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September 16, 2019 - www.cbw.ge
#295
WEEK
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The New Government’s Action Plan and the Business Ombudsman’s Expanded Mandate
Despite Real Attractiveness as an Investment Destination, Georgia аails to ьake Full Use of this Opportunity because of Political Turmoil
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Government Program and Business Sector Expectations
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The more the Prime Minister intensifies Communication with Business, the more he and the Country will win
“Rompetrol Georgia” hosts about 10 Foreign Bloggers and Journalists to support Tourism
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Former Chairman of TBC Bank founded Political Movement called Lelo Founder and former chairman of TBC Bank, Mamuka Khazaradze announced the name of his newly created political movement.
Norwegian Embassy to be opened in Georgia for the First Time Newly appointed ambassador, Helene Sand Andresen presented copies of his credentials to the Minister of Foreign Affairs, Davit Zalkaniani.
Tourism Dynamics improved in August
Georgian Railway Losses in January-June marked 85.6 million GEL The company incomes from crude oil transportation have declined by 90%. Georgian railway incomes in January-June 2019 marked 230.2 million GEL, up 15.9% year on year.
Georgia and US Airlines negotiate over Direct Flights between them Georgia starts negotiations with the USA to launch direct flights. The Economy Minister has traveled to the United States to hold talks with two leading US airlines.
Georgia has New Ambassadors in Ukraine, Kuwait and Vatican According to the Ministry of Foreign Affairs of Georgia, Teimuraz Sharashidze will serve as Georgian Ambassador to Ukraine, Konstantine Zhenti will be Georgia’s Ambassador in Kuwait and Ketevan Bagration-Mukhranbatoni will take the post of Ambassador in the Vatican.
Liberty Bank concludes Deals on 806 million Shares at GSE At the Georgian Stock Exchange (GSE) exchange trading sessions, deals were made on 79 000 GEL-denominated shares of Liberty Bank.
Based on weekly border crossings data, tourism dynamics has improved in August.
Gender Pay Gap Issue in Georgia amounts to 37% - What causes the Dramatic Gap Gender pay gap has become a prominent issue across the world. Indeed, women on average earn 25% less than men in a number of Western countries. This gap has negative effects not only on society as a whole, but also on economic growth.
Passenger Turnover at Georgian Airports declined by 11% in August According to Georgian Airports Association, in August passenger turnover at Georgian airports declined by 11%, instead of expected 14% growth. As a result, all five airports transported 583 104 passengers in August 2019.
Georgian Delegation introduced Investment Proposal to the Dutch Shipbuilding Company DAMEN Representatives of the large Dutch shipbuilding company DAMEN plan to visit Georgia in the nearest future. The visit is aimed at studying the infrastructure selected for the construction of shipbuilding enterprise and finding the format for the cooperation with the Georgian side. 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;
Seven Additional Destinations for Direct Flights from Kutaisi International Airport in September From September 10 Wizz Air has launched 7 new routes from Kutaisi International Airport to Tallinn, Brussels, Eindhoven, Bari,Kopenhagen, Basel and Poznan. Direct flights between Estonia and Georgia, Kingdom of Denmark and Switzerland have not been carried out so far. “In addition to the existing 21 European destinations, one of Europe's top airlines, Wizz Air, will launch 7 new European destinations on September 10. The third
modern AIRBUS A 320 aircraft will be launched at Kutaisi International Airport at the base of the airline, which means that the crews on the new flights will be fully staffed by locals. In addition to creating new jobs, it will also play an important role in attracting new tourism flows from Europe to Georgia, which is one of the key priorities of our country's economic development, � Giorgi Chogovadze, CEO of United Airports of Georgia said.
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Wizz Air has been carrying out flights on the Georgian aviation market since it opened its first Caucasian base in Kutaisi in September 2016.
