Caucasus Business Week #275

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March 18, 2019 - www.cbw.ge

#275

WEEK

p.7 The Land of Withering

p.4 Investment Inflows Shrank by 35% p.3

p.5

Air France starts Direct Fligts at Tbilisi International Airport

p.6 How People Live in Post-Soviet Countries – Unemployment Rate and Prices

Problems in the Court System and New Regulations – Experts talk about Reasons behind Contraction in Investments

p.10 Gebrüder Weiss is expanding its Georgian Branch

2 March 18, 2019 #275

Prime Minister on 96% Plunge in FDI inflows to Power Sector: We can have Higher Paces “As to power sector, we can have higher paces and I believe we will have”, Georgian Prime Minister told in response to the BMG question about the government measures for growing FDI inflows to power sector.

Prime Minister:Government to develop Mediation Institute in Georgia At the briefing, prior to the government meeting, Prime Minister Mamuka Bakhtadze noted that the mediation institute will ensure rapid resolution of small disputes and the court system workload will be alleviated.

South Korea to shape Delegation for Deepening Economic ties with Georgia

The Volume of Pension Fund reached 100 Million GEL The volume of pension fund reached 100 million Georgian Lari.

First Channel was informed about the amount by the pension agency.

South Korea plans to shape a special delegation for enhancing economic ties between Georgia and Korea, Hong Kwang-Hee, head of Korean Importers Association noted at the meeting with Minister of Economy of Georgia Giorgi Kobulia.

Ring the Bell for Gender Equality Event – Discussions on Women in Global Economy

Georgia to open Embassies in UAE and Vietnam Georgian Prime Minister Mamuka Bakhtadze said Tbilisi plans to open its embassies in the United Arab Emirates and Vietnam in the course of 2019.

IFC, UN Women and Georgian Stock Exchange hosted a ” Ring the Bell for Gender Equality” event at Holiday Inn Tbilisi. The initiative is linked with International Women’s Day, that promotes increased women’s participation in the global economy to catalyze sustainable and inclusive private sector growth.

State Budget to spend 50 million GEL on Passenger Transportation

by Railway

Foreign Direct Investments in Fishing Industry grows by 29% Foreign direct investments in agriculture sector and fishing industry have increased by 29%.

Deputy Economy Minister rules out that Georgia import a Mass of Russian Natural Gas The price of Russian natural gas has cheapened for the private sector, under the new contract agreement with GazProm, Natia Turnava, Deputy Minister of Economy and Sustainable Development of Georgia, noted.

Parliament of Georgia plans to discuss a bill of amendments to Georgian Railway Code, under which passenger traffic will be funded from the state budget.

Georgia and Republic of Korea signed Agreement on Economic Cooperation Within the frames of the visit of the Minister of Economy and Sustainable Development of Georgia, George Kobulia, to the Republic of Korea, an Agreement between the Government of the Republic of Korea and the Government of Georgia on Economic Cooperation was signed.

The Editorial Board Follows Press Freedom Principles Publisher: LLC Caucasian Business Week - CBW Director: Levan Beglarishvili WWW.CBW.GE Address: Aleksidze Street 1 Sales: Mob: +995 591 01 39 36 Email: caucasianbusiness@gmail.com Editor: Nutsa Galumashvili. Mobile phone: 595 380382 Copy Editor: Ellie Rambo Reporters: Nina Gomarteli; Mariam Kopaliani; Merab Janiashvili, Economic columnist: Andria Gvidiani; Technical Assistant: Giorgi Kheladze;

Air France starts Direct Fligts at Tbilisi International Airport completed successfully.

Air France will offer its customers Tbilisi on departure from Paris-Charles de Gaulle.

Flights from Tbilisi to Paris will be carried out on Mondays and Thursdays, From March 31 flag carrier of while flights from Paris to Tbilisi – on Sundays and France – Air France starts to operate direct regular flights Wednesdays by Airbus A320 and A321 planes. on the route Paris-Tbilisi.

Air France is the French flag Negotiations between Air carrier headquartered in France, UAG and operator Tremblay-en-France. It is a company of Tbilisi and Batumi International Airports subsidiary of the Air France– KLM Group and a founding – TAV Georgia has been

3 March 18, 2019 #275

member of the Sky Team global airline alliance.

