Caucasus Business Week #183 by Caucasian Business Week

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March 6, 2017 #183

March 6, 2017, Issue 183 - www.cbw.ge

Agro Solotions irakli chikava: Professionalism is the Main Know-How Pg. 5

Tobacco Business AYFB Names Main Defects in Law on Tobacco Products

Tornike Guruli You Should Always Feel Customer’s Pulse to Attain Success Pg. 8

Pg. 7

Increased Exports and Domestic Meat Products for Georgian Armed Forces Meat Products Business Sector Explains Reasons of Market Deficit and Surge in Prices

Pg. 9

Economy of Georgian Patriarchate

Pg. 8

Financial allocations for Georgiabased religious communities have become the subject of sharp discussions. Various statements are made on the mentioned issue. Namely, one part of citizens says that transparency of financial turnover of Georgian Patriarchate and any religious group is of crucial importance. Another part, including government oﬃcials, assert that the current regulations for allocating financial assignments to the Patriarchate should not be revised and consequently, the existing practice of allocating state budget funds should be maintained. Funding the Orthodox Church may be appraised from two positions. On the one hand, the issue may be considered from only legal point of view. On the other hand, allocation of finances to the Georgian Church and all other related aspects may be appraised from emotional point of view. Pg. 6

2 GOVERNMENT

NEWSROOM EU lifts visa-requirements for Georgians New legislation was oﬃcially approved shortly ago in Brussels where EU oﬃcials placed the final signature to the regulation lifting visa-requirements for Georgians.

Georgian Railway Bonds Have one of the Best Periods Despite the hard conditions in the regions, investors positively estimate Georgian Railway and Georgian economy. General director of Georgian Railway declares and makes a note on the trend fixed on the securities of the company.

ECONOMY

Georgia Prepares to Join Energy Community The draft Energy Law aims at implementing the EU’s Third Energy Package in the electricity and gas sectors. It should be adopted this year in order to be implemented by the end of 2018. The draft document is currently in inter-service consultation.

Economic Growth in January Marked 5.2% According to preliminary estimations, in January 2017 Georgia’s gross domestic product growth pace made up 5.2%. In the reporting period exports rose by 44.7% and imports increased by 15.4%. Foreign trade turnover increased by 22.1%.

BANKING

Banking Sector has Reserved More than 1 bln Due to the Problem Loans The share of problem loans are still sustained on the low point in the banking sector, the figure amounts to 3.8%. The volume of non-performing loans is up to 733 million GEL by February 1 (01.01.17 – 661 mln; +11%m.m).

Minimum Capital Requirement is Increased up to 50 mln for the Banks Capital requirements have not been changed for the commercial banks after 2006. Increase is conditioned due to the the general practice, but it does not mean that any financial risk are balanced.

BUSINESS

GHG to Invest 50 Million in the Hospital Sector this Year Two new hospitals will be opened this year. GHG supervises medical corporation EVEX and insurance company Imedi L and the Group is one of the largest providers of medical insurance and healthcare services in the country.

Number of Vacancies Grew by 30% in 2017 Quantity of vacant positions rose by 30% in 2017, Inga Shakhbazian, regional manager for HR.GE employment portal told Business Contract. Growth tendency was recorded in JanuaryFebruary 2017, as compared to January-February 2016.

COMPANY

Spanish Dibaq to Enter Georgia Management of the company has hosted delegation of Partnership Fund, led by Saganelidze, he is paying a business trip in Spain. Members of the delegation visited the fish breeding and production complex.

March 6, 2017 #183

IMF, Georgia Agree on $285 Million Three-year Programme

eorgia and the International Monetary Fund on Wednesday agreed a three-year programme worth $285 million to underpin economic reforms and encourage investors, an IMF oﬃcial said. “The IMF team reached a staﬀ-level agreement with the Georgian authorities – a three-year Extended Fund Facility (EFF) in the amount of $285 million,” Mercedes VeraMartin, the head of the IMF’s mission to Georgia, told a news conference. She said that the agreement was subject to approval by the IMF Executive Board in April. The central bank governor, Koba Gvenetadze, said the funds would be used to boost the country’s currency reserves, which rose to $2.797 billion as of Feb. 1 from $2.757 billion a month earlier and

from $2.448 billion a year ago. In 2014, the IMF approved a three-year stand-by deal for Georgia worth about $136 million, but only 80 percent of those funds were disbursed and the last two reviews were not completed due to disagreements over fiscal sustainability and banking supervision. Part of these disagreements have been resolved. Vera-Martin said economic growth over the medium term was expected to pick up, supported by structural reforms aimed at preserving macroeconomic and financial stability and addressing structural weaknesses. She said the Washington-based IMF was not going to revise its growth projection upwards on the basis of one month, but might do so if the positive trend continued. Georgia’s growth accelerated

to 5.2 percent year-on-year in January 2017 from 0.8 percent a year ago, the National Statistics Service said on Tuesday, helped by a rise in exports and remittances. “Our current growth projection is 3.5 percent for 2017,” VeraMartin told Reuters. “If the trend continues over the medium term and we think there is a need to revise our growth projection, we will do it.” She said the government needed to address weaknesses such as high underemployment, a narrow production base, inequality between rural and urban areas and the country’s export capacity. Vera-Martin added the government had pledged to continue fiscal consolidation, implement monetary policy focused on price stability and strengthen banking regulation and supervision.

2017 Budget is Essentially Transformed Fiscal Policy

he 2017 state budget, as well as government’s midterm budget plan, is an essentially transformed fiscal policy, Minister of Finance Dimitry Kumsishvili noted at a final briefing of International Monetary Fund mission. He held the briefing jointly with National Bank president Koba Gvenetadze and IMF mission head Mercedes Vera Martin. The 2017 state budget cuts administrative expenditures, ensures friendly taxation system for economic growth, grows eﬃciency of budget programs and investments in infrastructural projects, Kumsishvili noted. “In 2017-2020 the backbone of Georgia’s road infrastructure will be completed that will enable to fully employ our logistics and tourism potential. The most important result of infrastructure development will be an improvement of connection between regions that will increase their involvement in economic development”,

BUSINESS WEEK caucasus

The Editorial Board Follows Press Freedom Principles Publisher: LLC Caucasian Business Week - CBW Address: Aleksidze Street 3 Director: Levan Beglarishvili; Mob: +995 591 013936 Sales: Mob: +995 558 36 61 07 WWW.CBW.GE Email: caucasianbusiness@gmail.com

Kumsishvili said. Capital expenditures will increase to 9% of GDP from current 5.6% in 2017-2020, while administrative expenditures will be reduced, he said. “We have achieved agreement on government’s four-clause plan and importance of implemented and planned reforms for 2017, including reforms of profits tax and revenues collection. Government will take steps for cutting expenditures with focus on economic growth acceleration, business sector support and providing economic welfare of our citizens”, Kumsishvili said. As part of the program, the Government plans to carry out important structural reforms for economic growth such as: pension reform; capital growth reform; creating deposits insurance system; creating private and public cooperation system; creating solvency legislative framework; land reform; insurance system reform; public finances management improvement and so on.

www.cbw.ge <<

Information about the Record of Real Estate is already in Blockchain

Georgia Ranks 16th in 2016 Global Hunger Index

Georgia’s Batumi Port Posts 31 pct Fall in JanFeb oil Shipments

Georgian Aircraft Factory to Get Boeing Certification in 2018

Wine Producer Russian Company Abrau Durso to Launch Project in Georgia

Documentary Film on Georgian Wine Wins 5 Hollywood Awards

Memorandum of Cooperation Signed between Ajara AR Government and Mangystau Region

22-Year-Old Georgian Girl Works as Financial Analyst for World’s One of the Major Oil Corporations

Editor: Nutsa Galumashvili. Mobile phone: 595 380382 Reporters: Medea Samkharadze; Mariam Kopaliani; Merab Janiashvili Designer illustrator: Ilia Chrelashvili. Technical Assistant: Giorgi Kheladze

Source: www.commersant.ge, www.bpi.ge, www.gbc.ge, www.agenda.ge, www.civil.ge

March 6, 2017 #183

PUBLICITY

ECONO-MIX

Prices on Rise

Statement by Geocell Company

Annual Inflation Exceeded Target Indicator in February

‘‘

Merab Janiashvili Economic Analyst

On the one hand, NBG forecast that inflation would exceed target inflation indicator has justified, but arguments that GEL exchange rate devaluation was provoked by Turkish Lira depreciation turned out erroneous in several weeks.

