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Economy

Minister of Energy: KaztransGas has Taken Unexpected Decision

kakha-kaladze-energy

KaztransGas has taken an unexpected decision and submitted an appeal to Arbitration Court, Minister of Energy Kakha Kaladze said. Government of Georgia has made a lot of statements about returning Kazakh management to the company. Negotiations are continued  and the issue of arbitration court may be taken out of the …

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Hungary and Georgia Build Economic Cooperation

Hungary

Hungary’s Eximbank has opened a pool of 90 million USD to provide loans aimed at promoting further ties, PM Orbán said. Prime Minister Viktor Orbán has said that the good relations between Hungary and Georgia should be used to promote economic cooperation. PM Orbán made the remarks following talks with …

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Excise Tax Structure Changes on Alcoholic Beverages

Excise tax structure will be revised in compliance with requirements of Georgia-EU association agreement, Minister of Finance Dimitri Kumsishvili said. “We have comprehensively discussed this issue. Taxation of beer and alcoholic beverages is very important. In this way we will harmonize our legislation with EU standards and consequently, we will …

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Economic Freedom (Act): Do We Need It or Not?

economic freedom

The so-called “Economic Freedom Act” (EFA), which has been a matter of public discussion in recent weeks, refers to two pieces of legislation: A Constitutional amendment from 2010, which requires a referendum for introducing new taxes or increasing the tax rate (i) , and (ii) the Law on Economic Freedom …

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Voyager Ltd. On Board as Gulf Air GSA in Georgia

Gulf Air, the Kingdom of Bahrain’s national carrier, has appointed Voyager Ltd as its General Sales Agent (GSA) in Georgia to represent the airline and sell Gulf Air services and products on its behalf. With direct flights between Bahrain International Airport and Shota Rustaveli Tbilisi International Airport starting from 22nd …

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Iranian Investors Start Exploring HPP Construction Potential in Georgia

Iranian investors are exploring potential of constructing hydro power plants in Georgia, Deputy Energy Minister Mariam Valishvili told Business Course. “Representatives of several Iranian companies have arrived in Georgia to explore the market potential, ongoing projects. There is no specific agreement achieved. This is only a working process and we …

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Ukraine to Send Agricultural Products to Iran via Georgia and Azerbaijan

Ukraine is to begin transporting agricultural products to Iran by railway, passing through Georgia and Azerbaijan, according to Ukraine’s Minister of Infrastructure, Volodymyr Omelyan. Omelyan, met with a delegation from Iran in Kiev on 19 April, where they reached the agreement. ‘This is a very promising area of cooperation for …

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Iran Can Facilitate Georgia’s Access to Persian Gulf, Sea of Oman

Iranian President Hassan Rouhani says the Islamic Republic can function as the passageway of Georgia and other regional countries to the Persian Gulf, the Sea of Oman and the Indian Ocean while Georgia can connect Iran to the Black Sea. “Transit [cooperation] in the region currently has special significance and given a …

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Monetary Fund Narrows Economic Growth Forecast from 5.2% to 3.5% for 2017

International Monetary Fund (IMF) has decreased Georgia’s economic growth forecast for 2017 from 5.2% to 3.5%. IMF updated economic growth indicators for its member countries in the previous week. According to the updated forecasts, Georgia’s economic growth may record 3.5% in 2017. Under the IMF prognosis, real inflation will exceed …

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