Air France was formed on 7 October 1933 and nowadays Air France serves direct flights towards 170 destinations. The company fleet includes 212 different types of aircrafts. Air France is based in Charles De Gaulle airport operated by ADP Group which is the main share-holder of TAV Airports.

4 March 18, 2019 #275

Investment Inflows Shrank by 35% Foreign Direct Investment See 5 Years’ Bottom According to preliminary indicators, foreign direct investments (FDI) in 2018 was listed at 1,232.4 million USD, down 34.9% year on year. The contraction in FDI is related to completion regarding gas pipeline construction. Moreover, several companies were moved their ownership to Georgian residents, and loan liabilities were paid off to nonresident direct investors.

According to the existing indicators, in 2018, foreign direct investments was at a 5 year minimum. The lower figure was registered in 2013 – 1,020.6 million USD. In the following years, FDI inflows were recorded as growing .

“I would like to explain that the completion of the main gas pipeline has caused a contraction in FDI inflow. At the same time, a significant transaction was carried out in the telecommunications sector in 2018, when domestic residents bought stakes from foreign resident.

Thirdly, loan liabilities were paid off to nonresident investors, and all these factors were reflected in the statistics. It is very important that financial liabilities were covered before nonresidents. We also welcome the fact that that our resident companies actively make investments in the telecommunications sector.

Therefore, yesterday’s statements regarding FDI inflow declined because of fundamentals factors are

untrue”, Prime Minister Mamuka Bakhtadze said.

“We should make progress in terms of general investments and 20% upturn is an evident example of this,” the Prime Minister noted.

“It is clear that potential investments became one of the key arguments for FITCH, as it increased our sovereign rating”, Mamuka Bakhtadze said.

The ratio of the three major investor countries in total FDI inflows to Georgia made up 49.6%, according to the early report. Azerbaijan ranks first with 19.5%, the United Kingdom is second at 16.5%, and the Netherlands is third with 13.6%.

It should be noted that investment inflows declined in 6 of 10 investments sectors, including: The power sector (-30%) – only 3.7 million USD was invested in the Georgian power sector in the fourth quarter of 2018, down 96% year on year. A total of 157 million USD was invested in the sector in 2018, down 30% year on year. The decline may signify that international interest in the Georgian power sector is decreasing.

The development sector (-63%). A total of 103 million USD was invested in Georgia’s development sector in 2018, down 63% compared to 2017 (283 million USD).

Transport and communications (-64%). A

total of 489 million USD was invested in Georgia’s transport and communications sector, while the figure was 174 million USD in 2018, down 64%.

Construction of pipelines is a part of the transportation sector, not power sector. The investment contraction in the sector is genuinely related to the completion of the Shah Deniz pipeline.

Real Estate (-50%).

According to Geostat, the national statistics service of Georgia, total FDI inflows in 2018 made up 90 million USD, down 50% year on year.

Finance Sector (-8%).

FDI inflows declined in the financial sector, too.

According to Geostat, the year on year contraction represented 8% (-24 million USD), and the 2018 FDI inflow in this sector amounted to 277 million USD. Other sectors (-30% - 52 million USD).

By Merab Janiashvili

Problems in the Court System and New Regulations – Experts talk about Reasons behind Contraction in Investments According to Geostat, the national statistics service of Georgia, in 2018, Georgia attracted 1.23 billion USD in Foreign Direct Investments (FDI), down 35% year on year. Moreover, investment inflows shrank in 6 investment sectors out of 10.

Power Sector – Minus 30% In the fourth quarter of 2018, the Georgian power sector attracted 3.7 million USD, down 96% year on year. According to the 2018 indicators, the sector attracted 157 million USD, down 30% year on year. The slowdown tendency may signify that the sector is losing attractiveness internationally.

Development Sector – Minus 63% The development sector in Georgia attracted 103 million USD investments throughout 2018, down 63% year on year (283 million USD in 2017).

Transport and Communications In 2017, major investment inflows were recorded in the transport and communications sector, whilst the figure made up only 174 million USD in 2018, down 64% compared to 2017.

