Economic cooperation discussed during Georgia-Romania Commission sitting
Publish Time: 2017-11-04 12:10:00
Economic cooperation between the two countries in energy, transport, agriculture and free trade spheres was discussed during Georgia-Romania Commission sitting. Georgia’s progress reached within the framework of Association Agreement with EU was underlined during the meeting. Romania expressed full support to Georgia in its aspiration to become a member of EU.
2018 state budget discussed in parliament
Publish Time: 2017-11-04 12:05:00
The Georgian parliament was discussing 2018 state budget during 8 hours on November 3. Dimitri Kumsishvili, Finance Minister presented the main financial document to lawmakers. The opposition insisted on provision of explanations about the latest depreciation of national currency Lari. Kumsishvili explained devaluation of GEL with high influence of dollarization. Pensions will be increased with 20-20 GEL in 2019-2020. The budget project will be returned to the government for making changes and the parliament will to approve the document in December, 2017.
Parliament ratified the Free Trade Agreement between Georgia and China
Publish Time: 2017-11-03 18:13:00
The Parliament of Georgia ratified the Free Trade Agreement between Georgia and China. The hereby Agreement will allow Georgian entrepreneurs introducing own goods and services to the largest world market without bureaucratic impediments.Besides, the agreement will facilitate to increase of trade turnover between the signatory countries. The document provides active cooperation in various directions and defines free trade conditions.The Agreement facilitates to economic development of the country and better employment. Besides, the document will encourage entry of potential foreign investors to Georgia.The negotiations on the agreement started on November 10, 2015 in China within the World Economic Forum after the meeting of the Prime Ministers of Georgia and China. Georgia is the first country in the region with free trade agreement with China.
Inflation rate has increased by 6,4 % in October
Publish Time: 2017-11-03 18:08:00
Inflation rate has increased by 6,4 % in October. Prices on various products increased, in particular on vegetables, milk products and eggs.The National Bank of Georgia (NBG) forecasted up to 4% inflation rate this year.
Parliament starts considering the revised version of 2018 state budget
Publish Time: 2017-11-03 12:01:00
Parliament starts considering the revised version of the 2018 state budget project.According to the Deputy Minister of Finance, the budget is increased by 95 million GEL, however opposition still expresses dissatisfaction. The minority speaks about the wrong defining of priorities.
Doing Business 2018 - Georgia among world’s top ten
Publish Time: 2017-11-01 12:08:00
Doing Business 2018: Reforming to Create Jobs ranks Georgia on 9th place among world's 190 countries, highest in Europe and Central Asia. Georgia’s score improved by 2.12 points to make up 82.04 points, and the country has advanced from 16th to 9th place. Compared to 2017, in 2018 Georgia surpassed countries like Sweden, Macedonia, Estonia, Finland, Australia, Taiwan (China), and Latvia. Georgia remains exceptional in Europe and Central Asia as a country that has taken important steps toward better and more effective regulations. Country’s success in the World Bank’s rankings has been predetermined by the Government’s effective and coordinated work. The Government of Georgia has implemented, and continues to implement, reforms that further advance Georgia’s position in the World Bank’s ratings for next year. Notably, Georgia’s positions have improved in 5 indicators:• Starting a business: 4th place (8th in 2017)• Getting electricity: 30th place (39th in 2017)• Protecting minority investors: 2nd place (7th in 2017)• Enforcing contracts: 7th place (16th in 2017)• Resolving insolvency: 57th place (106th in 2017)Compared to the 2013 Doing Business Report (which was published in 2012), Georgia’s positions have improved in the following 6 indicators:• Starting a business: 4th place (7th in 2013)• Getting electricity: 30th place (50th in 2013)• Protecting minority investors: 2nd place (19th in 2013)• Paying taxes: 22nd place (33rd in 2013)• Enforcing contracts: 7th place (30th in 2013)• Resolving insolvency: 57th place (81st in 2013)The 2013 report ranked Georgia 9th. It should be noted, however, that Doing Business changed its methodology after 2013 (qualitative indicators were added to simplicity and speed indicators) and recalculated the results of the previous years. Georgia’s 9th place according to the 2013 report now equaled 23rd. Accordingly,
Economic Minister commented on depreciation of GEL
Publish Time: 2017-11-01 11:27:00
Giorgi Gakharia, Minister of Economy and Sustainable Development said that depreciation of the national currency Lari was linked to expectations and seasonal factors. Gakharia said he was sure that GEL would soon gain value. “We overcame last year’s seasonal problems. We should be flexible to face and overcome the fluctuation this time,” he claimed. Minister of Economy underlined that all macroeconomic factors were improved including export, money transfers and tourism.
