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Economy

Free Trade Agreement Signed between Georgia and Hong Kong

Free Trade Agreement was signed between Georgia and Special Administrative Region of the People’s Republic of China, Hong Kong on June 28. On behalf of the Government of Georgia, Deputy Minister of Economy and Sustainable Development of Georgia Genadi Arveladze and the Secretary of Commerce and Economic Development, Edward YAU …

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IMF Executive Board Concludes 2018 Article

The Executive Board of the International Monetary Fund (IMF) approved the completion of the second review of the three-year Extended Fund Facility (EFF) arrangement for Georgia. The EFF was approved on April 12, 2017 for an of SDR 210.4 million (about US$285 million or 100 percent of quota at the …

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ADB President, UNIDO Director General Discuss Deepening Collaboration

Asian Development Bank (ADB) President Mr. Takehiko Nakao and the United Nations Industrial Development Organization (UNIDO) Director General Mr. Li Yong met at ADB headquarters and discussed strengthened collaboration as ADB moves toward finalizing its long-term Strategy 2030. In their discussions, Mr. Nakao and Mr. Li emphasized the importance of …

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Travel Time of Batumi-Tbilisi Shrank by 30 Minutes

Road Infrastructure Projects to Hit 4.5 billion GEL in 2018

The construction of the second section of Kobuleti bypass road was completed for the tourist season and 18 kilometer road was put into operation. The transit movement has moved on to the new road from Kobuleti seaside. The new road will increase travel time from Tbilisi to Batumi by 20-30 …

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Excessive Debt Stifling Georgia

Mamuka Bakhtadze: “Irresponsible lending pushed 630,000 citizens onto the black list” “Today excessive debts stifle the country. This is the only relevant appraisal that we can give to the current situation in terms of excessive indebtedness. It is an important source of impoverishment. On the one hand, it narrows incomes …

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Kobuleti 18-km Bypass Road Opened

Prime Minister Mamuka Bakhtadze has opened a 18-kilometer section of Kobuleti bypass road in Adjara. The section comprises two new bridges and renewed infrastructure and it reduces driving time to Batumi by 30 minutes. “Today the infrastructural project of vital importance for our country was completed. We are opening one …

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How Georgia Can Replace the Evegrowing Electricity Imports

How Georgia Can Replace the Evegrowing Electricity Imports

Energy independence is of utmost importance for Georgia in terms of both its economic and political security. It is impossible to develop and strengthen the country without a strong energy system. The immense technical progress has led to higher demand for electricity all over the world and Georgia is no …

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PM: We will Apply Blockchain Technologies in Tax Administration

“All taxes, excluding VAT, will be based on BlockChain technology”, Prime Minister Mamuka Bakhtadze told the Parliament. The country has made progress in terms of introduction of innovative technologies in tax administration, however, the country comes behind such countries which efficiently apply digital technology in economy. “We should be oriented …

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Azerbaijan Invested $51m in Georgia’s Economy in Q1 of 2018

Azerbaijan invested $51 million in Georgia`s economy in the first quarter of this year, becoming its second largest investor, according to the Georgian media. With $82.7 million investment, the UK is Georgia`s largest investor, while China is third with $41.6 million. The total volume of the investment made in Georgia`s …

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