The construction of pipelines is a part of the transportation sector, not the power sector.

The investment contraction in this sector is genuinely related to the completion of the Shah Deniz pipeline.

Real Estate (-50%). According to Geostat, the national statistics service of Georgia, total FDI inflows in 2018 made up 90 million USD, down 50% year on year.

Finance Sector (-8%). FDI inflows declined in the financial sector, too. According to Geostat, the year on year contraction made up 8% (-24 million USD) and 2018 FDI inflows in this sector amounted to 277 million USD. Other sectors (-30% - 52 million USD).

The Caucasus Business Week (CBW) has inquired why investments have shrunk, and what we should expect in the future.

A PhD in Economics, Rati Abuladze, explains that over the past 5 years, FDI inflows to Georgia have seen a bottom, and was at 1,232.4 million USD in 2018.

Major investments were made in finance, transport, energy, processing and development sectors, and investments in each of these sectors ranges from 103.6 million USD to 277.9 million USD. FDI inflows were lower in the real estate, hotel and restaurant sectors, mining industries, agriculture, fishing, healthcare and social assistance fields (13.2 million USD to 90 million USD). Lower investment inflows were recorded in other sectors.

Rati Abuladze explains that Azerbaijan makes major investments in Georgia, as well as the United Kingdom and the Netherlands. The top five countries also include the USA and Panama. Below this, the top ten include the Czech Republic, China, South Korea and Russia.

The authorities have explained that FDI inflows declined after primary gas pipeline

construction was finished, some stakes moved to the ownership of resident companies, and loan liabilities were paid off to nonresident direct investors, as noted by Rati Abuladze.

“Along with these factors, we should also stress that political confrontation in the country has also had an essential impact on the contraction in investments, as well as the specific political reasons, uncertainty and ambiguous political objectives (in some fields).

It should be noted that emphasis was placed on “technical approaches,” and establishing new offices and new management resources and growth in investment activities.

We should also mention that investors scrupulously examine risk and safety issues and, therefore, the business environment in Georgia should have more answers than questions. The Government should pay more attention to resolving challenges for each business organization, improving procedures for business appeals, taking into account the interest of existing business organizations and attracting new investors.

Finally, I would like to note that, in the current global and political climate, the time has passed for self-justification and empty promises. Now we need resolved problems, economic benefits, regional achievements and a global scale”, Rati Abuladze said.

Gia Jandieri, vice president of the New Economic School- Georgia, says that investment inflows declined as a result of bad economic policy. Over the last period, the Georgian authorities have been expanding regulations, and this cannot resolve the existing challenges of Georgia’s fragile economy.

“I have talked about these issues over and over, but nobody wants to analyze these words, neither Giorgi Kvirikashvili nor his predecessor. Today, they say that regulations will save Georgia. A small country like Georgia will have to pay the price for similar regulations.

For example, the technical inspection of vehicles – this is lost money. If a person is not interested in his own safety, can they buy safety for 60 GEL? The 200 million GEL spent on this issue is lost money. There are a lot of other examples, and this figure hits billions of GEL as a result of bad regulations”, Jandieri noted.

Similar, bad economic decisions thwart the inflow of investment. Investors want to see an open, transparent, simple process in the country. Otherwise, they will go where problems have already been resolved, Gian Jandieri said.

“For example, why should they come to Georgia and not to Bulgaria, which is a member of the EU and NATO, and has no safety problems, keeps open borders with EU, and has an open market. Why should they come to Georgia?”, Jandieri asked.

The court system and business disputes represent serious challenges, even today. This factor is of crucial importance for investors,

5 March 18, 2019 #275

Jandieri said.

“Unlimited powers were assigned to Labor Inspection. It is entitled to enter specific companies based on anonymous letters and halt its operation. When investors learn about this factor, will they come to Georgia? They will go to another country with a functional court system, with the institution of arbitration.

Besides the court system, expenditures on regulations are also very important. When investors learn that these regulations become disposable, and find out that the costs for doing business are the same, their interests cannot be raised by fairytales about 4% economic growth”, Gia Jandieri said.