n February 2017 the inflation level in Georgia constituted 1.7% as compared to January 2017 and 5.5% as compared to February 2016. Prices are growing and this tendency was foreseeable after Government’s decision to increase taxes at the beginning of 2017. It should be noted that this year the NBG has determined annual inflation index by 4% and this signifies the annual inflation level has already missed the target indicator. According to Geostat, the national statistics service of Georgia, corrected prices in the following groups have mainly shaped inflation indicators in February: food and soft drinks – prices rose by 1.7% and the group’s contribution in total inflation indicator made up 0.51%. Prices rose in the following subgroups: vegetables and garden plants (+6.7%), meat and meat products (+2.7%), fruit and grapes (+2.5%), oil and fat (+1.8%), coﬀee, tea and cocoa (+1.7%). At the same time, prices decreased in subgroups of milk, cheese and eggs (-0.7%); transport: prices rose by 3.5% in the group. Consequently, the group’s ratio in total inflation indicator constituted 0.48%. Prices rose for exploitation of personal transport (+5%), purchase of transport (+0.8%), and transport services (+0.6%); strong drinks, tobacco: prices rose by 5.1%, that is 0.34% in total inflation indicator. Prices rose on tobacco products (+9.4%) and strong drinks (+0.9%). Price correction in the following groups has made influence on shaping annual inflation: in the transports group prices rose by 17.4% and the group’s ratio in total inflation indicator made up 2.12%. Exploitation of personal transport also recorded a growth in prices (+26.3%), as well as prices rose on transport services (+2.3%). In the reporting period 5.5% upturn in prices was recorded in the group of food and soft drinks and this was reflected by 1.66% point in annual inflation indicator. Prices rose on sugar, jam and other sweets (+14.2%), meat and meat products (+6.4%) and vegetables and garden plants (+6.3%). At the same time, prices decreased on fruits and grapes (-5.2%); strong drinks, tobacco: prices rose by 16.3%, that is 1.03% in annual inflation. Prices surged on tobacco products too (+35.1%). It is worth noting that prices saw a major rise in transport, tobacco, food, strong and soft drinks as compared to January 2017 and February 2016. In the reporting month, transport tariﬀs rose by 17% year on year, tobacco and strong drink prices increased by 16%, food and soft drinks prices increased by 5.5% year on year. Since excise tax rose at the beginning of 2017, a major surge in tobacco and fuel prices was

‘‘

Let us refer to your publication dated February 13th with the headline: “Magti and Geocell against Beeline under Cartel Collusion Scheme”. First of all, we’d like to mention, that allegations described in the article, that Geocell had an intention of cartel with Magti by not participating in the tender, lacks any ground and is deeply unfair. The article highlights statements directly related to Geocell, such as “cartel collusion with Magti” and being part of “dishonest game”. These statements cast a shadow on the good name of the company. No doubt, it is the most important value for Caucasian Business Week, as for every media, to highlight facts and developments objectively. Therefore we’d like to draw your attention to the subject once more. Previously, Geocell spread an open statement in media explaining the reason for not participating in the consolidated tender. First of all, the fact, that Beeline would not satisfy the tender conditions in terms of non-compliance with requirements regarding 3G, was clear in both cases: whether or not Geocell would take a decision to participate in the tender. Omitting of the tender was totally reasoned by the circumstance, that within one day from the moment of announcing the consolidating tender, Geocell received official notification from GNCC. Company was informed of possible consequences, in case of delivering the service to customers as required by the tender terms, which would be perceived as possible violation of specific liabilities, including tariff regulation, discrimination and subsidy ban. To give more clarification: under such circumstances, participation might cause us facing financial penalties. Due to the lack of time (consolidated tender was announced on January 26th, evening, and tender offer submission deadline was due January 30, 1 pm) Geocell was not able to prepare for examining the possible outcome resulted by the negligence of GNCC warning . Therefore, the company found it expedient to refrain from participating in tender before studying the case in more detail. It has to be noted, that Beeline also had previous disqualification in the tender, due to not complying with tender terms. Among other factors, the main aspects for disqualification was 3G coverage strict requirement and not providing of Blackberry services. The online tender portal gives the possibility to view, who’s applied for participation. So, we saw, that Beeline was the only applicant. Consequently, this is how we learned, that Magti also had not applied for participation. To our knowledge, this letter of regulatory initially was received by us and Magti. Beeline received the letter only after participation in the tender. Considering the above mentioned, we’d like to make the above stated circumstances clear to public, as far as such a statement, as: “Magti and Geocell against Beeline under Cartel Collusion Scheme”, is based on supposition and not on true facts, provided from our side. It s a fact, that no one turned to us for information about this issue in the process of preparation of the mentioned article. By this, our rights are violated. This harms reputation and image of the company and misleads the society. In the end, we’d like to underline once again, that we are sure, highlighting of true information from different parties is undoubtedly valuable for you. Therefore, we are always open to provide information on the topics, which you find interesting for sharing to the public.

March 6, 2017 #183

expected. It is interesting that National Bank of Georgia (NBG) forecast an upturn in inflation at the beginning of 2017. «Annual inflation will increase n the first half of 2017 and will slightly exceed the 4% annual target inflation, but after expiry of influence of higher excise tax,the inflation will decline and in midterm period it will get closer to target indicator. Mainly single-action factors will ensure higher than target inflation indicator in 2017. The inflation growth is mainly preconditioned by influence of increased excise tax on consumer prices. Moreover, in the second half of 2016 after Turkish Lira depreciation aﬀected GEL exchange rate, imported inflation from other trade partner countries will partly influence the inflation growth and transient expenditures will increase that mainly reflect increased service of foreign currency denominated loans», the report by National Bank of Georgia (NBG) reads. On the one hand, NBG forecast that inflation would exceed target inflation indicator has justified, but arguments that GEL exchange rate devaluation was provoked by Turkish Lira depreciation turned out erroneous in several weeks. Over the past week Turkish Lira fell against USD from 3.54 point to 3.65 point, while GEL exchange rate against USD was strengthening at high paces and the Georgian national currency strengthened to 2.42 point from 2.60 point. Consequently, it is incorrect to talk about imported inflation and we should seek genuine reasons for inflation within our country. In short-term period upturn in prices was, first of all, influenced by increased taxes, as noted above. On the other hand, inflation is a monetary process and it is preconditioned by excessive money mass. For example, as compared to February 2016, in 2017 money mass in turnover rose by 22%. To curb the inflation, NBG has to narrow money mass through tightening monetary policy. Today, interest rate on refinancing loans makes up 6.75%. The next meeting of monetary policy committee is scheduled for March 7 and therefore, we should expect the refinancing loan interest rate to rise this week. It should be also noted that tightening of monetary policy makes credits expensive for the bodies whose loans are attached to refinancing loan interest rate. It also makes GEL resources expensive for commercial banks. As a result, commercial banks grow interest rate on credits and economic growth declines. Hence, NBG has to pass the heavy year to curb inflation without damaging economic growth. We just should wait how Georgia’s central bank will cope with the determined tasks.

“I am happy that today we notify you about an achieved agreement on inauguration of a 3-year program that was developed by our government and will be implemented by IMF support. This is a EFF program that, as a rule, is allocated to countries with short-term problems in payment balance. As part of the mentioned program, NBG will receive about 285 million USD for 3 years so as NBG strengthen and grow reserves, because stronger positions of NBG reserves enhances steadiness of the country to shocks. Moreover, investment inflows and macroeconomic stability also grow.”

Koba Gvenetadze President of National Bank of Georgia

MARKETS

March 6, 2017 #183

Foreign Investments are the important factors for the economic stability of the country. Accordingly, the major task of governments of all countries represents the implementation of such conditions in the country, which will later on attract the attention of many foreign investments.

Professionalism is the Main Know-How Business Consulting Company

IRAKLI CHIKAVA Director

For the investors issues such as legislative base, security level, criminal situation, the high quality of protection of property rights, independence of the court and the media, political stability and etc. are the most important factors. Although, providence of all above mentioned items, does not automatically mean flow of investors and investments. Georgia has great potential in the field of Agriculture. Many areas are free and need to be assimilated. Therefore, the interests of Investors in this direction are quite high, although they have to overcome many obstacles. Some of them just give up and go back, others keep fighting and successfully implement their investments. Lots of investments have been fulfilled in Georgian agricultural areas and nowadays these businesses are successfully operating on Georgian market. We interviewed Mr. Irakli Chikava, the Commercial Director of agro consulting company, “Agro Solutions”, concerning the foreign investments in the field of Agriculture. - How high is the interest of Investors in implementation of investments in Georgian agribusiness? And in which directions are the basic requirements? - The interest is high, as in agricultural sector of our country there are quite lot opportunities of investment in various directions. In Georgia the agricultural sector is just now developing and taking its first steps Accordingly, the correctly implemented investment in any direction will be successful. The country has a great potential of export and unfortunately, we still significantly depend on import. The basic interests of Investors are towards the direction of livestock, perennial crops and processing industries. - What is the most important for Investor, when he desires to invest in the specific country?

- Besides the poitical stabaility and safety of the country, submission of accurate information to the Investor is essentialy important. Knowledge of positive as well as negative sides of specific issue is vital for the Investor. Unfortunately, there are frequent cases, when the wrong information is delivered to the Investor. - Who delivers the information to the Investor and what is the reason of submission of such kind of wrong information? - When the Investor is interested in investment in the specific country, he looks for the concrete entity or the company, who is aware in this field and gets consultations through them. Searching for such physical and legal entities is executed in diﬀerent ways, including personal contacts, advices from others and etc. The purpose of delivery of wrong information is the desire of receiving nonrecurrent expenditure. - What is the policy of Agro Solution towards the Investors? - Agro Solutions has already been on the market for 2 years and has established rather large experience in dealing with Investors. We are carrying out many current projects. In general, the competency of consulting company is expressed in long-term relationships. If the entity continues the cooperation with you and concludes the long-term contracts, it means that he trusts you, it shows that your approach succeeds, your consultation is correct and the client gets the good result. - What exactly is the main know-how of your company in the policy of dealing with investors? - The principal thing is to be fair at all levels, to cooperate with any customer for the farther relations and to have the team of professionals. You have to be in constant process of learning. New technologies are developing every day, new opportunities are emerging on a daily basis, and you must keep pace to them. The Professionalism, this is in the basic know-how. If you are not qualified, you are not able to give anybody any kind of advice. It is as simple as that and it is the same in all business.