Pension accumulation system to become activated starting autumn, 2018
Publish Time: 2017-10-31 18:03:00
The pension accumulation system will presumably become activated autumn, 2018 in Georgia, if the parliament approves the draft-bill worked out by representatives of the National Bank of Georgia (NBG) and government. The parliament will have discussed the project by the end of this year. Reportedly, involvement of all employed persons under 40 in the system will be obligatory. It will be voluntary for everyone else. Every person will transfer 2% of salary to the pension fund, employers and government will transfer 2% each. Pension Agency will manage the amount in the fund.
National currency depreciating
Publish Time: 2017-10-31 16:15:00
The Georgian national currency Lari has depreciated further as per the data of Bloomberg, leading global agency broker and multi-asset execution technology platform, and commercial exchange booths. The price of 1 USD is 2.63 GEL. The National Bank of Georgia (NBG) calls on the population for staying calm. NBG Vice-President said that exchange rate of GEL does not face threat both with respect to short-term and long-term prognosis.
Pension accumulation system to become activated starting July 1, 2018
Publish Time: 2017-10-31 15:06:00
The pension accumulation system will become activated starting July 1, 2018 in Georgia, if the parliament approves the draft-bill worked out by representatives of the National Bank of Georgia (NBG) and government. Reportedly, involvement of all employed persons under 40 in the system will be obligatory. It will be voluntary for everyone else. Every person will transfer 2% of salary to the pension fund, employers and government will transfer 2% each. Pension Agency will manage the amount in the fund.
When pension system will become activated?
Publish Time: 2017-10-31 12:12:00
When pension accumulation system will be activated in Georgia? Representatives of National Bank of Georgia (NBG) and government are holding a presentation of the draft-project. Reportedly, involevemnt of all employed persons under 40 in the syetm will be obligatory.
Baku-Tbilisi-Kars railway officially opened
Publish Time: 2017-10-30 16:50:00
Baku-Tbilisi-Kars railway has been officially opened. Prime Minister of Georgia Giorgi Kvirikashvili, President of Azerbaijan Ilham Aliyev, Turkish President Recep Tayyip Erdogan, Prime Minister of Kazakhstan Bakistan Saginatiev and Prime Minister of Uzbekistan Abdulla Aripov put symbolic nails in the railroad and opened a memorial board.The leaders of the five countries took a joint memorable photo. They also traveled by the first train on the newly opened railway.
Giorgi Kvirikashvili is paying a working visit to Azerbaijan
Publish Time: 2017-10-30 12:29:00
Georgian Prime Minister Giorgi Kvirikashvili is paying a working visit to the Republic of Azerbaijan.The head of the government will attend the official opening ceremony of Baku-Tbilisi-Kars railway. President of Azerbaijan Ilham Aliyev invited Georgia’s Prime minister to the event. Turkish President Recep Tayyip Erdogan, President of Kazakhstan Nursultan Nazarbayev and Uzbekistan Prime Minister Abdullah Arypov will also take part in the official opening ceremony.Giorgi Kvirikashvili arrived in Azerbaijan along with the Georgian delegation, which includes Minister of Economy and Sustainable Development Giorgi Gakharia, Minister of Regional Development and Infrastructure Zurab Alavidze, General Director of "Georgian Railway" Mamuka Bakhtadze and Prime Minister's Advisor for Foreign Affairs Tedo Japaridze.
