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Daily Archives: February 2, 2015

Georgia begins negotiations on visa-free communication with several countries

The government of Georgia resumes negotiations on visa-free communication, which ceased since September 1, 2014. The government has issued several decrees, including ones on holding talks by an exchange of notes, with a view to achieving agreements on exemption of holders of ordinary passports from the mandatory visa between the governments of Georgia …

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In Georgia, Price of Autogas Set by Market Forces

According to “Ecogas” company, 0.05 GEL price hike for autogas recorded in recent years is associated only with the devaluation of the GEL, and if the dollar rate remains at 1.90-2.00, prices for this type of fuel will not increase. Currently, price of one cubic meter of gas makes GEL …

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Natural Gas Price Hiked for Organizations

In Tbilisi, price of gas increased for legal entities – from March 1, 2015   1 000 cubic meters of gas will cost  GEL 900 instead of GEL 750. The abovementioned has been confirmed by the Deputy Minister of Energy Mariam Valishvili. “Naturally, this price rise was initially delayed but the …

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Geostat-Changes to the Consumer Basket

The National Statistics Office of Georgia (Geostat) has updated the consumer basket. The consumer basket is used for calculation of the Consumer Price Index (inflation rate in the country), reflecting the structure of consumption of an average consumer in the country. The composition of the 2015 consumer basket remained identical …

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Azerbaijan’s role as alternative gas supplier grows

Trend-The role of Azerbaijan as an alternative supplier of gas to European markets grows, the research assistant of the Center for the Study of Central Asia and Caucasus of the Institute of Oriental Studies (Moscow) Stanislav Pritchin told to reporters. “Long-term projects that are being implemented within the framework of …

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Real GDP growth accounts for 4.7% in Georgia in 2014

The real GDP growth of Georgia accounted for 1.9 percent in December 2014 and 1.6 percent in the fourth quarter of 2014, according to preliminary data of Gruzstat, the National Statistical Service of Georgia. It is reported that the annual real GDP growth amounted to 4.7 percent, according to preliminary …

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EU to implement project in Georgia to support labor relations

The presentation of the program of the International Labour Organization (ILO) will be held in the Tbilisi Marriott hotel in Georgia on Feb.2. The program aims to support the labor relations and social dialogue in Georgia. The project that has been financed by the European Union will be implemented by …

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Georgian Banking system is based at “Lombard Mathematics” to the consumers’ detriment and lacks key components that other developing economies already adopted

“Regulation of the banking sector is one of the major tools for any government to reinvigorate production growth. Today this ill-treated segment of Georgia’s Economy requires fundamental reshuffling”. This statement was made by Mr. Kakha Chargeishvili, US based Investment Banker. Mr. Chargeishvili proposed comprehensive strategic economic plan to “Georgian Dream’s” …

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GLOBAL ECONOMIC FORUM – GEORGIAN CONTEXT

THE FUTURE OF AGRICULTURE Achieving food and nutrition security today and for a world population that will number more than 9 billion and be 70% urbanized by 2050 is a key global challenge. According to the Food and Agricultural Organization, current global trends in incomes, diets and population growth suggest …

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Businessmen Take the Initiative in Creating the Export Promotion Bank

According to Zurab Janelidze, Director of Herbia company, the state must to some extent subsidize banks that will give out business loans in local currency. In addition, exporters must have advantages in areas such as logistics and infrastructure. Government’s intention to create a financial institution to support exporters is hailed …

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