Increased Exports and Domestic Meat Products for Georgian Armed Forces Meat Products Business Sector Explains Reasons of Market Deficit and Surge in Prices After the New Year period, beef price has risen by 2-3 GEL, mutton price has increased by 1.5-2 GEL. It turned out that prices have increased because of meat deficit on domestic market. And this deficit was caused by several factors, including, livestock is exported to neighborhood countries and regions from Georgia. Secondly, beef of domestic production is supplied to Georgian armed forces. According to report by National Food Service, livestock is exported from Georgia to Azerbaijan, Egypt, Iraq, Saudi Arabia and Syria. It should be noted that livestock had not been exported from Georgia for many years. According to Geostat, national statistics service of Georgia, the exports started in 2008 and since then the exports is growing. In 2008 Georgia exported 584.4 thousand USD livestock, while the figure rose to 36 841.6 thousand USD in 2016. The figure marked 20 103.4 thousand USD in 2015. One more problem consists in production slowdown. According to Geostat, in 2016, as compared to 2015, meat production fell by 9.6 thousand tons. In 2015 meat production marked 62.1 thousand tons, while the figure rose to 52.5 thousand tons in 2016. Deficit Roots Representatives of slaughterhouses and meat product stores assert that, because of deficit, beef prices rose by 2-3 GEL over the past several months. The deficit arose because of mass exports of livestock from Georgia. Ibermeat Increased exports has inspired beef deficit, representatives of slaughterhouses assert. “Over the past period the beef price rose by about 3 GEL because of deficit and the deficit was precon-

ditioned by exports of livestock to Arab countries and Azerbaijan”, Ibermeat Representatives noted. LLC Matador Slaughterhouse “There is sharpest deficit of beef, number of cattle has also decreased because of mass outflow of livestock. They pay much money and buy cattle at high prices. Therefore, our citizens prefer to sell cattle to them. Livestock is mainly exported to Arab countries”, LLC Matador director Ioseb Kokhtashvili said. Gudelis Slaughterhouse LLC Gudelis also talks about high demand for beef and a small supply of livestock. The company director Levan Khalughelashvili noted that there is livestock deficit in the country. Citizens complain that they meet diﬃculties to buy beef and increased exports is the main reason, he said. It should be noted that various research reports also prove that beef prices have increased. In January 2017 retail prices of products rose. According to Tbilisi Economics International School ISET, starting mid December prices rose by 10.1%. According to the report authors, pork prices saw the highest surge. The hike constituted 35%.

Meat Product Manufacturers Vake Meat Products Meat product manufacturers talk about heavy market realities because of deficit of meat products. Vake Meat Products director general Levan Chkhaidze said that there is sharp beef deficit in the country and this product may rise in price again. It is untimely to say whether small companies will close or not, but the situation should be regulated. Chkhaidze explained that at this stage Vake Meat Products does not plan to increase prices, but if the current tendencies are not improved, surge in prices are not ruled out. I hope this problem is of temporary character and it will be settled in the near future. As to prices, growth in prices does not depend on only this factor and all companies are trying to maintain current tariﬀs», Chkhaidze said. Director of one of the meat products manufacturing companies says that there is quite diﬃcult situation in meat products business. A huge number of livestock was exported abroad. The problem deepened after domestic meat products were directed to Georgian armed forces. This business will have to move to consumption of frozen meat, the company head noted.

ECONOMY

March 6, 2017 #183

ECONOMY OF GEORGIAN PATRIARCHATE ANDRIA GVIDIANI

Financial allocations for Georgia-based religious communities have become the subject of sharp discussions. Various statements are made on the mentioned issue. Namely, one part of citizens says that transparency of financial turnover of Georgian Patriarchate and any religious group is of crucial importance. Another part, including government oﬃcials, assert that the current regulations for allocating financial assignments to the Patriarchate should not be revised and consequently, the existing practice of allocating state budget funds should be maintained.

Church Privileges It is worth noting that Georgian Orthodox Church also enjoys various taxation (profits, VAT, property tax) preferences and these preferences are not applied to other religious communities. It should be also noted that, according to the law on Auditing Service, the Auditing Service is not authorized to audit Georgian Patriarchate. The service is able to carry out auditing activities only by the initiative of Georgian Patriarchate. Consequently, this factor is an additional condition that raises negative questions about transparency of finances of Patriarchate.

of part 2, subparagraph E of part 1 of article 206 in relation to article 14 of Georgian constitution. Concerning the mentioned dispute, legal proceedings are underway at Constitutional Court and at this stage the court has not passed any decision. Budget Assignments (Transfers) Article 5 of 2017 State Budget determines state budget priorities and programs. One of the directions calls for allocating state grants for promoting theological education, namely, for growing up young people with Christian values. In various regions of Georgia, Georgian Patriarchate owns more than 70 educational-

It is worth noting that Georgian Orthodox Church also enjoys various taxation (proﬁts, VAT, property tax) preferences and these preferences are not applied to other religious communities.

unding the Orthodox Church may be appraised from two positions. On the one hand, the issue may be considered from only legal point of view. On the other hand, allocation of finances to the Georgian Church and all other related aspects may be appraised from emotional point of view.

Substantiation of Budget Assignments When talking about financing Georgian Patriarchate from the state budget, we frequently hear questions about grounds of similar state obligations. Namely, state budget allocations to Georgian Orthodox Church is substantiated by article 11 of the constitutional agreement between Government of Georgia and Apostolic Orthodox Church of Georgia. The mentioned article reads: “The Government confirms that in the XIX-XX centuries (especially in 1921-90), after loss of independence, both material and moral losses were inflicted to the Church, and assumes the obligation, as an owner of a part of appropriated property, to partly compensate material losses”. Moreover, It is also important that on January 27, 2014 Government passed a resolution recognizing damages inflicted to religious communities in Soviet Period. The document also reads: “Losses will be remunerated to one religious community acknowledged as an assignee of damaged religious community or union”. It should be noted that, based on the abovementioned government resolution, in 2014 the compensation sum for religious communities made up 1 750 000 GEL, in 2015 the figure marked 3 500 000 GEL. In 2014 1.1 million GEL was transmitted to Muslim community, 150 000 GEL- to Hebrew community, 200 000 GEL - to Roman-Catholic community and 300 000 GEL - to Armenian Apostolic Church. It should be noted that a part of our society believes that funds allocated to Georgian Patriarchate in the above-mentioned form shapes a discriminating environment in the country. There are doubts that financial support in this method misses legal frameworks and is rather of political character. As a result, similar practice may grow state influence on the Georgian Church. Ar the same time, we should also mention the position of Georgian Patriarchate. Namely, on December 23, 2014 the Holy Synod meeting discussed the mentioned issue and consequently, the Synod members noted: “Information on state budget allocations to Georgian Patriarchate is delivered to the society in incorrect forms, because these assignments are a partly compensation of losses inflicted to the Church; This sum only partly satisfies real needs and is spent on education of future generation and social projects”, the Holy Synod protocol of December 23 reads.

over Georgian Church funding issues. We introduce extracts from oﬃcial statements of Georgian Patriarchate. It is internationally used practice to finance Churches from state budget and naturally, it could not be a crime in Georgia to receive budget allocations, the statement reads. “In general, it is an usual practice of financing religious communities directly or indirectly (salaries for clergymen, care for living conditions, grants, financial preferences and so on) in democratic countries, including, in EU member countries. At the same time, more finances are issued there for the mentioned purpose and this happens despite

Therefore, as a main controlling body, that is responsible for purposefulness of state finances, in practice, is deprived of the right to execute main functions. It should be noted that state preferences and the practice of transmitting property free of charge to Georgian Patriarchate has been sued to Constitutional Court. On February 11, 2017 Constitutional Court of Georgia discussed the case: LEPL EvangelicBaptist Church of Georgia, LEPL Church of Word of Life of Georgia, LEPL Christ Church, LEPL Gospel Belief Church of Georgia, LEPL TransCaucasian Union of Seventh Day Christian-Adventist Church, LEPL Latin Catholics’ Apostolic Administration of Caucasus, LEPL Georgian Muslims Union and LEPL St Trinity Church against Parliament of Georgia. Plaintiﬀs appealed against preferences that frees Georgian Patriarchate from VAT, profits and property taxes, as well as VAT for services, restoration and painting of churches by order of Georgian Patriarchate. According to plaintiﬀs, disputable norms give preference to Georgian Patriarchate as compared to other religious organizations. As a result, article 14 of state constitution is violated that promulgates the right for equality. First board of Constitutional Court will discuss the issue of accepting the appeal for essential discussion. The subject of dispute is: constitutional righteousness of subparagraph D of part 1 of article 99 of Tax Code of Georgia, subparagraph F of part 1 of article 168, subparagraph B

culture and charity organizations, including in highland regions (theological academies and seminaries, universities, schools, children houses, orphan children boarding schools, adaptation and rehabilitation centers for deaf children, vocational colleges). Budget allocations for Patriarchate constitute 25 million GEL. This sum is shared in the following way (the sum is represented in GEL): theological education support grant – 14 683 million GEL. LEPL St. Simon Canaanite Theological Education Center – 295 000 GEL; Batumi and Lazeti See Education Center – 1 768 000 GEL; St. Nino Boarding School of Orphan Children – 959 000 GEL; Batumi St. Ekaterine Center – 261 000 GEL; St. Andrew First-called Theological Education Center – 447 000 GEL; St. George Mtatsmindeli rehabilitation center – 230 000 GEL; St. Andrew First-called Georgian University – 2 000 000 GEL; LEPL Tbel Abuseridze University – 2 304 000 GEL; LEPL Rehabilitation and Adaptation Center for Deaf Children – 100 000 GEL; Georgian Patriarchate Television Subsidization – 800 000 GEL; LEPL Akhalkalaki and Kumurdo Education Center – 500 000 GEL; LEPL Poti Education and Culture Center – 653 000 GEL. Position of Georgian Patriarchate Georgian Patriarchate has expressed its oﬃcial position over funding issues. Namely, around the mentioned issue, in 2013 the Patriarchate made an oﬃcial statement with key moments

