Economic Press Monitor June 26 - July 2, 2022	Days:  18 25 02 09 16

economic & politics

FORBES GEORGIA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, TBILISI STARTUP DAY WILL BE CELEBRATED FOR THE FIRST TIME ON JULY 2”

July 1, 2022 - On July 2, Tbilisi Startup Day will be celebrated for the first time, the magazine reports. The organizers plan to make celebration annual.




NETGAZETI.GE: “UK WILL ALLOCATE OVER 5M GBP TO GEORGIA FOR CYBER SECURITY”

July 1, 2022 - The UK will provide additional assistance worth 5 million GBP to Georgia, Netgazeti.Ge reports. The funds are intended for overcome of cyber security threats, generated by Russia.




NETGAZETI.GE: “WHAT IS WRITTEN ABOUT GEORGIA IN THE DECLARATION OF MADRID SUMMIT OF NATO”

June 30, 2022 - “In light of the changed security environment in Europe”, the Alliance has “decided on new measures”, declaration of the NATO Madrid summit indicates.

These measures aim at “step up tailored political and practical support to partners, including Bosnia and Herzegovina, Georgia, and the Republic of Moldova”.




REZONANSI: “LARGE PHARMACEUTICAL COMPANIES BECAME INTERESTED IN PRODUCTION OF MEDICINES IN GEORGIA”

June 28, 2022 - Georgia’s Prime Minister Irakli Garibashvili declared that several investors are interested in starting production of medicines in Georgia. “Many owners of high-tech, very strong factories have contacted the government, and 2 or 3 of them are already in intensive negotiations with the Ministry”, he said.




NETGAZETI.GE: “GARIBASHVILI’S RESIGNATION AND CREATION OF A GOVERNMENT OF NATIONAL ACCORD – KEY DEMANDS OF THE RALLY”

June 27, 2022 - On June 24, a large-scale rally “Home, to Europe” was held in Tbilisi. Organizers of the rally demanded resignation of Georgia’s Prime Minister Irakli Garibashvili within a week, creation of “a government of national accord that will fulfill 12 EU requirements”, Netgazeti.Ge reports.




REZONANSI: “PRIME MINISTER SUGGESTS OPPOSITION TO END POLARIZATION AND START WORKING TOGETHER”

June 27, 2022 - Georgia’s Prime Minister Irakli Garibashvili stated that Georgia was deservedly awarded the European perspective. Regarding assigning the status of a candidate country for EU membership, he said that European leaders promise, “as soon as we fulfill the priorities defined by them, we – Georgia – will be instantly granted the candidate’s status”.

macroeconomics & budget

REZONANSI: “BUSINESS GOT USED TO THE WAR AND PANIC IN THE PRIVATE SECTOR FINALLY CALMED DOWN”

July 1, 2022 - Georgian Business Association reported that 59% of companies, surveyed in the 2^nd quarter, believe that Russia’s war in Ukraine and/or introduction of sanctions against Russia will not affect their income. More 25% believe that incomes will decrease, while 2% – that they will decrease dramatically.




REZONANSI: “WILL GEORGIA FINISH THIS YEAR TOO WITH DOUBLE-DIGIT ECONOMIC GROWTH?”

June 29, 2022 - TBC Capital declared about raise of Georgia’s economic growth forecast for 2022 from 8% to about 10%. Unlike the previous months, in May, a significant increase in export was already caused not only by increased prices, but also by real increase, the company pointed.




NETGAZETI.GE: ““PENSION FUND COULD SUFFER LOSS – THE REASON IS INFLATION””

June 28, 2022 - “Since the beginning of the year and up to date, our profitability makes up 3.1%”, Goga Melikidze, senior investment officer at Georgian Pension Agency said. “However, the main thing is real profitability taking into account inflation” (in May, annual inflation in Georgia made up 13.3%), he noted.




FORBES GEORGIA: “IN TERMS OF THE GOVERNMENT DEBT, GEORGIA RANKS 122^ND IN THE WORLD”

June 27, 2022 - In terms of the government’s debt in relation to GDP, Georgia ranks 122^nd among 189 countries of the world, the magazine reports. According to IMF, debt of the Georgian government at the end of 2021 made up 49.5% of GDP.

energy, oil & gas

BANKEBI DA FINANSEBI: ““BIG PART OF TAXES FROM RENEWABLE ENERGY STATIONS SHOULD BE DISTRIBUTED IN LOCAL COMMUNITIES””

July 1, 2022 - Georgian Renewable Energy Development Association (GREDA) has prepared legislative amendments, which envisage distribution of essential share of the property tax, paid by renewable energy stations, in local communities.