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The New Government’s Action Plan and the Business Ombudsman’s Expanded Mandate What sectors should be focused on by the Business Ombudsman’s office, and what does the Business Ombudsman offer to the new government to help shape a better business environment in Georgia? – Business Ombudsman of Georgia Irakli Lekvinadze has talked about these issues for the TV Program BusinessPartner. The new government’s program has a lot of positive messages that encourage the business sector, Lekvinadze noted. “The program includes a lot of good details regarding the business environment and, on the whole, a lot of good ideas were brought up at the parliament. Therefore, the business sector is full of optimistic expectations. I believe that the program’s elements will be implemented in our everyday life, including improving consultations and coordination, ensuring fair rules of the game, and the introduction over a specific timeframe, of new regulations”, Lekvinadze said. “The Georgian business sector is full of positive expectations, and we believe that the program prioritizes what will be implemented in real life, without changes,” Irakli Lekvinadze pointed out. Georgian businesses are tired of new regulations, which have multiplied over the past 18 months, he added. Our office is ready to engage in analyzing the expected economic effects of the current regulations, and the new government has granted similar competencies to us, Lekvinadze explained. “When we talk about analyzing the economic effect of any regulation, as well as their social, cultural or environmental effects, we need a so-called RIA (Regulatory Impact Analysis). We conduct negotiations with donors, too, and we are ready to offer new initiatives in this part”, Lekvinadze said. A lot of new regulations were imposed on the business sector over the past 18 months, and the country has felt some undesirable effects. The new regulations may be one of the key reasons behind the slowdown in FDI inflows in the second quarter of 2019, Lekvinadze said. “About 54% of the contraction in FDI inflows was recorded in the second quarter. and the pace of growth declined in such leading economic fields as power, development, transport and communications, that is, so-called investment engines. I should mention several factors that, in our opinion, have narrowed FDI inflows. There were objective factors, including several major projects that were finished, and liabilities were covered. At the same time, I believe that new regulations were one of the key factors that burdened certain business sectors”, Lekvinadze said. A lot of international reports prove that Georgia is a leading country in terms of maintaining a minimal tax burden and transaction costs, as well as covering bureaucratic and logistics expenditures. At the same time, new regulations impose a certain burden on our business sector, the Georgian Business Ombudsman said. “Georgia is reported to be one of the attractive countries in the world, in terms of low tax burden
and transaction costs, such as bureaucratic and logistics costs, according to estimations by the Fraser Institute, or economic cooperation and development organizations. At the same time, costs accompanying new regulations, naturally, have a certain impact on business sector performance”, Lekvinadze said. The political developments in June 2019 have also narrowed FDI inflows, and this effect will hit the third quarter, too. In general, lower FDI inflows have a negative impact on the GEL exchange rate, Lekvinadze said. “We should also mention the impact of the political developments that took place in June. Part of these expectations could be reflected in this context, too. However, a certain impact is expected in the third quarter as well. Naturally, this part of the contraction in FDI inflows affects the GEL exchange rate, too, and this is one of the key challenges for the business sector. Therefore, we have to work in various directions to achieve a breakthrough in our relations with investors’, the Business Ombudsman noted. It should be noted that the Business Ombudsman’s office strengthens mechanisms for the protection of Georgian companies in foreign markets. An international business conferencein Tbilisi will be organized by the Georgian Business Ombudsman’s office and Civil Development Agency (CIDA), and with the financial support of the Swedish government, on October 11. The conference “Shaping Sustainable Business Enlivenment in Eastern Europe and Central Asia” will cover such issues as mechanisms for the protection of business right, and international experience, and the importance of corporate responsibility for business sector development. The Business Ombudsmen of six countries will arrive in Georgia, and their visit will be an additional mechanism for protecting Georgian companies in foreign markets, Irakli Lekvinadze noted. “We are organizing such a large-scale international event for the first time. Business Ombudsmen will arrive from six countries: Poland, Ukraine, Uzbekistan, Kyrgyzstan, Kazakhstan, and Albania. In these countries, Business Ombudsman’s Offices operate in various formats, and they have two key objectives: these organizations are mainly established with the support of international organizations, including the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), and the Organization for Economic Cooperation and Development (OECD). Therefore, their experience is very interesting for us. On the other hand, this is an additional instrument. Thanks to our partner organizations, we will acquire additional communication channels with our companies in foreign markets”, Irakli Lekvinadze said.