western Europe has not suﬀered from aggressive atheism and Communist Regime. On October 14, 2002 Georgian Orthodox Church and Government of Georgia concluded a constitutional agreement. According to article 11 of the agreement, the state recognizes the obligation of compensating losses inflicted to Georgian Church in the 19th and 2th centuries, especially under the Communist Regime. And we have explained many times that Patriarchate receives this sum in this form and this is not assistance, as declared by the previous Authorities. This is a partly remuneration of losses; We hope the Authorities will formulate this context in this way. However, we have taken into account the current situation in the country and we have not used these funds for our needs (while incomes of clergymen in rural areas, especially in highland regions are very small and salaries of Georgian Patriarchate employees also range from 180 to 220 GEL). Therefore, we have decided to direct taxpayers’ funds to more important directions – social and educational activities and return this money to the people in this way. Artificial impression is made as if Church conceals information on administration of 25 million GEL, while interested bodies are able to see all materials on the website of Ministry of Finances. It should be also noted that money is not transmitted in cash to anybody, but is transferred with specific purpose, under preliminary schedule and this process is controlled by the state”, the Georgian Patriarchate’s statement reads.

NGO

March 6, 2017 #183

SAP and Georgian Railway have finalized the first implementation of SAP S/4HANA in the region SAP, one of the market leaders in enterprise application software, and Georgian Railway have announced successful production start of SAP’s most advanced in-memory based ERP system. At the same time this is the first project of this kind for the railway industry among former Soviet republics. The new system will allow the company to quickly make strategic decisions and manage business processes in a more flexible way. The number of people already using the system has exceeded 500. Georgian Railway made a decision to transfer to SAP S/4HANA back in 2015. An audit revealed that partial automation is slowing down the company’s development and doesn’t allow its executive staff to see the complete picture of the business and therefore make managerial decisions based on it. The main goal set at the start of the project was to modernize key business processes ranging from financial management, procurement and HR to maintenance and repairs. Vendor selection was influenced by SAP’s experience with world’s leading railroad operators, which includes companies from America, Europe and the CIS. In order to create a unified system Georgian Railway has implemented a set of solutions based on SAP S4/ HANA – the new generation of inmemory ERP systems. Automation has encompassed a whole range of primary and secondary business processes, including financial accounting, the process of technical support and repairs, HR management. Special emphasis was also placed on budgeting, planning and consolidation solutions. SAP’s international MaxAttention support team took part in carrying out the project, executing quality control of the implemented solution, educating internal staff and helping to complete all the work before the set deadline. In the future Georgian Railway is planning to further increase the amount of automated business processes, as well as to launch new innovative projects based on the Internet of Things concept. “At the start of the project the team was faced with rather ambitious tasks. Significant part of our success can be attributed to SAP’s premium support, which provided access to the company’s global expertise and qualified specialists at every stage of the project. Implementation of SAP S4/HANA will allow to track all business processes in real time, which, in turn, will increase the speed of decision-making,” - commented Mamuka Bakhtadze, Chief Executive Officer at Georgian Railway. “This joint project between SAP and Georgian Railway is an important step in SAP’s business development in the region, because it is the first launch of a productive system based on SAP S/4HANA. The integrated solution will help the company achieve its goals of increasing transparency and efficiency of the business processes and the management of the company’s assets. We are certain that Georgian Railway’s transformation experience will trigger high demand among companies from various industries in Europe and worldwide,” - stated Alexander Arnold, General Manager Industries Middle & Eastern Europe at SAP SE.

representatives pay monthly fees to trade outlets for placement of tobacco stands. Therefore, the small business (markets, booths) will bear serious losses without these incomes. One more regulation threatens both business sector Association of Young Financiers and and the whole economy, beBusinessmen – AYFB has released a repeated cause it restricts participation statement on the Tobacco bill and exposed the of tobacco industry representagaps within the document. The bill lacks for due tives in discussions of healthfinancial analysis. The document only says that care or any related issues. the Authorities do not plan to take additional Moreover, under the bill, expenditures, but the draft law says nothing representatives of this busiabout businesses and companies that will have ness sector are banned to keep to bear losses after the document enactment. any communication with state officials and this, on the one These expected losses will make negative affect hand, will make negative inon the state budget’s fiscal aspects and the whole fluence on business environeconomy and social background in the country. ment and, on the other hand, it violates article 19 of the state constitution, under which every person has the right for use of extreme contraction Moreover, it is unclear what freedom of speech, opinion, mechanisms will be used by in market competition. On conscience, confesthe other hand, various departments for the sion and religion. if the Authorilaw enforcement amid the One of the existing resources, while the ties introduce articles of Technical Part simple licensing current applicable law is far the bill poses conditions so as simpler and state officials destructive threat As to the enforcement part, the bill fail to valuably enforce even everybody obtain to the small is invaluable and them, introducthis simple law. business. Under imperfect in this tion of similar the mentioned respect too. To be regulations will Economic Part article, tobacco precise, the bill be nonsense. Licensing/authorization products must does not contain This will be an mechanisms for tobacco not placed in real control and enadditional mechasales outlets creates serious visible places, forcement mechanism for stealthreats to business, because within or outside nisms. For example, ing money from neither licensing type nor sales of tobacco population by criteria are specified, nor of trade outlets. products, tobacco imposing useless the purpose of establishing The point is that licenses. this norm in the country. If tobacco industry accessories or/and accessory for its One of the articles representatives the Authorities introduce complicated licensing condi- of the bill poses pay monthly fees use, in the facilities, where these actividestructive threat tions, this signifies a major to trade outlets ties are banned by to the small busipart of small entrepreneurs for placement of the law, will result ness. Under the will not be able to satisfy in a fine imposition, mentioned article, tobacco stands. them (the issue is of small

AYFB Names Main Defects in Law on Tobacco Products

supermarkets and stores) and they will just be bankrupt. As a result, only major entrepreneurs will be able to get licenses and make a

tobacco products must not placed in visible places, within or outside of trade outlets. The point is that tobacco industry

but the bill does not determine, who will control and who will execute the law-determined norms. One more serious gap of the bill

is related to the issue of control of smokers (facilities, entertainment centers, conference halls, restaurants, cafes, public food outlets, clubs, casinos, banquet halls). Under the initial version of the bill, it was the responsibility of Interior Ministry to control smokers in the mentioned facilities, but according to arguments of the latter version, it is difficult to administer and it is impossible, in practice, to control smokers in the mentioned facilities. After the Interior Ministry released this statement, amendments were made to the bill and the control issue was redirected to Ministry of Finance, but because of lack of resources, this instance will also face difficulties in monitoring and administering law-breaching smokers. It should be also noted that after discussion of the first version of the bill, which was rejected by all Ministries, including Interior Ministry, no essential changes were made to the revised variant. As to responsibility of Interior Ministry, the Ministry is responsible for control smokers at buses, minivan taxis and taxis. In this respect the bill contains many shortcomings and is of only formal character. Unconstitutional and Technically Impossible Regulations The bill introduces such absurd amendments that cannot be implemented in practice and are unconstitutional. To be precise, tobacco importer, manufacturing companies are obliged to remunerate treatment costs to anybody if they think that smoking has damaged their health conditions. The bill also bans any involvement of state officials or tobacco industry representatives in the process of preparing healthcare decisions. This norm restricts parties to fix their positions and discuss issues by both parties. One more inflexible initiative calls for suspending licenses to the facilities if someone smokes on the due territory. To be precise, the facility, where smoking is banned, may be stripped of license if anybody violates smoking restrictions on its territory. This initiative is so unclear and unjust that its enactment will create threat to valuable operation of many facilities and enforcement mechanisms will be also questionable. AYFB asserts that serious attention should be paid to these shortcomings, otherwise the bill will bring many problems to the tobacco industry and the whole economy.

March 6, 2017 #183

You Should Always Feel Customer’s Pulse to Attain Success

Interview with Tornike Guruli, head of PSP pharmacy network’s marketing department. - What are you by profession? - I have graduated from several universities. I finished PR faculty at Georgian Technical University, as well as pedagogic direction. I have also studied media communication at University of Technology Chemnitz in Germany. - Your first job place. - It has been long time since I earned my first money. I started making money when I turned 16. I used to work as a worker, waiter, foreign language teacher, librarian, guide, translator at a clothes factory and I cannot recall all of them. I have taken even actor’s duties. I was shot for video clips too. I started my first serious job as an international trainer. I used to study and hold trainings simultaneously. It is worth to mention that I was taking part in 3-year program for international trainers and held trainings at the same time. I earned quite good money there. I held my first training in Vrozalv (Poland), for 20 participants as part of one of the programs of Bosch foundation. I trained them in social projects management, jointly with Polish and German colleagues. - Current job and position. - I have been working in various directions even today. I lead PSP pharmacy network marketing department. I am also trainer of management academy in marketing and PR direction. I also lead PR program at Ilia State University and I am a full professor. I also have small businesses – favorite hotel on Brosse Street and a travel company. - Your first success. - I would name my experience at Association of Young Lawyers of Georgia (GYLA) as successful. I have worked in the PR direction there and we had many interesting cases: Sandro Girgvliani’s case, Zura Vazagashvili’s case and many campaigns for human rights protection. - Project, business that you take pride in even today. - I appreciate all projects I do. I treat them as my friends. In commerce direction, I would name SMART network of supermarkets. This business is a subsidiary of Wissol Group and It was shaped

“

The main thing is that you do good affairs and talk about this to the society. Sometimes, in Georgia PR is mentioned in negative context too. Obtaining public trust is one of the main objectives of PR and it has nothing common with negative aspects.