Giorgi Abramishvili, supervisory board chairman at GREDA, indicates that the initiative is based on a study, conducted by the Norwegian Directorate of Water Resources and Energy (NVE).




NETGAZETI.GE: ““SHUAKHEVIHES” HAS GENERATED THIS YEAR BY 75% MORE ELECTRICITY THAN LAST YEAR”

June 29, 2022 - In 5 months of this year, ShuakheviHES (located in Ajara) has generated by almost 75% more electricity than in the same period last year, the article reports. Share of this HPP in Georgian energy sector makes up about 5%.

conflict and court

REZONANSI: “UP TO 20 BULLETS HIT HIM... THERE ARE WOUNDED TOO – WHO KILLED A FAMOUS BUSINESSMAN? LATEST DETAILS”

June 27, 2022 - On June 24, 53-year-old businessman Levan Kacharava was killed in Vake district of Tbilisi. According to the newspaper, up to 20 bullets hit him, and the murderer, was probably the so-called killer.

companies

FORBES GEORGIA: ““RAMADA TBILISI” HOTEL OPENED AT MELIKISHVILI AVE. 10”

June 30, 2022 - Ramada Tbilisi, a 125-room hotel, was opened on Melikishvili Avenue in Tbilisi. Total investments amount to $18 million, the magazine reports.




FORBES GEORGIA: “BEKA GOGICHAISHVILI APPOINTED AS DIRECTOR GENERAL AT “LIBERTY BANK””

June 30, 2022 - Beka Gogichaishvili, member of the supervisory board at Liberty Bank since 2020, has been appointed as director general of the bank.

Gogichaishvili holds a master’s degree in management and finance for University of Sussex, UK.

international cooperation

FORBES GEORGIA: ““MASTERCARD” AT THE ORIGINS OF GEORGIAN SMALL AND MEDIUM-SIZED BUSINESSES’ DIGITIZATION | INTERVIEW WITH YASEMIN BEDIR”

June 30, 2022 - In an interview with the magazine, Yasemin Bedir, MasterCard divisional president for Eastern Europe, indicates that Georgian residents hold more than 1 debit card on average, while every 5^th holds a credit card.

Over 1.5 million transactions of over 125 million lari are carried out daily through these cards, Bedir reported.




BANKEBI DA FINANSEBI: “THIS YEAR, GOODS TRANSPORTATION VIA KAZAKHSTAN-AZERBAIJAN-GEORGIA-TURKEY CORRIDOR WILL INCREASE UP TO 3.5M T, I.E. 6 TIMES”

June 28, 2022 - On June 27, ministers of foreign affairs and transport of Azerbaijan, Turkey and Kazakhstan met in Baku, the newspaper reports. It is not difficult to assume that the main agenda of the meeting in Baku was development of the Asia-Europe transport corridor bypassing Russia, the article says.

finances & banking

BANKEBI DA FINANSEBI: “KOVZANADZE: IN INSURANCE SECTOR, WE MUST TURN FROM PRUDENTIAL SUPERVISION TO RISK-BASED SUPERVISION”

June 29, 2022 - “In the insurance sector, we must turn from prudential supervision to risk-based supervision”, declared Irakli Kovzanadze, chairman of Georgian Parliament’s Fiscal Committee.

Kovzanadze said this on June 28 at the closing ceremony of the EU-funded Twinning project “Capacity Building of the State Insurance Supervision Service of Georgia” (cooperation of peer public services of EU countries and Georgia).

agriculture & food

BANKEBI DA FINANSEBI: “CHAIRMAN OF GEORGIAN BREAD PRODUCERS UNION – NO INCREASE IN BREAD PRICE IS EXPECTED IN NEAR FUTURE”

June 28, 2022 - Malkhaz Dolidze, chairman of Georgian Bread Producers Union, declared that no increase in bread price is expected in near future. At that, he pointed that there are no problems now with flour stocks in the country.

tourism

BANKEBI DA FINANSEBI: “TORNIKE RIZHVADZE – AS OF LAST DAYS OF JUNE, TOURISM INDICATOR IN AJARA HAS BEEN FULLY RESTORED”

June 29, 2022 - Tornike Rizhvadze, head of Ajara government, stated that in Ajara, “especially in Batumi, tourist flows of 2019 [i.e. pre-pandemic] have been fully restored”. In May, “we had an 87% recovery and as of last days of June, tourism in Ajara has been fully restored already”, he said.