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Economic Press Monitor

January 22 - 28, 2023

Previous Issues:  Days: < 14 21 28 04 11 > 

 

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economic & politics

    TABULA: “IVANISHVILI ASSERTS THAT IN A LEGAL DISPUTE WITH “CREDIT SUISSE”, POLITICAL PRESSURE WAS EXERTED ON HIM”

    January 27, 2023 - Press release, distributed in global media by the lawyers of Bidzina Ivanishvili (billionaire founder of the ruling Georgian Dream), claims that “the ongoing dispute [of Ivanishvili] with Credit Suisse went beyond the legal scope and became political shortly after the military conflict started in Ukraine in February 2022”.

    “Within weeks, Mr. Ivanishvili faced problems both with accessing funds and receiving works of art and aircraft”, the lawyers say.


    REZONANSI: “WHETHER GEORGIA APPROACHES STATUS OF EU CANDIDATE AND WHAT POINTS ARE REMAINED TO FULFILL”

    January 26, 2023 - The European Commission will assess Georgia’s implementation of 12 recommendations (which is necessary for the country in order to obtain the status of EU membership candidate), as part of the expansion package, this autumn.

    “Georgia has to fulfill several points, and I hope it will soon become a candidate country”, declared Marija Pejcinovic Buric, Secretary General of the Council of Europe.


    FORBES GEORGIA: “IN TERMS OF GLOBALIZATION LEVEL, GEORGIA RANKS 54TH IN THE WORLD”

    January 25, 2023 - In its globalization ranking for 2022, the Swiss Federal Institute of Technology in Zurich places Georgia 54th among 196 countries with 70.2 points. In 2021, Georgia with 71.4 points was on the 53rd position.


    REZONANSI: “GEORGIANS COULD BECAME UNABLE TO PURCHASE APARTMENTS AND LAND AT ALL!”

    January 25, 2023 - After the outbreak of the Russia-Ukraine war, a flow of migrants surged into Georgia and real estate became outstandingly expensive. After that, some time has passed, and no significant demand is observed on the market, but prices are still high, the newspaper points.


    REZONANSI: “CONDITIONS FOR GEORGIAN EMIGRANTS ABROAD HAVE BECOME HEAVIER AND WORSENED”

    January 24, 2023 - During the pandemic, many people returned to Georgia, but then many left the country again, the newspaper says.

    Referring to the Germany’s Federal Office for Migration and Refugees, the article reports that in 2022, Georgian citizens, seeking asylum in Germany, reached 7,963 in number, exceeding the showing of 2021 by 116%.


    REZONANSI: “WHY DID RUSSIA DECIDE TO RESUME FLIGHTS WITH GEORGIA – WHAT ANSWER DOES OFFICIAL TBILISI HAVE”

    January 23, 2023 - On January 18, Russian State Duma deputy Sergei Gavrilov declared that “taking into account Georgia’s independent position on the issue of Ukraine”, it is necessary to resume not only air communication with Georgia, but also restore full-fledged diplomatic relations.

    Regarding response of official Tbilisi, the article brings only comments, made by Georgia’s President Salome Zurabishvili vice-speaker of the Georgian Parliament Gia Volsky.


    FORBES GEORGIA: “GEORGIA’S STRUCTURAL TRANSFORMATION – EMPHASIS ON INFRASTRUCTURE AND BETTER COMMUNICATION WITH THE OUTER WORLD”

    January 23, 2023 - Sebastian Molineus, the World Bank (WB) regional director for the South Caucasus, indicates in an interview with the magazine that there are many reforms, which must be implemented now in order Georgia to become a high-income country in the next 10 years.

    Molineus says that several reforms can be considered priorities to achieve this goal: education and skills, increase of companies’ productivity, growth of local savings, completion of spatial transformation, in particular, greater development of regions.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “WHEN WILL THE REFINANCING RATE DECREASE – EXPLANATION OF THE NATIONAL BANK PRESIDENT”

    January 25, 2023 - Supposedly, from February, we should see an even greater decrease in inflation, president of the National Bank of Georgia (NBG) Koba Gvenetadze declared to journalists. If all other things being equal, inflation in the 3rd quarter will be nearer the target (3%), he noted.


energy, oil & gas

    REZONANSI: “IMPORT OF PETROL AND DIESEL TO THE COUNTRY IS INCREASED, AND, ACCORDINGLY, DID THE DEMAND”

    January 24, 2023 - Petrol prices on the domestic market have undergone quite big changes towards reduction, says Vakhtang Iobashvili, head of Georgian Oil-Products Importers Union. In Georgia, cost of 1 liter of fuel went down from 3.75 lari to current 2.15-2.2 lari, he points.


companies

    FORBES GEORGIA: “GEORGIAN PHARMACY CHAINS”

    January 25, 2023 - There are 3 major players on the Georgian pharmacy market – PSP, Aversi and GPC/Pharmadepo, the newspaper reports.