“personal discipline is may strongest feature, as well as ability of selfconcentration and patience”

by me starting from the idea ending with the network development. I would also name PSP pharmacies of new concept. Developing of the brand with 23-year experience. I have serious emotional attitude to my projects. As to social direction, I would name Tree of Life foundation. Projects of this foundation have changed life of many people. - Field, where you work never. - I think I would never take efforts in politics and religion. - What makes a person successful in your field? Besides knowledge, what special characteristics are required. - I think creative thought, hardworking, continuous aspiration for novelties are necessary for people working in communication field. To be successful, you should always feel the customer’s pulse to precisely feel what the customer needs. You should love people despite their worldview and other characteristics. - Is it possible today in Georgia to study PR very well or international knowledge and experience are necessary? - MA course in PR of Ilia State University is a genuinely innovative program. I think it is a good platform in Georgia for those wishing to receive PR knowledge. Living abroad has other advantages too. When living abroad, I have studied not only a specific direction, but also learned how to live in a different way and achieve personal development. - Is PR perceived and understood in Georgia in its classical nature? - The main thing is that you do good affairs and talk about this to the society. Sometimes, in Georgia PR is mentioned in negative context too. Obtaining public trust is one of the main objectives of PR and it has nothing common with negative aspects. - How simply can you settle emergency situations and take decisions? Does emergency situation affect quality of working process? - I have thought much over this issue. I have published a book on these issues and I think a planning is the most important component for settling crisis. If you plan properly, crisis can-

not affect the quality. -Interesting episode that has changed your life. -When I graduated a university in Germany, I thought much where to continue living. I chose Georgia. It was the year of 2005 and many things were changing in the country. My decision to return to Georgia has determined my lifestyle and regime. I am very content I have taken this decision. - If not this profession, which field would you work in? - In my childhood I liked two professions: a teacher and a pilot. I became a teacher – I permanently hold trainings and I participate in university teaching process. If not tis profession, I think I would be a pilot. -What are strong features of you, as a businessman? - I think personal discipline is may strongest feature, as well as ability of self-concentration and patience. I also like learning and I spend much time on picking up novelties. I believe my busy life in various directions has added me a good ability of planning and I can plan affairs valuably. - What gives the company to you? What makes it interesting for you? - Personal development is of crucial importance for me, as well as ability of implementing ideas. Personal relations are also very important. The companies that I cooperate with provide similar opportunities and I am pleased to cooperate with them. - What makes major discomfort in working process? - I always try to motivate my colleagues. I believe only motivated staff can achieve real positive changes. Attitude of some persons to the office duties creates major discomfort. - Where do you see yourself after 20 years? - After 20 years I would like to do the same I have been doing today. I would like to be teaching again and working in communication field. By that period I will have published several other books on communication issues.

March 6, 2017 #183

Violations in Georgian Oil and Gas Corporation LLC Georgian Oil and Gas Corporation (GOGC) was founded under the March 21, 2006 decree of Minister of Economic Development. The state coparticipation ratio in the enterprise made up 100%. LLC Georgian Oil and Gas Corporation became an assignee of JSC Georgian Gas International Corporation and JSC Georgian Oil International Corporation. Before 2010, LEPL Enterprise Management Agency, a body under management of Ministry of Economy, used to perform commissions of the corporation partner. In 2010 amendments were made to the president’s decree and 76% of the corporation were transmitted to Ministry of Energy under management rights. Based on the above-mentioned, on September 21, 2011, changes were made to agreement on transmission of shares and stakes under management right. The document was signed by Ministry of Economy and Ministry of Energy. Under government resolution, 100% of corporation shares were directed to the capital of JSC Partnership Fund. In 2012, 2013 and 2014 the corporation has received 1 201 747 685 GEL revenues, including operating incomes marked 988 320 290 GEL and nonoperating revenues made up 213 427 395 GEL. Salaries of directors general and financial, commercial and technical managers in 2012 was 13 200, 10 200 and 9 000 GEL, in 2013 - 12 500, 10 200 and 9000 GEL and in 2014 – 12 500, 10 200 and 9 000 GEL. Bonuses of directors general and their assistants in 2012 made up 80 522, 62 200 and 58 900 GEL respectively. Gas Consumed without Purpose In 2012-2014 five foreign companies extracted 34 million cubic meters of accompanying gas at 14 drills, of which 11 million cubic meters were emitted to the air or burnt on Tower and this gas was not used for commercial goals. Under the agreement between the corporation and the contractor on product interest allocation, the extracted accompanying gas may be used for commercial purposes by the side that considers it as a commercial product. The auditing service report reads: “The corporation failed to submit a conclusion of either contractor or its owner about commercial character of gas. The corporation has not submitted gas utilization plans either”. Based on the above-mentioned circumstance, the auditing service

has issued recommendation, under which the gas corporation, for optimization of revenues from gas extraction, should carry out more eﬀective measures. Namely, if the contractor and corporation agree that excessive accompanying gas does not have commercial value, then other plan should be developed for gas consumption. The corporation has sent a letter to the Ifact to explain that Georgia does not own commercial gas field and extracted gas is only the gas accompanying oil extraction process in very small volumes. “That volume of accompanying gas that may be supplied to consumers is sold by investor companies on the market,while noncommercial volume (or gas volume, which is unprofitable to supply because of its small volumes and lack of due infrastructure) is subject to utilization by investor companies, including, the gas should be emitted to the air or burnt, in compliance with international practice of oil industry and Georgian legislation requirements. Questionable Deals In 2011 JSC Georgian Oil and Gas Corporation signed an agreement with LLC New-Energy for construction of electricity transmission lines and substations in Svaneti. Total value of the agreement was 44.5 million GEL. The auditing service report reads that the company has cut 546.174 cubic meters of ground, while in the event of 24-hour operation, excavators could cut only 315.548 cubic meters of ground, down 230.626 cubic meters as compared to the actually fulfilled job. The same situation is repeated in case of transportation of cut ground, when the performed job is appraised by 558 672 cubic meters of ground, while machines could cut only 375 774 cubic meters of ground in 24-hour regime operation. Tornike Shermadini, head of State Auditing Service Department for Auditing Economic Activities, noted that they expect the Prosecutor’s Oﬃce to investigate the case. Partnership between the corporation and LLC ElGeorgia-2006

also raises certain questions. The construction project made by the company, according to the auditing service, does not comply with the agreement requirements. As part of the mentioned cooperation the company cut and transported ground of VII category and received 3.9 million GEL in exchange, while, according to geological-lithology research works on the projecting territory, this category of ground is not registered at all. Unclear Administration of Funds Attracted from Bonds Under loan agreements signed between JSC Georgian Oil and Gas Corporation and LLC State Service Bureau on September 5, 2012 and September 27, 2012, the

In 2012-2014 ﬁve foreign companies extracted 34 million cubic meters of accompanying gas at 14 drills, of which 11 million cubic meters were emitted to the air or burnt on Tower and this gas was not used for commercial goals.

Bureau received 15 million USD and 13.5 million USD loans from the corporation and the annual interest rate of the loan marked 11% (total of 28.5 million USD). The loan was to be paid within a year after the loan agreement came into force. Because of unfulfilled agreement terms, as of October 10, 2013, the amount of 26 443 929 USD was not paid. Because of the borrower’s financial problems, LLC State Service Bureau and the corporation signed an agreement on May 21, 2014 and the unpaid sum (26 443 928 USD) was restructured. To serve the assumed obligations, the borrower mortgaged a 100% stake of Batumi Tower on behalf of the corporation. Under the article 5 of the agreement, the mortgagor was obliged to maintain the mortgaged subject value (85 738 000 GEL) within the agreement validity period. However, on April 6, 2015 LLC Batumi Tower property was sold at 25 004 426 USD and the value of the mortgaged property was significantly reduced.