Tornike Abuladze, executive director of the ARCI development company, says that FDI inflows in the development sector decreased as a result of newly tightened regulations.

On January 1, 2017, the Georgian law on Construction Safety was enforced. As of January 1, 2017, there were projects that had been approved previously, and they were bought off in 2017.

New projects were approved due to new regulations. At the same time, starting in 2018, license issuings were tightened, Tornike Abuladze said.

“Money may exist on the account, but investing may be useless without a construction license, while investments are made after issuing licenses. Since the number of construction licenses has decreased, the inflow of investments has also declined.

Moreover, transport and greening components have also been introduced, and this has complicated everything. The procedures for increasing standards of construction standard were also tightened and bureaucratic requirements are also complicated. As a result, administrative units face difficulties. It was not their job to examine these components.

Confusion was noticeable in the development sector, too”, Tornike Abuladze said.

Despite this, a lot of good reforms are being carried out at Tbilisi City Hall, and the singlewindow principle was violated. It is important to identify how much VAT was reduced, and whether FDI contraction has made investors not withdraw profits from the country, Abuladze noted.

“It is important to determine how much VAT has entered the state budget from this sector. If VAT has not declined, this means that we do not have a contraction in reality, and investors have kept their money in the country. And this is a good sign. As for the forecast, business will become accustomed to all existing regulations.

“The municipality has raised their standards, and this is good, but this has increased bureaucracy and complications, and this is bad”, Abuladze noted.

6 March 18, 2019 #275

How People Live in Post-Soviet Countries Unemployment Rate and Prices

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7 March 18, 2019 #275

The Land of Withering The moratorium on sales of agrarian lands to foreign citizens has essentially frustrated investment inflows to the agricultural sector, Otar Danelia, the head of the parliament’s agrarian committee, noted.

He named specific figures, much more than most could imagine, the amount of failed deals constituted 200 million GEL, while the Georgian agrarian sector lacks money, technology, knowledge and the main factor, motivation.

In general, the evident and unconditional restriction of the sale of agrarian lands to foreign citizens is one of the best examples of how the people and government struggle against the future of their own country.

There are no arguments to justify this decision, neither economic nor moral ones, while the last factor, moral factor, is most frequently repeated in our society.

To fully understand this aspect, we just have to analyze the current situation in Georgian villages, and we can conclude that the Georgian village, in its ancient form, is perishing, and neither loud exclamations about native lands nor government subsidies can save the situation. We frequently hear worries by so-called “True Georgians” and “Patriots” that the Georgian villages have been depopulated.Another stereotype describes the idiosyncratic nature of Georgian morality, such as the maintenance of family values and special attitude towards women.

The Georgian village has not been depopulated. On the contrary, there are more people than necessary, and there are many more people in villages than Georgia’s land resources can sustain.

I mean not only by economic parameters, but the lifestyle, in general, the Georgian village in its current form represents a serious anachronism. It is a sample of 19th century village in its best version.

Naturally, there are

objective reasons as well First of all, Georgia is a land-hungry country compared to its neighbors. Today, space for agricultural lands, both cultivated and uncultivated, makes up 470,000 hectares.

We can imagine the existing competitive potential and detail the several major agribusiness holdings in southern Russia with 500-800 thousand hectares of lands. This means that one private farm owns more land that a UN member country with European ambitions.

Comparative indicators do not seem healthier.

The space of agriculture lands per capita in Russia exceeds that of Georgia by 7 times. Ukraine’s land resources per capital are 8 times higher than Georgia.

However, land scarcity statistics do not vary very much compared to other countries. In Turkey, the space of agriculture lands per capita is only twice as high. As for Europe, in Germany the space of agriculture lands make up 11 million hectares. This means that the arable lands per capita are almost the same in Georgia and Germany.

Today, land scarcity cannot justify the existing stagnation. The whole world follows the same routine – an extreme rise in the efficiency of use of agrarian lands through the reduction of the number of village residents.

Today, nowhere in the developed world are there peasants. There are no American, English, or Greek peasants. There is only a relatively privileged society – farmers, who own huge land plots, as well as major corporations.