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Despite Real Attractiveness as an Investment Destination, Georgia fails to make Full Use of this Opportunity because of Political Turmoil What is the economic reality of Georgia? Why are FDI inflows declining? What is the future of the national currency? What challenges exist, in terms of employment and inclusive development? – Professor Giorgi Ghaghanidze, TSU Economics and Business Faculty Dean, has talked about these issues for the TV Program Business Partner. According to the official statistics, in the second quarter of 2019, FDI inflows recorded a 53.7% year on year contraction. There is nothing alarming in FDI contraction, and the inflows will increase in the third and fourth quarters. FDI does not represent an economic category that should be compared quarter on quarter, because the nature of investments differ from the external trade of certain commodity groups, where exports and imports are carried out in the same period every year, Giorgi Ghaghanidze noted. “Naturally, there is nothing good and pleasant about this process, but, anyway, this is not a catastrophe. If we analyze the existing practices in our country, as a rule, investment inflows grow in the third and fourth quarters”, Ghaghanidze noted. The contraction in FDI inflows means that there are certain gaps, including that the country lacks a modern industrial policy. which determines a competitive advantage. In Georgia, investments are affixed to exports, as a
rule. Regretfully, over the past 20 years, the country has not created a new export. We have not taken steps in this direction. We were oriented mainly towards opening foreign markets for our exports, and we have fulfilled this task quite successfully, because there are few countries in the world that have free trade simultaneously with the EU, China, the CIS space, and a generalized system of preferences with the USA. However, it turned out that we have markets, but not products, he noted. “And now we have reached the most important and complicated phase that was outlined at the beginning of the 21st century – we need a modern industrial policy to determine Georgia’s competitive advantages, and take the necessary steps,” Girgo Ghaghanidze noted. In the current market of globalization, the country has no prospects without a modern industrial policy. According to Ghaghanidze, in this globalized environment, everybody competes with everybody, and it is impossible to attain an advantage through one decision. All decisions are complex, and they include legal, educational, technical and output aspects. Otherwise, no competitive advantage is available. The modern world is based on other dimensions. The country needs a modern industrial policy to determine its advantage on the global market in order to increase FDI inflows, he noted. As for the national currency, its
depreciation may be halted, but in turn economic growth will be suspended. At the same time, it is unclear whether the country was ready for the strengthening trend of USD since 2011, Giorgi Ghaghanidze noted. FDI contraction has a negative impact on the national currency exchange rate. and the business sector cites this factor as the number one challenge. and asks that this problem should be resolved. The currency exchange rate of an imports-dependent country generates huge challenges to the business sector, but the use of financial instruments for GEL strengthening will damage the whole economy, Ghaghanidze said. “The GEL seems to have found its new balance point – 2.95. Our citizens frequently ask whether it is possible to strengthen the GEL. This is possible, but economic growth will stop. If the National Bank of Georgia (NBG) dramatically raises the refinancing rate, the money mass will decline, and the GEL will easily return to the starting point, but how would this decision affect the other parts of our economy?” Giorgi Ghaghanidze noted. It is important to know whether the country is ready to tackle the problems accompanying the strengthening of USD, because this tendency began in 2011, he said. Another issue is how ready we were for problems that started in 2013. Starting in 2011, it was clear that USD would strengthen. The point is, the then-
administration concluded an agreement with the Congress to reduce the scale of USD printing amid a growing upper margin in the debt. Therefore, it was clear that the USD exchange rate would strengthen all over the world, Ghaghanidze pointed out. To use investment to our advantage, the country needs political stability. Georgia genuinely has an attraction for investment, but it cannot make good use of this advantage because of challenges in terms of political stability. Our geostrategic location is one of our competitive advantages, and hydro resources is the second factor. We have huge investment potential in everything related to these two sectors, Ghaghanidze said. “Naturally, the development of deepwater seaports is one of the key mechanisms for making use of our geostrategic advantage. Political stability is required, first of all. A country with 20% of its territory occupied by an aggressive armed neighbor faces serious difficulties in this respect. If we analyze investments growth chart of Central and Eastern European countries, we will see that investments grow from some point. This growing point emerged after these countries obtained MAP, that is, when they obtained a physical security guarantees. As a result, investment inflows started growing”, Giorgi Ghaghanidze said.