HEALTHCARE

World RARE Disease Day Celebrated on 28th of February in Georgia

he list of treatment of rare diseases which will be financed by the state is increasing. At the National Center for Diseases Control and Public Health, press conference took place concerning World RARE Disease. The meeting was organized and supported by Georgian Foundation For Genetic and Rare Diseases. The aim of the event was raising awareness about rare diseases in order to diagnose and treat it on time. It is important that information campaign aims to provide accessibility to the better diagnostics and treatment. Representatives of parliament health committee and Ministry of Health, doctors and members of patients associations attended the meeting. The opinions were expressed by Oleg Kvlilvidze (Georgian Foundation For Genetic and Rare Diseases), Ana Bokolishvili (Georgian Foundation For Genetic and Rare Diseases),Elene Samkharadze (Lung Idiopathic Fibrosis Patients Union), Kakha Vacharadze (Georgian Respiratory Association) and Amiran Gamkrelidze (the National Center for Diseases Control and Public Health). “It is well-known that the disease revealed in less than 1 individual from 2000 people is considered to be a rear disease. Nowadays, about ten thousand diﬀerent rare diseases are discovered among 60 million people in Europe and the US. Lacking of awareness and medical knowledge about these diseases creates insecure environment for patients in sense of getting diagnostics and treatmentnoted Oleg Kvlividze. “Today, there are rare diseases diagnostics criteria, guidelines and statistics established in Georgia. It is very important to discover the disease as soon as possible. In the first and second stage, there is a high chance for the treatment of the disease, whereas third

and fourth stage is already practically incurable. The medicament cannot treat the disease when it’s already in the last stages”- explains Kakha Vacharadze. There is a certain experience in Georgian concerning rare diseases. Treatment of some of these diseases is financed by the state. 2016 was announced as a year of the patients with lung idiopathic fibrosis and many actions took place to support them. In 2017, lung idiopathic fibrosis remains as a priority among rare diseases. According to Center for Diseases Control, the number of rare diseases are increasing in Georgian and there are already 10 000 cases for that, whereas diagnostics and treatment is very expensive. State supports few patients who have rear diseases in most cases. At the same time, it has been revealed that the state will finance more patients with rare diseases than before. Lung idiopathic fibrosis is one of them because most of patients can’t aﬀord buying medicines because it is too expensive. Ministry of Health announced that it will finance the treatment partially but patients are asking for full coverage. “Along with the medical and biological achievements, there are many new methods for diagnostics and treatment which is quite expensive. Pharmaceutical companies are not interested in creating medicaments because of low rate of the diseases. It is not profitable for them. However, we hope that we will witness curing many rare diseases”- noted Amiran Gamkrelidze. World RARE disease day has been celebrated since 2008 and its main goal is to raise awareness of society about diﬃculties and barriers these diseases bring for patients and their families. The aim of the event is solving problems mentioned above together. Georgia joined world RARE disease day this year.

BUSINESS

March 6, 2017 #183

TBC Bank’s New Project To Encourage Georgian Startups TBC bank starts a project to encourage new generations of Georgian startups, the project is aimed at promoting starting a business. Bank will provide startups with both financial and non-financial services, such as training courses meetings and workshops. With this project TBC bank will expand it’s business service area, from corporate, small and medium enterprises to newly created startups. Bank plans to oﬀer special loans and aﬀordable operating product packages with current bank accounts, internet banking and discounted business cards. The Bank is getting ready to hold flexible individual consultations and training sessions as well.

BANK

COMPANY

Irakli Kashibadze Founded Consultation Company, Future Laboratory companies want to be ready, they should start thinking about transformation. Should companies have their own plan to use your service, what kind of service does your laboratory oﬀer to its customers? There is a demand not only from Georgia, but from abroad as well. We are going to start working in Moldova actively. It will be estimated how fast government sector reforms have been implemented with innovations. International experts noted that many interesting projects have been implemented in a very short time. As for the process, it included innovation audit. Innovation Company can save a lot of resources. I advise companies to form new startups with low expenses. In the case of banks and

A former head of Innovations and Technologies Agency, Irakli Kashibadze moved to private sector. Consultation Company Future Laboratory, which has been founded by Kashibadze is focused to transform business with the means of innovations. The founder talks about his own business with Business contract. What is Future Laboratory about, for whom is it and what kind of service does it oﬀer?

There are many interesting processes going on in the world. A lot of rapid changes occur, new technologies are introduced. For example, Uber application conquers the whole world and unfortunately none of the local companies can compete with it. Finance sector develop at a fast pace. Online loans have occupied a big space on the market. This application is called a destroyer which makes big companies disappear from the market. If Georgian

NEWS

STARTUP

IBG Transmitted Part of Assets to 2 Commercial Bank

Tuta – Traditional Textile Workshop in Aspindza

Iberia Business Group has handed over a part of its assets to 2 commercial banks – TBC Bank and Bank of Georgia. The company executive director David Gogorishvili told the Commersant that assets were conceded to reduce the indebtedness on condition of further buying oﬀ. Gogorishvili does not specify how much the loan is. He only noted that the company has cut the existing debts by 8 million USD. The company executive director has not specified which service centers were transmitted to the banks.

Free Space – For Your Freedom in Tbilisi Where do freelancers go, when they get bored with working at homes and also refrain from visiting nearby cafes? There is no much option for similar individuals in Tbilisi, even more so there is no free of charge working space, where they would work in any part of a day and meet their friends. In December 2016 Free Space was opened on Janashia Street – the place for freelancers, lovers of musics and art. This is the space, where you find like-minded persons, share your experience to them and establish new contacts.

“I was born for this business. This is my mission”, psychologist Ekaterine Gvaramadze, who has founded Tuta school-workshop in the settlement of Aspindza, said. She continues family tradition of textile processing jointly with her mother for 9 years. In this period Ekaterina Gvaramadze has taught all secrets of textile processing to all interested persons free of charge: “We knit Meskhetian carpets, embroider them with crosses. We also sew clothings, including for clergymen. We sew Khevsurian “Talavari” (type of clothing), make “Kantsi” (wine-drinking vessel of bull horns), ornaments, hats and so on”. About two years ago the workshop obtained a legal status. In her interview with the Marketer Ekaterine Gvaramadze talks about peculiarities of the textile processing trade. Why have you decided to call the school-workshop as Tuta? -My grandmother was a very kind woman and therefore, she was named as Tuta (Mulberry). Meskhetian Mulberry is very sweet and Bakmazi (Wine Must) is made of its juice that has healing characteristics. Moreover, throughout the year we receive 40 tons of natural color – Green from Mulberry leaves. I was also called as Tuta as a continuation of family tradition and in love for our grandmother. Where is your working space located and what materials do you apply and who work there? -Our workshop is located at my home. Currently, we employ 36 persons, including persons with disabilities, pensioners, pupils, families with many children… In my yard we make thick felt, my mother teaches making carpets. I teach persons with disabilities what and how to make. As to materials, we use natural paints: Stone moss, besom seed, nut Glue and so on. We try to maintain traditional ornaments and colors. What are your plans for future development? -At this stage, the school and the teaching process have already performed their mission. We have taught everything we knew. Now this knowledge should be applied in practical projects and to this end we need good equipment, machineries to make valuable products. We plan to buy a land plot to build a simple one-floor building with full equipment, store, social cafe.

online loans, is there staﬀ recourse if we talk about Georgian example? There is an interesting process going on in the world. In 2018, EU regulation will be introduced which will oblige banks to become open for startups and innovations. An open banking system will be introduced which will enable third person to use customers bank date for the formation for finance service. Is Georgian market ready for it? The implementation of the process is inevitable, because if they don’t do it, they will have a lot of barriers; therefore they have to take care of it. A lot of vacancies which exist nowadays will disappear and will be replaced by artificial intelligence. We should keep the track and focus on education to be ready for new challenges.

PASHA Bank to partner the largest HR event in Caucasus - HR Reborn On March 1-2 Technopark hosts the largest HR event in the region – HR Reborn. The event is organized by HR hub, which unites about 400 HR professional from private and public sectors. PASHA Bank is a partner of the event together with Geocell, Imedi L and Georgia’s Innovation and Technology Agency. A two-day event mostly attracts HR managers, marketers and other professionals interested in this field. The training will cover such topic as employee attraction and retention via social media at the lowest possible cost; new approaches to the employee motivation and teambuilding. The coaches of HR Reborn will be Chris Perks and Pete Jenkins. Chris Perks is an international speaker, trainer and consultant whose digital approaches are applied by such brands as Google, Nestle, L’Oréal, Pepsi, Carlsberg. ““PASHA Bank has been providing corporate and investment banking services to large and medium-sized enterprises in Georgia since 2013. From the very first day the Bank supports projects aimed at professional education and development. HR Reborn is of them and we hope that the attendees will benefit from the knowledge and experience received here in the most positive way,” - said Anano Korkia, Head of PR and Marketing Department at PASHA Bank. “HR Reborn is an innovative project that is highly anticipated in the region. The training will be attended by HR managers and other professionals from neighboring countries. This of course reflects positively upon our country’s image. We highly appreciate PASHA Bank’s active support and involvement in the project from the earliest stage,” – said Ana Davarashvili, founder at HR Hub.

March 6, 2017 #183

REAL ESTATE

PUBLICITY

March 6, 2017 #183

WORLD NEWS

March 6, 2017 #183

Quotes

“ Great things in The Baku-Tbilisi-Kars railway is being constructed based on the AzerbaijanGeorgia-Turkey intergovernmental agreement.

Azerbaijan’s allocations for BTK railway exceed $630M Azerbaijan has allocated $630.2 million for construction of the Georgian section of the BakuTbilisi-Kars (BTK) railway as of Jan. 1, 2017 since Azerbaijan’s State Oil Fund (SOFAZ) started financing the project, reads a message on SOFAZ website. In accordance with the agreement between Azerbaijani and Georgian governments, the funds have been transferred to Marabda-Kartsakhi Railway LLC through the International Bank of Azerbaijan. Marabda-Kartsakhi Railway LLC was created for designing, construction, rehabilitation, reconstruction and operation of the railway section running from Marabda to the border with Turkey and relevant infrastructure projects. SOFAZ allocated $41.9 million for the project’s implementation in 2016. The Baku-Tbilisi-Kars railway is being constructed based on the Azerbaijan-Georgia-Turkey intergovernmental agreement. The railway is planned to be com-

missioned in the second half of 2017. Azerbaijan allocated a loan of $775 million for construction of the railway’s Georgian section. SOFAZ finances the project in accordance with the Azerbaijani president’s Decree on Implementation of the Baku-Tbilisi-Kars Project Activities, dated Feb. 21, 2007. SOFAZ was established in 1999 with assets of $271 million. Based on SOFAZ’s regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems. The main goals of the State Oil Fund are accumulation of resources and placement of the Fund’s assets abroad in order to minimize the negative effect on the economy, prevention of “Dutch disease” to some extent, promotion of resource accumulation for future generations, and supporting current social and economic processes in Azerbaijan.