Giorgi Kvirikashvili will attend Baku-Tbilisi-Kars railway opening ceremony
Publish Time: 2017-10-30 07:55:00
The Baku-Tbilisi-Kars railway will be activated. Today the first train will run on the railway line.The official opening ceremony will take place in Baku, Azerbaijan. Georgia’s Prime Minister Giorgi kvirikashvili will attend the ceremony.President of Azerbaijan Ilham Aliyev invited the Head of the Government of Georgia to the event. Turkish President Recep Tayyip Erdogan, President of Kazakhstan Nursultan Nazarbayev and Uzbekistan Prime Minister Abdullah Arypov will also take part in the official opening ceremony.The implementation of Baku-Tbilisi-Kars railway project started in 2007. Within the project, Tbilisi-Akhalkalaki section of the railway was rehabilitated. A new 29-kilometer section from Akhalkalaki to Turkish border was constructed. Passenger Trains for Baku-Tbilisi-Kars Railway is planned to be launched from 2018.
Experts find it difficult to make prognosis about depreciation of Lari
Publish Time: 2017-10-28 20:10:00
The Georgian national currency Lari continues depreciation further. The cost of 1 USD exceeds 2.57 GEL at exchange booths. The price of 1 Euro is over 3 GEL. Devaluation of GEL began starting September. Experts find it difficult to make any prognosis. They presume that strengthening of USD is connected to incorrect expectations toward Lari.
Entrepreneur Market arranged at Meidan
Publish Time: 2017-10-28 13:26:00
Entrepreneur Market organized by Produce in Georgia Agency will be held at Meidan territory in Tbilisi on October 28-29. The purpose of the activity is to promote products of Georgian entrepreneurs. Souvenirs, alcoholic beverages, tee and various food products are at display within the framework of the exhibition-sale. According to Mariana Morgoshia, Head of Produce in Georgia Agency, week-end markets will be arranged on a regular basis and will become a tradition.
Tbilisi Circus building is for sale for USD 18 million
Publish Time: 2017-10-28 11:53:00
Tbilisi Circus building is put for sale. According to the brokers, the starting price of Tbilisi circus building is USD 18 million, BPN reports. The mentioned property has been for sale for several weeks.Based on the information posted on the website of Colliers International Georgia, the total area of the real estate is 21,014 square meters. The building consists of 5 floors, with a total area of 4,750 square meters. Along with the central building, the real estate consists of an administrative unit of 800 square meters. The mentioned building is granted the status of cultural heritage monument.According to the Public Registry, Chairpersons of the Supervisory Board of JSC Circus are late businessman Badri Patarkatsishvili and his wife Nana Patarkatsishvili.
National currency continues depreciation
Publish Time: 2017-10-27 18:10:00
The Georgian national currency Lari continues depreciation further. 1 USD can be bought at 2.57 GEL at exchange booths. The cost of 1 Euro was 3, 01 GEL on October 26.
NBG leaves refinancing rate at 7%
Publish Time: 2017-10-25 12:05:00
The National Bank of Georgia (NBG) left the refinancing rate unchanged at 7%. Koba Gvenetadze, President of NBG held a briefing. The decision was made at the sitting of Monetary Policy Committee.
Finance Minister visiting Kazakhstan
Publish Time: 2017-10-24 12:24:00
Dimitri Kumsishvili, Georgian Finance Minister is participating in the forum of Organization of Economic Co-operation and Development (OECD) being held in Almaty, Kazakhstan. Kumsishvili will deliver a speech. He met with Secretary General of OECD. The sides discussed bilateral cooperation related issues, support of small and medium-size businesses, improvement of taxation administration and education reforms.