    FORBES GEORGIA: “IF THERE IS A REFORM, LET THERE BE THE REFORM”

    December 2, 2021 - The article considers the initiative, recently announced by the Georgian government, which concerns employment of persons receiving social assistance.

    Author of the article (Beka Natsvlishvili, who was elected in the Parliament in 2016 from Georgian Dream, but left the ruling party in 2019) notes that in order to determine the basic social policy, a social benchmark is needed, which function in Georgia is performed currently by subsistence wage.


    REZONANSI: “TO WHOM SUITS ASSIGNMENT OF BENEFITS TO TV COMPANIES IN EXCHANGE FOR RESTRICTION OF GAMBLING ADVERTISING?”

    December 1, 2021 - As Georgian government plans to ban advertising of gambling, the opposition party Lelo puts forward an initiative to exempt the media from taxes for 3 years.

    Saba Buadze, one of Lelo’s leaders, explains that for many media outlets, revenues from gambling advertising account for 20% of all commercial income.


    REZONANSI: “HIGH-LEVEL MEETINGS OF THE ASSOCIATED TRIO BEFORE THE EASTERN PARTNERSHIP SUMMIT – WHAT EXPECTATIONS HAVE GEORGIA, UKRAINE AND MOLDOVA”

    December 1, 2021 - Before the Eastern Partnership Summit (December 15), prime ministers of so-called Associated Trio (Georgia, Ukraine and Moldova) hold high-level meetings within their working visit to Brussels.

    The article reports that the prime ministers indicated their expectations – access to the EU common economic space and maximal intensification of branch cooperation, in order to ensure physical integration of the associated countries into the EU.


    BANKEBI DA FINANSEBI: “OBLIGATION ON CASH REGISTERS’ USAGE HAS BEEN POSTPONED FOR MARKET MERCHANTS FOR ANOTHER YEAR, UNTIL JANUARY 1, 2023”

    November 30, 2021 - Obligation of cash registers’ usage by merchants on the markets has been postponed in Georgia for another 1 year – until January 1, 2023, the newspaper reports.

    As the article specifies, this is envisaged by draft amendments to the Tax Code, which the Parliament will consider in the near future.


    TABULA: “DEGNAN: FOREIGN INVESTORS WANT TO KNOW THAT THERE IS A LEVEL PLAYING FIELD IN GEORGIA”

    November 30, 2021 - “Business investors, especially foreign investors, want to know that there is a level playing field when they come to invest in businesses in Georgia”, said the US ambassador to Georgia Kelly Degnan.

    Investors “want to know that their contracts will be upheld in an impartial courtroom and that there will be a transparent legal process if they have any kind of a dispute”, the ambassador noted.


    TABULA: “A MAN WHO WAS INJURED AS A RESULT OF EARTH COLLAPSE IN TKIBULI HAS DIED”

    November 29, 2021 - During reinforcement works in coal quarry in Tkibuli, earth has collapsed, burying 2 men in the mine. As Tabula reports, their lives could not be saved.


    NETGAZETI.GE: “ENERGY ASSOCIATION HAS COMPLETED MEDIATION ON “NAMAKHVANHES””

    November 29, 2021 - The EU Energy Association declared about completion of mediation on NamakhvanHES, reported Netgazeti.Ge. The mediation process lasted 6 months.


macroeconomics & budget

    FORBES GEORGIA: “HOW TO RESTRAIN RECORD INFLATION OF THE DECADE”

    December 3, 2021 - In Georgia, annual inflation has reached the highest level in the last 10 years – 12.8%, the article says.

    The article indicates that the pandemic has intensified inflationary processes around the world, but price growth in Georgia is high even against this background.


    BANKEBI DA FINANSEBI: “PENSION AGENCY STARTS INVESTING IN SECURITIES – TARGETS ARE “TEGETA” AND “NIKORA””

    December 2, 2021 - Georgian Pension Agency will make its first investment in securities of local companies, approximately, by the end of this year.

    Goga Melikidze, senior investment officer of the Agency, told Business-Partner.Ge that the target is emissions of 2 companies, Nikora (production and sale of meat and dairy products) and Tegeta (car dealer).


energy, oil & gas

    BANKEBI DA FINANSEBI: “LAUNCH OF ENERGY EXCHANGE IS POSTPONED UNTIL MARCH 1”

    November 29, 2021 - Georgian government decided to launch the energy exchange on March 1, and not on January 1. So far, the exchange is operating in the test mode.


conflict and court

    REZONANSI: “RUSSIAN ENERGY GIANT WON A LAWSUIT OF 80M AGAINST GEORGIA, WHICH WILL NOT BE POSSIBLE TO AVOID”

    December 2, 2021 - Georgia lost an arbitration dispute to Russian InterRAO (owner of energy assets in Georgia), as a result of which the country is charged to pay $80.5 million to the company, the newspaper reported.

    The plaintiffs filed the lawsuit in 2017, demanding compensation of 125 million lari from the Georgian authorities, which they explained by loss due to depreciation of lari.


    NETGAZETI.GE: “HOW MANGANESE IS EXTRACTED IN SHKMERI AGAINST THE WILL OF SHKMERIANS – IN DETAIL”

    November 29, 2021 - Issuance by Georgian National Mining Agency of licenses for manganese exploration and extraction in the village of Shkmeri (Oni municipality of Racha region) caused a protest of the local population, reports Netgazeti.Ge. Residents of the village declare that extraction of manganese will lead to an environmental disaster and demand to cancel the issued licenses.


companies

    FORBES GEORGIA: ““INTRRO” ATTRACTED INVESTMENT OF $2.2M”

    December 3, 2021 - Finalist of the acceleration program 500 Georgia, international technology company Intrro has attracted $2.2 million from German and American investors, the magazine reports. Among the investors are Signals Venture Capital, DataFrame Ventures and Tribe Capital.


    FORBES GEORGIA: “RATING OF PHARMACY CHAINS, OPERATING IN GEORGIA”

    December 3, 2021 - There are 3 leading players on Georgian pharmacy market – PSP, Aversi and GPS/Pharmadepot. There are also relatively small players on the market, but their sales do not exceed 100 million lari, the article says.


    FORBES GEORGIA: ““SAKARTVELOS BANKI” ATTRACTED INVESTMENT OF $100M FROM DFC”

    December 1, 2021 - Sakartvelos Banki (Bank of Georgia) attracted financial resource of $100 million from the US International Development Finance Corporation (DFC), the magazine reports.

    The article specifies that the resource, attracted under the 11-year contract, is intended for support to micro, small and medium-sized businesses.


tourism

    NETGAZETI.GE: “FIRST TOURIST ROUTE HAS OPENED AT “ENGURHES” DAM”

    November 30, 2021 - Georgia’s largest hydroelectric station EngurHES declared that visitors will be able to explore dam, tunnel and other areas of the station that were previously inaccessible for tourists.

    Duration of the tourist route will be approximately 2 hours, and it will be led by a professional guide.


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