30%-40% of Georgian citizens live in rural areas and they own only 500 square meter lands, grow an insubstantial volume of products and sell them near the Tbilisi underground stations. This is the practice of the medieval period. This is an absolutely inefficient form of economic activity, and at the same time, very humiliating for the country and its population.

The law restricting the sales of agrarian lands to foreign citizens kills any chances to change this shameful reality. Georgia refuses to enlarge the scale of the agriculture sector, attract major foreign corporations, technologies, and finally, transform the agriculture sector into a business.

The aforementioned restriction preserves the existing reality – peasants cannot compete with major importers, and those living in villages are associated with life failure, when everybody flees to cities, and live there in unbearable conditions, and receives miserable incomes, and spends them on drinks and gambling houses, and then never returns to the village.

In Georgia, not only the institute of a village, but the concept of village residents, as a category of people, have degenerated. You see polluted Tbilisi

streets that look like a pigsty, and you realize that hard working peasants have disappeared into the shadows of the past.

There are no moral justification for the full and unconditional restriction on sales of agriculture lands to foreign citizens. Respect for ancestors cannot be expressed in withering and uncultivated lands. Our ancestors have saved these lands not to let them wither.

You can express respect for your ancestors only when you have lands ploughed and cultivated. And if a Georgian peasant has no money, no knowledge, no skills and the most important factor, motivation, then all these aspects should be satisfied by those who hold the aforementioned components.

At this stage, about 130,000 hectares of lands remain uncultivated in Georgia, and we only hear unserious arguments that after 20 years, someone might decide to return to the village and therefore, these lands should be maintained for them.

Ungrounded hopes, such as people who migrated from villages to cities to drive taxi sand trade at fairs to somehow collect a small amount of money, and get a useless “higher education” for their children.

Their children spend the majority of their lives without a purpose like their parents, in the street without any perspective, and they will never return to the village.

The Georgian Village is a symbol of stagnation and standstill, and only foreign capital, knowledge and technology can save the situation.Naturally, restrictions are necessary: lands should be sold to only major foreign companies with strong investment obligations and conditions, but the restrictions should be removed.

By Tengiz Ablotia

8 March 18, 2019 #275

Dr. Peter Thirring: "Main Goal is to Educate People in Georgia about Benefits and advantages of Insurance."

The Vienna Insurance Group is one of the largest listed international insurance groups in Central and Eastern Europe (CEE).

The Group, which is headquartered in Vienna, operates around 50 insurance companies in 25 countries, and among them, Georgia.

CBW conducted an interview with Dr. Peter Thirring, Chairman of GPI Holding Supervisory Board, after an International Insurance Conference held in Tbilisi on March 14. Dr. Thirring discussed current challenges and growing market in Georgia: How would you assess the dynamics of the development of the Georgian insurance market, in particular the introduction of compulsory motor third party liability insurance?

At the moment, the situation in Georgia is that insurance penetration is very low.

We see that large part of population have no insurance at all. A completely different situation may be seen with the introduction of obligatory Motor TPL insurance, which will hopefully come into force at the beginning of July.

This means that many who weren’t insured will now have access to insurance .

Awareness about the advantages of insurance will raise dramatically. It will be our obligation, as an insurance company, to educate people on what insurance is, what are the benefits and if we are successful in this, and they see that it works, then the penetration of insurance in the Georgian market will definitely improve.

The mandatory motor liability insurance law is still being discussed in the Parliament of Georgia. What are your recommendations to increase the efficiency of the law?

My first opinion is that the law is quite useful; of course the insurance limits are still low, but it’s a good start and there is a potential to increase it in the

future. From my point of view, it’s very important for you to have strong regulations, and to be careful about making mistakes, which other countries did.

Investors came in that didn’t have the financial capacity to really conduct Motor TPL Insurance in the long run, and that causes problems resulting in bankruptcies. Because of that, regulators must play a strong role, we are very much in favor of strong regulation, and only then can you have participants in the insurance market who are really able to fulfill their obligations in the long run. What we need to do is to create trust with the people. I think it’s very important to see that Motor TPL works, thus people develop trust in their insurance, and that it can deal with liabilities in case they have a claim.