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Government Program and Business Sector Expectations “The next year will be full of challenges for the new government, as it was appointed amid a dynamic of frustrated economic development”, Nino Kobakhidze, director general of the Global Benefit Georgia insurance company told the television program Business Partner on TV Pirveli, . The new government program, in practice, covers only one year she said. The program is composed of multiple projects that were prioritized in 2012. The program reflects all challenges that are relevant today, Kobakhidze said. “First of all, I want to know how efficiently this program will be carried out, because the next year will be full of challenges for the new government, which agreed to rescue the team amid the frustrated dynamics of economic development. We should recognize that economic development has been stymied. A lot of projects were suspended over the past 2 years and there were no perspectives for resuming them”, Kobakhidze noted. The economic part of the new government program has all the right directions and all key points that were problematic for the business sector, and that were formed by the initiative of business associations. And now the business sector has to supervise the process of fulfilling these promises and control the process. As for the government, all agencies of the new
government bear equal responsibility for implementing this program, she noted. The business sector should, first of all, supervise how and how fast the government fulfills all promises. Each member of the government should manage and efficiently execute all parts of the program, including important issues such as the business ombudsman’s office development, the reduction of bureaucracy, intensification of communication with small entrepreneurs, as well as problem resolution on the level of industries, Kobakhidze noted. All instances of these trends should be mobilized starting from Infrastructure Ministry ending with Economy Ministry, she said. These programs comprises smaller numbers, but enable the business sector to carry out more control, and it contains a clearer message when compared to other programs, she said. “This program allows businesses to expand control mechanisms. The program puts forward that the government should withdraw from those fields, that the business sector is able to develop itself and save funds this way, and this is a good opportunity for business to talk with the government based on this program, if we detect resistance to this strategy. All the previous figures, such as a four-
point plan, five-point plan, two billion GEL invested in education and the railroad in Kutaisi, have not seen an economic effect with which we could measure the success of this or that specific Prime Minister or government team”, Kobakhidze explained. Global Benefit Georgia’s Director General hopes that Gakharia, as a formerly successful Business Ombudsman, will more efficiently resolve the business sector’s problems. “Giorgi Gakharia was the business ombudsman when I was working at a government office. Based on his position and economic views, he was an absolute supporter of the business sector. and he used to resolve the sector’s problems very quickly, and this experience encourages me to believe that he will more efficiently implement necessary reforms as the Prime Minister”, Nino Kobakhidze noted. “We should recognize that the frequent replacement of absolutely different governing officials on both the structural and central level has brought costs rather than benefits. Therefore, we only have to supervise the process, and with motivation and persuasion, something may actually work”, Kobakhidze pointed out. As reported, the new government program has prioritized the transportation sector, and this direction
was described as a new, separate chapter. With this plan, the Anaklia Seaport has both economic/political and security importance for Georgia. The Director General of Global Benefit Georgia has commented on this issue as well, and noted that the government has never made the Anaklia Seaport’s construction is of questionable importance and, therefore, it is unclear why this issue has become so disputed over the past months. “I cannot accept these messages, it is as if the government did not ever want to build the Anaklia seaport”Kobakhidze said. “It is surprising that someone poses these questions around the issue and, regretfully, the government does not provide the answers. In 2014, when the deepwater seaport issue was raised, I was one of the first figures at the government who coordinated this project, and the government showed a lot of interest in this project, and they were interested in building this. I am the chronicler of the Anaklia project, and I will never accept the idea that the government ever wanted to not build the Anaklia project”, Kobakhidze noted.
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The more the Prime Minister intensifies Communication with Business, the more he and the Country will win “We should guarantee discipline in taxation”, Giorgi Gakharia noted when introducing his government program to the Parliament of Georgia. “In general, I believe that we should guarantee taxation discipline. I believe the business sector will back this strategy if we hold direct, open discussions and communicate with it. We have adopted quite liberal tax legislation, but certain amendments should be made regarding control and enforcement. This is in the interest of our business sector, because the rules of the game must be the same for everybody. Taxation discipline is a field where we should work on concentratedly in the near future”, Giorgi Gakharia noted at the plenary session. Predictability is the most important value for the business, while the part of expenditures will be reduced where available. Business is the engine of the Georgian economy, and in the future more emphasis will be made in dialogue with business, he noted. The Prime Minister’s government program for 2019-2020 places focus on the Business Ombudsman institution, too. According to the program, the government continues active reforms to further the improvement of the business environment and promoting entrepreneurship. Moreover, the dialogue will be intensified with the business sector, and the Business Ombudsman’s office will be strengthened for the identification and resolution of current problems, Gakharia pointed out. Finance Minister Ivane Machavariani noted at the parliament that Georgia