    GPC/Pharmadepo has the largest chain – up to 300 pharmacies.


    FORBES GEORGIA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, “ARCHI” IS BUILDING A HOTEL OF INTERNATIONAL BRAND “SUPER 8 BY WYNDHAM””

    January 24, 2023 - Development company Archi is building a 3-star Super 8 by Wyndham hotel in Tbilisi. Total cost of the project, occupying 4,877 square m, makes up $5 million, $3 million of which was allocated by Sakartvelos Banki (Bank of Georgia).


    FORBES GEORGIA: “ADVISOR IN WEALTH MANAGEMENT”

    January 23, 2023 - Nino Sturua, head of wealth management department at TBC Bank, said that they finished the year 2022 with 3,000 clients. As of September, volume of the portfolio amounted to 3.2 billion lari, she reported.


    FORBES GEORGIA: “AMBITIOUS PROJECTS AND PLANS OF “MAN” – GERMAN GIANT IS REPRESENTED IN GEORGIA BY “TEGETA TRUCK&BUS””

    January 23, 2023 - Beka Beridze, director of Tegeta Truck&Bus (representative of the German Man Truck&Bus in the Caucasus), says that the car market began to stabilize only from the 3rd quarter of 2022. Although expectations that the Georgian market would grow by 15-20% in 2022 were not justified, he notes.


transport & communications

    REZONANSI: “FREIGHT VOLUME IN GEORGIAN CORRIDOR WILL INCREASE THIS YEAR TOO”

    January 27, 2023 - “As a result of the pandemic and ongoing war, the international logistics chain is undergoing serious changes”, says Georgia’s Finance Minister Lasha Khutsishvili. “Role of the Middle Corridor, connecting Eurasia, is increasing more and more, transit flow in the customs territory of Georgia is considerably increased”, he points.


    FORBES GEORGIA: “ANAKLIA PORT: WILL BLACK SEA DREAM COME TRUE FOR GEORGIA?”

    January 27, 2023 - Against the background of Russian aggression in Ukraine and sanctions of the US and the EU against Russia, the Northern Corridor (passing Russia) has largely lost its significance, the magazine points.

    As a result, opportunity for the Middle Corridor (passing Georgia) to become one of the main transit routes between Europe and Asia has increased even more, but lack of a deep-water port remains one of the major obstacles, the article says.


international cooperation

    FORBES GEORGIA: “NORWEGIAN ACHIEVEMENTS IN GEORGIA – INTERVIEW WITH THE AMBASSADOR”

    January 26, 2023 - In terms of the economy, I assess activities of Georgian institutions positively, Norwegian ambassador to Georgia Helene Sand Andresen declares in an interview with the magazine. However, despite sustained economic growth, many Georgians are still experiencing economic problems, she points.


finances & banking

    BANKEBI DA FINANSEBI: “IN COOPERATION BETWEEN “TBC” AND EBRD, FINANCING OF ENTERPRISES IN LOCAL CURRENCY WILL BECAME POSSIBLE FOR THE FIRST TIME IN THE REGION”

    January 26, 2023 - On January 13, Georgia’s largest TBC Bank and EBRD signed an updated version of the financing contract for $58 million.

    For the first time in the region, the updated agreement envisages a limit on factoring in local currency, TBC Bank reported.


agriculture & food

    BANKEBI DA FINANSEBI: “GEORGIAN WINE’S DEPENDENCE ON RUSSIAN MARKET HAS INCREASED TO 63.7% – WHERE DO WE SELL AND HOW MUCH DO WE GAIN”

    January 26, 2023 - Sakstat reports that Russian companies in 2022 bought Georgian wine for almost $161 million (73,128 t). In total export of Georgian wine for the reporting year, Russia’s share made up 63.7%, against of 54.6% in 2021.


construction

    BANKEBI DA FINANSEBI: ““PROPERTY OWNERS DO NOT WANT TO RENT TO RUSSIANS, BUT THEY ASK SUCH A PRICE FOR WHICH THE LOCAL WON’T BE ABLE TO RENT””

    January 24, 2023 - Vazha Mebagishvili, chairman of Georgian Real Estate Association, indicates that because of the Russia-Ukraine war, “we got the actively flooded arrival of citizens of Russia and Belarus” in Georgia, which caused prices to rise.

    “And now, we are in the reality that price of real estate for sale or rent is “inflated” and irrelevant”, Mebagishvili declared on the air of radio Palitra.


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