The Vienna Insurance Group takes a leading position in investing in Georgia, what’s your main motivation to grow and expand in this country?

The Vienna Insurance Group has listed Georgia as one of our core markets, it’s not just an investment.

Of course Austria is our home region, but clearly, Central and

Eastern European countries are core markets of our group.

Naturally, you want to be in the top position in your core markets in the long term.

What are the main features that distinguish the Georgian Insurance companies from the other 25 countries in your group?

As I’ve mentioned, insurance penetration is extremely low.

On the one side, you have a quite reasonable, growing economy, and it’s visible how the country is developing.

I’m very much convinced that insurance will go hand in hand with this progress of the economy. It’s very strange that you don’t have obligatory Motor TPL insurance yet, as it’s common everywhere in the world. It’s just a matter of time before insurance will grow along with the economy, and vice versa.

So we see much potential in Georgia.

What is the main challenge for companies operating on the insurance market?

First of all, the main emphasis should be on strong regulations and of course we have to make insurance more professional and to make long-run profits- this is also a challenge. From our side we are committed to transfer and share our knowledge and know-how to our companies in Georgia as we’ve been doing so far and support our companies financially and experience wise. The other major challenge is an insurance culture and awareness that has to be improved and education of our customers is yet another challenge for us.

9 March 18, 2019 #275

Business News

Azerbaijan remains Largest Investor Country in Georgia – FDI Ranking

Bolnisi added to the List of Georgian Appellation Wines

According to the recent report published by the National Statistics Office of Georgia (Geostat), the value of Foreign Direct Investments (FDI) has gone up to 1.23 million USD, which is 35% decrease compared to 2017. Moreover, the indicator is the lowest in last five years.

“Bolnisi” was added to the list of the Georgian appellation wines. Until now there were registered 19 names of Georgian appellation wines: “Khvanchkara”, “Mukuzani”, “Tsinandali”, “Akhasheni”, “Gurjaani”, “Kindzmarauli”, “Manavi”, “Kakheti”, “Napareuli”, “Teliani”, “Ateni”, “Sviri”, “Vazisubani”, “Kardenakhi”, “Tibaani”, “Tvishi”, “Kvareli”, “Kotekhi” and “Khashmi Saperavi”.

Hong Kong Business Delegation to visit Georgia A Hong Kong business delegation will visit Tbilisi, Georgia from 17-20 March to explore investment and partnership opportunities driven by the free trade agreement signed by Hong Kong and Georgia in June last year and the growing regional cooperation under the Belt and Road Initiative.

UNO names 26-Year Old Ninutsa Nanitashvili among Innovative Women

Ujapo to introduce Sliced Pineapple and Mango Next Week

UN Women Organization named Ninutsa Nantitashvili among the leading Innovator Women of Europe and Central Asia. Ninutsa Nantitashvili was 18 years old when she became the first Georgian woman to join Google’s team of developers.

Ujapo company plans to introduce sliced pineapple and Mango to the market the next week, the company founder Giorgi Toronjadze noted.

Meet the Millenial Brothers who put Georgia on the Sneaker Map Brothers George, 29, and Shota Mikaia, 22, grew up in war torn Georgia and understand intrinsically the importance of freedom—something that was often illusive in their lives where struggle and hardship were the norms growing up.

Business and Technology University initiates Coding School For Women Business and Technology University has been working on the project aiming at creation of a coding school for women; the project will entail intensive the training course on Android Development mobile application.

Georgian Company to offer VAT Refunding Services to EU Nonresident Companies Georgian company Taxhelp will offer VAT-refunding services to EU nonresident companies, namely, B2B services. The VAT will be refunded in the following cases.

Georgian Museum of Fine Arts hosts Personal Exhibition of Ana Shalikashvili The idea of creating a museum of fine arts was first born in the 90s, and today the museum building we all already grew to know appeared in Rustaveli Avenue.