Armenia’s large business given free hand in VAT since 2017

here is no need to fear that the large business will abuse the liberalization of VAT regime deductions. Deputy Chairman of the State Revenue Committee (SRC) of Armenia, Vakhtang Mirumyan, told the aforementioned to Armenian News – NEWS.am. In the past, in order to write oﬀ the VAT debit, the buyer had to settle accounts with supplier in advance. Since 2015, the requirement on advance payment was removed from companies with turnover of up to 100 million AMD, this number reaching 500 million in 2016 (slightly more than $1 million). Whereas starting from 2017, all economic entities of Armenia can receive goods by in-

voice, writing off the VAT without yet paying off. On the other hand, such a regime brings justice and equal conditions for VAT debit and credit, since in the past one had to immediately pay the VAT credit, while the debit could be written off only after payment. Of course, now large supermarket chains may delay the payment to suppliers, since they will also be able to write off their VAT without this but these fears are groundless, Mirumyan said. “Business has already established its rules on when and what to pay for and it follows them. The fears do not prove true, while the positive effect is apparent: business can write off the VAT earlier and release its funds,” he stated.

business are never done by one person. They’re done by a team of people

”

“In the heated product, it would be very fair to say Philip Morris is significantly ahead”

Steve Jobs

Russia to dominate European gas market for next two decades Russia’s Gazprom increased its share of the European gas market to a record 34 percent last year. This means Russia will remain the biggest supplier of gas to Europe through 2035, according to Royal Dutch Shell and BP. “Last year we delivered 179.3 billion cubic meters of gas to Europe. This is 12.5 percent more than in 2015. Our market share of the European market has increased to 34 percent,” said Gazprom Deputy Chairman Aleksandr Medvedev. “Europe has always been and continues to be a priority market for Gazprom,” Medvedev added.

Pipeline for Gas to Turkey Could Be Ready in Four Years Hadera Paper ekes out profit despite sharp drop in paper prices; Kite Pharma looks to raise $375 million after 50% spike in shares; Plunging Opko Health leaves TA-35 down in generally higher market. An underwater pipeline connecting Israel’s massive oﬀshore natural gas field Leviathan to Turkey could be built within four years, one of the partners in the project said Thursday. Israel has been pursuing several regional export deals for its newfound gas reserves and the Leviathan group is moving ahead with development plans since making its final $3.75 billion final investment decision last week. Yossi Abu, CEO of Delek Drilling and Avner Oil, said a new 500-kilometer (310-mile) pipeline could have gas flowing to Turkey by the end of 2020, about a year after it comes online for the Israeli market. “This is the target,” he told reporters at a news briefing. Additional export destinations being discussed are Egypt, Europe and the Palestinian territories, including power plants in the Gaza Strip and West Bank, Abu said. Delek and Avner shares both ended 0.5% higher at 13.07 shekels ($3.55) and 2.42 shekels, respectively.

British American Tobacco Looks to Double its Vaping Markets

ritish American Tobacco (BATS.L) wants to double the number of countries where it sells vaping products this year and again in 2018, it said on Thursday, as it chases rivals Philip Morris International (PM.N) to grab a share of a growing market. BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few year back, as growing health consciousness reduces traditional smoking. Earlier this year, BAT agreed to buy U.S. peer Reynolds American (RAI.N) for $49.4 billion (40 billion pounds), a deal that will help boost its position in the small but growing market for e-cigarettes and other cigarette alternatives. However, analysts say BAT is scrambling to catch up with Philip Morris in the heated products ‘vaping’ market, where the U.S. firm has established a stronghold with its IQOS device, the result of a decade of research and $3 billion of investment. IQOS, which electronically heats tobacco enough to produce a vapour without burning it, is currently in 20 markets, including most notably Japan, and will be in as many as 30 by the end of this year, Philip Morris said on Wednesday. BAT said on Thursday it now had the biggest vapour business in the world outside of the United States and was present in 10 markets, with almost 40 percent of the market in Britain and around 50 percent in Poland. The company, which in January quit plans to market a nicotine inhaler called Voke, plans to double

the number of markets where it offers cigarette alternatives this year, and again next year. “It is really only the beginning,” Kingsley Wheaton, head of next generation products at BAT, told journalists, adding BAT had invested over $1 billion in cigarette alternatives. “We are committed to delivering more innovation and less harm.” BAT said initial results were very encouraging for a new tobacco heating device called Glo it launched in Sendai, Japan in December, which takes aim at IQOS. BAT plans to roll-out and upgrade the product in 2017 and beyond. Some analysts said a lack of detail left them unimpressed, especially after Philip Morris broke out the 2016 net revenue contribution from so-called reduced risk products, which include IQOS, as $739 million, less than 1 percent of its total revenue. “In the heated product, it would be very fair to say Philip Morris is significantly ahead,” Shane MacGuill, Head of Tobacco Research at Euromonitor International, told Reuters. BAT, the maker of Dunhill and Lucky Strike cigarettes, said cigarette volume grew 0.2 percent to 665 billion in 2016, adding that although it fell 0.8 percent on an underlying basis, it outperformed the industry which saw a roughly 3 percent decline. Adjusted profit from operations rose 9.8 percent to 5.48 billion pounds ($6.83 billion). Revenue climbed 12.6 percent to 14.75 billion pounds, helped by a weaker British pound.

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Embassy United States of America Embassy 11 Balanchivadze St., Dighomi Dstr., Tbilisi Tel: 27-70-00, 53-23-34 E-mail: tbilisivisa@state.gov; askconsultbilisi@state.gov United Kingdom of Great Britain and Northern Ireland Embassy 51 Krtsanisi Str., Tbilisi, Tel: 227-47-47 E-mail: british.embassy.tbilisi@fco.gov.uk Republic of France Embassy 49, Krtsanisi Str. Tbilisi, Tel: 272 14 90 E-mail: ambafrance@access.sanet.ge Web-site: www.ambafrance-ge.org Federal Republic of Germany Embassy 20 Telavi St. Tbilisi Tel: 44 73 00, Fax: 44 73 64 Italian RepublicEmbassy 3a Chitadze St, Tbilisi, Tel: 299-64-18, 292-14-62, 292-18-54 E-mail: embassy.tbilisi@esteri.it Republic of Estonia Embassy 4 Likhauri St., Tbilisi, Tel: 236-51-40 E-mail: tbilisisaatkond@mfa.ee Republic of Lithuania Embassy 25 Tengiz Abuladze St, Tbilisi Tel: 291-29-33 E-mail: amb.ge@urm.lt Republic of Latvia Embassy 16 Akhmeta Str., Avlabari, 0144 Tbilisi. E-mail: embassy.georgia@mfa.gov.lv Greece Republic Embassy 37. Tabidze St. Tbilisi Tel: 91 49 70, 91 49 71, 91 49 72 Czech RepublicEmbassy 37 Chavchavadze St. Tbilisi ;Tel: 291-67-40/41/42 E-mail: czechembassy@gol.ge Web-sait: www.mzv.cz Japan Embassy 7 Krtsanisi St. Tbilisi Tel: +995 32 2 75 21 11, Fax: +995 32 2 75 21 20 Kingdom of Sweden Embassy 15 Kipshidze St. Tbilisi Tel: +995 32 2 55 03 20 , Fax: +995 32 2 22 48 90 Kingdom of the Netherlands Embassy 20 Telavi St. Tbilisi Tel: 27 62 00, Fax: 27 62 32 People’s Republic of China Embassy 52 Barnov St. Tbilisi Tel: 225-22-86, 225-21-75, 225-26-70 E-mail: zhangling@access.sanet.ge Republic of Bulgaria Embassy 15 Gorgasali Exit, 0105 Tbilisi, Georgia Tel: +995 32 291 01 94; +995 32 291 01 95 Fax: +99 532 291 02 70 Republic of Hungary Embassy 83 Lvovi Street, Tbilisi Tel: 39 90 08; E-mail: hunembtbs@gmail.com State of Israel Embassy 61 Agmashenebeli Ave. Tbilisi Tel: 95 17 09, 94 27 05 Embassy of Swiss Confederation’s Russian Federation Interests Section Embassy 51 Chavchavadze Av., Tbilisi Tel: 291-26-45, 291-24-06, 225-28-03 E-mail: RussianEmbassy@Caucasus.net Ukraine Embassy 75, Oniashvili St., Tbilisi Tel: 231-11-61, 231-12-02, 231-14-54 E-mail: ukraina_pu@wanex.net; emb_ge@mfa.gov.ua Consular Agency: 71, Melikishvili St., Batumi Tel: (8-88-222) 3-16-00/ 3-14-78 Republic of Turkey Embassy 35 Chavchavadze Ave., Tbilisi Tel: 225-20-72/73/74/76 embassy.tbilisi@mfa.gov.tr Consulate General in Batumi 9 Ninoshvili Street, Batumi Tel: 422 25 58 00 consulate.batumi@mfa.gov.tr Republic of Azerbaijan Embassy Kipshidze II-bl . N1., Tbilisi Tel: 225-26-39, 225-35-26/27/28 E-mail: tbilisi@mission.mfa.gov.az Address: Dumbadze str. 14, Batumi Tel: 222-7-67-00; Fax: 222-7-34-43 Republic of Armenia Embassy 4 Tetelashvili St. Tbilisi Tel: 95-94-43, 95-17-23, 95-44-08 E-mail: armemb@caucasus.net Web: www.armenianembassy.ge Consulate General, Batumi Address: Batumi, Gogebashvili str. 32, Apt. 16 Kingdom of Spain Embassy Rustaveli Ave. 24, I ﬂoor, Tbilisi Tel: 230-54-64 E-mail: emb.tiﬂis@maec.esRomania Embassy

