Economy
PROWEIN 2014 - Georgian wines marked at par
03 April, 2014
Prowein 2014, one of the most esteemed international wine fairs, which was held on 23-25 March in Dusseldorf, Germany, marked Georgian wines at par with the worldwide fames. A big turnout of visitors at the relatively small pavilion of Georgian wines and the incessant negotiations buzzing around during the three-day long exhibition indicated the increasing demand for Georgian wines. The high quality and authenticity of Georgian wine varieties laid ground to this success.
Represented by 16 wine companies, Georgia offered a full package of over 100 wine varieties both white and red ranging from sparkling to dry, semi-dry, sweet and semi-sweet wines.
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Micro-finance organizations have ravenous appetite in Georgia
03 April, 2014
Georgian micro-finance organizations charge consumers the highest rates across Europe, thus leading clientele to impoverishment, Association of Young Financiers and Businessmen claim based on their recent study. The AFBA requires a stronger regulation on this end. Micro-financing is one of the fastest growing sectors of Georgian economy and grew 260 times on the assets side between 2006 and 2013. The net loan portfolio grew 256 times and the net profit by 50%. According to the latest statistics of the National Bank of Georgia, the total loan portfolio of the sector accounted for GEL 661 million while 98.5% of the portfolio, GEL 602 million is disbursed on individuals and only 1% or 3.6 million is given to companies.
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Georgia – the region of historical, quality wine
03 April, 2014
Georgia, a small South Caucasian country, may become a historical, quality wine region on the global wine map if it matches its multi-millennial viticulture traditions with the modern standards and technology, Lisa Granik - a New-York based Master of Wine who is one of 275 MWs in the world - believes. While attending the Prowein 2014 on 23-25 March in Dusseldorf, Ms. Granik gave her opinion on Georgian wines in an exclusive interview with Georgian Journal.
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42 million Euro’s worth subway station to be built near ‘Maghlivi’ building of TSU
02 April, 2014
Manager of Georgia’s Municipal Development fund Elguja Khokrishvili stated that a tender regarding the construction of a new subway station near Tbilisi State University’s 10th building ('Maghlivi')
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One of the biggest Dutch companies VanDrie Group interested in Georgian market
01 April, 2014
Representatives of one of the biggest Dutch companies VanDrie Group have paid a formal visit to Georgia.
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‘Panorama Tbilisi’ – 4 high-class hotels project in central parts of Tbilisi
28 March, 2014
Gardabani’s greenhouse economy is on its first stage of replacing 30% of imported tomatoes with locally produced ones.
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Georgian bank sector kept growing in 2013
27 March, 2014
The Georgian banking sector grew in 2013, while interest rates on both loans and deposits dropped, the Policy and Management Consulting Group (PMCG) reported in its review
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Competition law reaches an end
27 March, 2014

The competition law of Georgia, which was suspended for over a year already since January 2013, is expected to be approved by the end of April.

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Cloud technology in Georgia
27 March, 2014
Open source technology is already operational in Georgia. National Agency of Public Registry under Ministry of Justice of Georgia completed its project “Cloud Technology”. NAPR is the first state structure which applied to the open source technology to make its server service supply simpler and faster, the PR informed Georgian Journal on 20 March. Works on the Cloud project started in August 2013 and at this moment the NAPR is implementing the migration of its technical infrastructure to a state-of-the-art Cloud system that significantly cuts down on costs on data storage systems and insures a fast and flexible service supply without expenses.
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