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New logistics terminal officially opened in Tbilisi After a construction period of six months, the new Gebrüder Weiss logistics terminal in Tbilisi (Georgia) was officially opened on March 15, 2019. Company offers new simplified service to the costumers. The modern logistics facility is an extension of the existing location and comprises an additional 2,300 square meters of handling, 7,800 square meters of paved open space and 300 square meters of office space. The detailed information about the expansion of the location and the wide range of services was provided at the press conference by Wolfram Senger-Weiss, CEO of Gebrüder Weiss, Thomas Moser, Director and Regional Manager Black Sea/ CIS, and Alexander Kharlamov, Country Manager Georgia.

“Since entering the market, the branch in Tbilisi has developed into the central hub for Georgia, Armenia and Azerbaijan. Not only customers and partners, but also employees will benefit from the expansion of the state-of-theart logistics terminal. In Tbilisi alone, Gebrüder Weiss offers a safe and attractive workplace for 120 employees,” said Wolfram SengerWeiss.

The new service of the company implies the one window principle, according to which the goods transported from Europe in short time will be delivered to customers to the desired location. The load that needs to be exported will be processed in this space and will be

Gebrüder Weiss is expanding its Georgian Branch

sent to the different countries of Europe. Furthermore, the premium class terminal is equipped with the high quality modern cameras that gives opportunity to keep recordings for 6 months.

“The logistics terminal is equipped with high-quality and cuttingedge technology. This also makes it possible to provide logistics solutions tailored specifically to the customer. With the new warehouse software, the customer has direct access to the goods and can see where they are at any time. In addition, the other rooms were built in accordance with the latest security standards.

Gebrüder Weiss therefore meets the requirements of Resolution N41 of the Georgian government, which means that safety standards are strictly adhered to,” – explained the Country Manager Gebrüder Weiss Georgia Alexander Kharlamov.

Gebrüder Weiss opened its first branch in Georgia as early as 2012 and has been regarded as a pioneering European company along the Silk Road ever since. The main investments made in 2013 amounted to 10 million euros, followed by further expansion of the company every year. From 2012 to the present, a total of 15.5 million euros have been invested, the latest figure was more than 2.5 million Euros for the construction and expansion of the logistics terminal.

“After entering the Georgian market, Gebrüder Weiss has conti-

-nued to develop its business in the Caucasus region. Over the years, the location in Tbilisi has developed into a small jewel on the Silk Road,” said Thomas Moser.

Between 2012 and today, Gebrüder Weiss Georgia has transported around 530,000 tons of goods.

The main products transported are consumer goods, power tools, automotive parts, agricultural products and foodstuffs. With more than 7,100 employees, 150 company-owned locations and a provisional annual turnover of 1.67 billion euros (2018), Gebrüder Weiss ranks among Europe's leading transport and logistics companies. Today, having implemented a variety of environmental, economic and social initiatives, the family-run company with a 500-year history is also considered a pioneer in sustainable business practices.

11 March 18, 2019 #275 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: 29167-40/41/42 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 Pixel Center, 34, Ilia Chavchavadze Ave. 3rd floor Tel: +995 32 227 62 00 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 76-g Chavchavadze Ave., Tbilisi Tel: 231-11-61, 231-14-54 E-mail: 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 Kingdom of Spain Embassy Rustaveli Ave. 24, I floor, Tbilisi Tel: 230-54-64 E-mail: emb.tiflis@maec.esRomania Embassy 7 Kushitashvili St., Tbilisi Tel: 38-53-10; 25-00-98/97 E-mail: ambasada@caucasus.net Republic of Poland Embassy Oniashvili str. 24, Tbilisi Tel.: +995322 920398; Fax: +995322 920397 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, 291-2689/59 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 European Investment Bank Regional Representation for the South Caucasus Address: 1,G.Tabidze Street, Freedom Square

Phone: +995 322 006284 Embassy of The Republic of Korea 12, Titsian Tabidze Str. Tbilisi 0179, Geogia Tel: (995 32) 297 03 18; 297 03 20; Fax: (995 32) 242 74 40; Email: georgia@mofa.go.kr 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 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 RIVER SIDE HOTEL With incredible service and views Addr: Mari Brosse street turn, Old Tbilisi.

Tel: +995 32 2242244; +995 32 2242288 Fax: +995 32 2 242277 Email: info@riverside.ge Website: www.riverside.ge 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 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, 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 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

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