Economy
Agriculture credits project witnessed imbalance
24 April, 2014
The Georgian agriculture loans portfolio has increased more than five-fold from GEL 59 million to GEL 318 million within a year, this in the framework of the state initiated Preferential Agro-Credit project. The project started on 27 March 2013 and implies State co-financing of banking credits for farmers and agriculture related enterprises to boost the sluggish agriculture sector of Georgia. 14,100 preferential credits with a total volume of GEL 318 million were disbursed in more than 30 agriculture branches, statistics show. 70 new processing enterprises were set up and 400 old ones were renovated. The result is estimated as positive but far from satisfactory because similar statistics show a staggering imbalance in the credits’ redistribution between the east and west parts of the country.
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The Georgian Vicious-Gold-Circle
24 April, 2014
While gold price goes down at the global markets it crawls up Georgian market. As a matter of fact, Tbilisi Gold Exchange more-less pursues the international gold market trends. But beyond the TGX this trend has no impact unless it is going up. Petty traders involved in sale of gold jewelry, pawn-shops or financial institutions requiring for gold items as the loans back-up increase prices instantly if they go high at the global market while react on drops very slowly if ever. Some analysts believe this bespeaks of the monopoly.
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Georgian postal regulation nurtures a monopolist
24 April, 2014
A new draft law on Georgian postal communication opposes best practices and international obligations assumed by the EU. It lays ground to the emergence of a monopolistic company on the market that may scare off around 40 communication companies including the global fames DHL, TNT, UPS and FEDEX. If this happens, the image of Georgia will be marred significantly because the world only knows about one similar precedent in Turkmenistan when international postal companies left the country in 2005.
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Georgian wine export resumed to Belarus
24 April, 2014
Georgia resumed the halted wine export to Belarus, Levan Davitashvili, Chairperson of the National Wine Agency of Georgia, informed on April 17.
“The export to Belarus stumbled starting this year. Early this April a delegation of the Ministry of Agriculture headed by Shalva Pipia, Minister of Agriculture, went to Minsk and achieved concrete results. NWA has already issued the first export certificates on Tbilvino Company on the export of around 80 000 bottles,” Davitashvili reported and added that the problems did not cover only Georgia.
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Schuchmann Chateau competes at international level
24 April, 2014
he best way to develop the wine export is to develop wine tourism first of all, wine sector pundits say. Georgia being acknowledged as the cradle of wine that has been producing wine uninterrupted for about 8 000 years in its unequalled Qvevri technology, plus having 520 grape varieties in its national gene pool it has full chances to become one of the key destinations on the global wine tourism map. However, according to the latest statistics, only 5% out of more than 5 million tourists visiting Georgia in 2013 named wine tourism as their visit goal while wine tourism is a pillar of the economy in many major wine-producing countries including the so-called New World regions where wine producing started just 200-300 years ago.
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Cost of living for 6-member families in Georgia is 366 GEL
19 April, 2014
In March 2014, an able-bodied man’s subsistence wage comprised 155.4 lari.
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2 new McDonald’s restaurants - in Saburtalo and Gldani
18 April, 2014
T & K Restaurant Franchise Group, owner of a worldwide known fast food franchise “McDonalds” in Georgia are planning to invest 6 million Euros into expanding the restaurant network.
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All state funds under one umbrella
17 April, 2014
ll state funds of Georgia will be united soon under a new financial institution which will focus on financing big projects that are important to the state. Ex-Prime Minister Bidzina Ivanishvili had already announced creation of a state development bank on the basis of the unification of all state funds. However, the authorities are not certain so far whether or not the new institution will be named as a bank or will remain a fund, Minister of Economy and Sustainable Development of Georgia said. Officials cannot provide precise details of the new institution until the project is completed.
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Poti logistic companies strike against the monopoly
17 April, 2014
Employees of 42 freight carriers operating in Poti Port of Georgia started a warning strike on 4 April to protest the monopolist position of APM Terminals, which owns and operates Poti Port. The Ministry of Economy and Sustainable Development of Georgia promised to clear the situation to satisfy all sides, however, no solution was drawn as of yet. The strike halted Poti Port working process for 2 hours, however, this was just a warning for larger protests to come soon if APM Terminals, which owns and manages the Poti Port together with its adjacent Poti Free Industrial Zone, does not stop the monopolist practice that poses threats to all 42 logistic companies based in Poti to go bankrupt and leave their 5 000 employees jobless.
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