TBILISI GUIDE 7 Kushitashvili St., Tbilisi Tel: 38-53-10; 25-00-98/97 E-mail: ambasada@caucasus.net Republic of Poland Embassy 19 Brothers Zubalashvili St., Tbilisi Tel: 292-03-98 Email:tbilisi.amb.sekretariat@msz.gov.pl Web-site: www.tbilisi.polemb.net Republic of Iraq Embassy Kobuleti str. 16, Tbilisi Tel: 291 35 96; 229 07 93 E-mail: iraqiageoemb@yahoo.com Federative Republic of Brazil Embassy Chanturia street 6/2, Tbilisi Tel.: +995-32-293-2419 Fax.: +995-32-293-2416 Islamic Republic of Iran Embassy 80, I.Chavchavadze St. Tbilisi, Tel: 291-36-56, 291-36-58, 291-36-59, 291-36-60; Fax: 291-36-28 E-mail: iranemb@geo.net.ge United Nations Ofﬁce Address: 9 Eristavi St. Tbilisi Tel: 225-11-26/28, 225-11-29/31 Fax: 225-02-71/72 E-mail: registry.geo@undp.org Web-site: www.undp.org International Monetary Fund Ofﬁce Address : 4 Freedom Sq., GMT Plaza, Tbilisi Tel: 292-04-32/33/34 E-mail: kdanelia@imf.org Web-site: www.imf.ge Asian Development Bank Georgian Resident Mission Address: 1, G. Tabidze Street

Freedom Square 0114 Tbilisi, Georgia Tel: +995 32 225 06 19 E-mail: adbgrm@adb.org; Web-site: www.adb.org World Bank Office Address : 5a Chavchavadze Av., lane-I, Tbilisi, Georgia ; Tel: 291-30-96, 291-26-89/59 Web-site: www.worldbank.org.ge Regional Office of European Bank for Reconstruction and Development Address: 6 Marjanishvili St. Tbilisi Tel: 244 74 00, 292 05 13, 292 05 14 Web-site: www.ebrd.com Representation of the Council of Europe in Georgia Address : 26 Br. Kakabadze, Tbilisi Tel: 995 32 291 38 70/71/72/73 Fax: 995 32 291 38 74 Web-site: www.coe.ge Embassy of the Slovak Republic Address: Chancery: 85 Irakli Abashidze St. Tbilisi, 0162 Georgia Consular Office: 38 Nino Chkheidze St. Tbilisi, 0102 Georgia Phone: 2 222 4437, 2 296 1913 e-mail: emb.tbilisi@mzv.sk

Hotels in Georgia TBILISI MARRIOTT Tbilisi , 13 Rustaveli Ave. Tel: 77 92 00, www.marriott.com COURTYARD MARRIOTT Tbilisi , 4 Freedom Sq. Tel: 77 91 00 www.marriott.com RADISSON BLU HOTEL, TBILISI Rose Revolution Square 1 0108, Tbilisi Tel: +995 32 402200 radissonblu.com/hotel-tbilisi RADISSON BLU HOTEL, BATUMI Ninoshvili Str. 1, 6000 Bat’umi, Georgia Tel: 8 422255555 http://radissonblu.com/hotel-batumi SHERATON METECHI PALACE Tbilisi , 20 Telavi St. Tel: 77 20 20, www.starwoodhotels.com SHERATON BATUMI 28 Rustaveli Street • Batumi Tel: (995)(422) 229000 www.sheratonbatumi.com HOLIDAY INN TBILISI Business hotel Addr: 1, 26 May Square Tel: +995 32 230 00 99 E-mail: info@hi-tbilisi.com Website: http://www.hi-tbilisi.com BETSY’S HOTEL With Marvellous Tbilisi Views Addr: 32/34 Makashvili St. Tbilisi Tel: +995 32 293 14 04; +995 32 292 39 96 Fax: +995 32 99 93 11 E-mail: info@betsyshotel.com Website: http://www.betsyshotel.com

Restaurants CORNER HOUSE Tbilisi, I. Chavchavadze ave. 10, Tel: 0322 47 00 49; Email: contact@cornerhouse.ge RESTAURANT BARAKONI Restaurant with healthy food. Georgian-European Cuisine Agmashenebeli Alley 13th Phone: 555 77 33 77 www.barakoni.com CHARDIN 12 Tbilisi , 12 Chardin St. , Tel: 92 32 38 CAFE 78 Best of the East and the West Lado Asatiani 33, SOLOLAKI 032 2305785; 574736290 BREAD HOUSE Tbilisi , 7 Gorgasali St. , Tel: 30 30 30 BUFETTI - ITALIAN RESTAURANT Tbilisi , 31 I. Abashidze St. , Tel: 22 49 61 DZVELI SAKHLI Tbilisi , 3 Right embankment , Tel: 92 34 97, 36 53 65, Fax: 98 27 81 IN THE SHADOW OF METEKHI Tbilisi , 29a Tsamebuli Ave. , Tel: 77 93 83, Fax: 77 93 83 SAKURA - JAPANESE RESTAURANT Tbilisi , 29 I. Abashidze St. , Tel: 29 31 08, Fax: 29 31 08 SIANGAN - CHINESE RESTAURANT Tbilisi , 41 Peking St , Tel: 37 96 88 VERA STEAK HOUSE Tbilisi , 37a Kostava St , Tel: 98 37 67 BELLE DE JOUR 29 I. Abashidze str, Tbilisi; Tel: (+995 32) 230 30 30 VONG 31 I. Abashidze str, Tbilisi Tel: (+995 32) 230 30 30 BRASSERIE L’EXPRESS 14 Chardin str, Tbilisi Tel: (+995 32) 230 30 30 TWO SIDE PARTY CLUB 7 Bambis Rigi, Tbilisi Tel: (+995 32) 230 30 30

SH. RUSTAVELI STATE THEATRE Tbilisi. 17 Rustaveli Ave. Tel: 93 65 83, Fax: 99 63 73 TBILISI STATE MARIONETTE THEATRE Tbilisi. 26 Shavteli St. Tel: 98 65 89, Fax: 98 65 89 Z. PALIASHVILI TBILISI STATE THEATRE OF OPERA AND BALLET Tbilisi. 25 Rustaveli Ave. Tel: 98 32 49, Fax: 98 32 50

Galleries ART GALLERY LINE Tbilisi. 44 Leselidze St. BAIA GALLERY Tbilisi. 10 Chardin St. Tel: 75 45 10 GALLERY Tbilisi. 12 Erekle II St. Tel: 93 12 89

Real Estate International Real Estate Company (IREC) Tbilisi. 9 P. Aslanidi St. Tel: +995 32 238 058 Mob: 599 95 76 71 Email: Info@irec.ge www.irec.ge

GSS Car rental offers a convenient service for those who are interested in renting car in Georgia. Rental ﬂeet mainly consist of Japanese made SUV’s, the company has various models of cars including sedans and minivans which are in good technical condition. Contact information: Email: info@gsservices.ge. Address: Shalva Dadiani 10

Cinemas AKHMETELI Tbilisi. “Akhmeteli” Subway Station Tel: 58 66 69 AMIRANI Tbilisi. 36 Kostava St. Tel: 99 99 55, RUSTAVELI Tbilisi. 5 Rustaveli Ave. Tel: 92 03 57, 92 02 85, SAKARTVELO Tbilisi. 2/9 Guramishvili Ave. Tel: 8 322308080,

LIMELIGHTTRAVELINFOCENTER Address: 13 Sioni Street, 0105, Tbilisi (at the end of Shardeni Street) Phone: +995 322 999 123 E-mail: info@limelight.ge Web-page: www.limelight.ge Facebook page: www.facebook.com/limelight.ge

Theatres A. GRIBOEDOV RUSSIAN STATE DRAMA THEATRE Tbilisi. 2 Rustaveli Ave. Tel: 93 58 11, Fax: 93 31 15 INDEPENDENT THEATRE Tbilisi. 2 Rustaveli Ave. Tel: 98 58 21, Fax: 93 31 15 K. MARJANISHVILI STATE ACADEMIC THEATRE Tbilisi. 8 Marjanishvili St. Tel: 95 35 82, Fax: 95 40 01 M. TUMANISHVILI CINEMA ACTORS THEATRE Tbilisi. 164 Agmashenebeli Ave. Tel: 35 31 52, 34 28 99, Fax: 35 01 94 METEKHI – THEATRE OF GEORGIAN NATIONAL BALLET Tbilisi. 69 Balanchivadze St. Tel: (99) 20 22 10 MUSIC AND DRAMATIC STATE THEATRE Tbilisi. 182 Agmashenebeli Ave. Tel: 34 80 90, Fax: 34 80 90 NABADI - GEORGIAN FOLKLORE THEATRE Tbilisi. 19 Rustaveli Ave. Tel: 98 99 91 S. AKHMETELI STATE DRAMATIC THEATRE Tbilisi. 8 I. Vekua St. Tel: 62 59 73

THE BEST GEORGIAN HONEY OF CHESTNUTS,ACACIA AND LIME FLOWERS FROM THE VERY HART OF ADJARA MATCHAKHELA GORGE IN THE NETWORK OF GOODWILL, NIKORA AND SMART

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