will have one of the most liberal, flexible and efficient legislation taxation systems in the world. Machavariani also stressed that it is necessary to adopt the Insolvency Law. The Caucasus Business Week (CBW) has inquired how the business sector appraises the government program submitted by the new Prime Minister. “Urgent Necessity” – the businessman Lasha Papashvili appraises the economic part of Giorgi Gakharia’s program with these words. Ensuring taxation discipline is a similar field. Today, honest taxpayers remain in a discriminating situation, because, unlike dishonest taxpayers, this category pays all taxes and respects timeframes. All smart Prime Ministers would make place the same emphasis, Papashvili said. “Politics and economy are inseparable in the 21st century. Therefore, the more the Prime Minister intensifies communication with business, the more he and the country will win”, Papashvili pointed out. Domestic businessmen have discussed the same reforms with the Government many times, but none of the previous Prime Ministers have managed to change anything or abolish the profit and property taxes. Hotels in the regions work only 2-3 months a year, only on season, but they pay profits and property taxes for 12 months anyway”, Papashvili said. “We discussed this issue with the previous Prime Minister. He divulged his own position too, but he resigned to not having resolved this problem to the benefit of the business sector”,
Papashvili said. The GEL exchange rate’s depreciation has shaken hotel and other industries, and this should be cultivated , Papashvili said, and stressed that it is necessary to adopt the Insolvency Law. “We need a law on insolvency in everyday routine. Therefore, the faster it is adopted, the better”, Papashvili noted. “As for dialogue with business, I would not say communication with business was insufficient under the previous Prime Minister, but nothing efficient was carried out. Dialogue is one thing and enforcement mechanisms are another. Therefore, we should double the amount of communication and triple enforcement efficiency,” Papashvili said. “Giorgi Gakharia was a businessman. We have jointly visited the then-Prime Ministers and Finance Ministers. I can openly say that enforcement is a serious challenge. Naturally, dialogue is a good thing, but business expect further decisions. The Business Ombudsman’s office has lost a little efficiency, because its recommendations are not accepted by the government and this institution adopts a nominal and formal character”. The government should accept the initiatives and recommendations of the Business Ombudsman’s Office, Papashvili noted. BDO managing partner Zurab Lalazashvili explains that it is interesting to listen to taxation discipline details, because tighter measures under the previous government have not brought positive results. “If someone avoids paying taxes, and if there are dishonest taxpayers, naturally, this problem should be resolved, and
this is in our common interest. There should not be any business which avoids paying taxes. Therefore, I stress that we are interested in knowing the issue in details”, Lalazashvili said. “If they need more analytics at the Revenue Service, information processing for efficient implementation, and the discovery of the so-called Black Gaps with dishonest taxpayers, this is our common interest,'' he added. “The key principle is that all taxpayers should operate under the same regime. It is inadmissible that some should make use of illegal mechanisms, and some pay all their taxes honestly. This is not justice. However, if they intend to tighten auditing standards and impose unjust taxation on business by the Revenue Service, naturally, I do not welcome this. Therefore, we should know all the details”, Lalazashvili noted. “Dialogue with business is normal, but the business sector’s considerations should be analyzed. Prior to the introduction of new regulations, we should ensure communication with business, and take into account the sector’s considerations,” Lalazashvili noted. “There were a lot of regulations and the business sector’s interests were not taken into account. This is not the right way. Expulsion by the police force is similar, as well as bank regulations, lands, and so on. The business sector perceives the reality much better, and properly appraises any reality that may result from this or that regulation”.
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Madlena Manusachyan: "There is no ReadyMade Formula in Marketing" Interview with Head of Sales & Marketing Division of Hotel Chains, Madlena Manusachyan. Tell us about how you got into the field of marketing, and what factors played an important role in choosing this profession? I did my master in foreign languages, majored in English language and literature, I worked with my specialty for a very short time and then decided to try my luck in sales as I love communication with people. I went through many marketing and sales courses, and I realized I was interested in this field. ‘’Mgzavrebi’’ brought gave me an opportunity to gain experience and develop myself in this field. What challenges do you face as a head of marketing in the background of technological changes? The construction and tourism industry (the two main directions of our company) is booming. Technological developments affect most marketing campaigns. The main thing is to keep up with the pace and innovation. There are areas where you have to go beyond the framework. And even more important is the right communication with the customer, good quality service delivered throughout and after the decision. It’s necessary, every aspect of the company to be involved. What has changed in the field in the last 5 years, and what changes are expected? This field is changing so fast that there is no ready-made formula that is constantly working and everything we knew before is gradually useless. As for change, in Georgia and perhaps in the world, Digital marketing and social media have become more demanding and priority. What do you think are the most important traits a marketing manager should have, and what is his or her role in the organization in general? Marketing is a user-oriented field, so the marketing manager must be able to listen to the customer, to offer her company's product as accurately as possible, which requires a very good knowledge of this product. One also
must be capable of creative thinking and be sociable, be ready to constantly develop and learn. What are you doing to help the organization keep up with new trends and use innovative approaches in the field of marketing? I am constantly studying, getting acquainted with relevant literature, listening to successful people in the field, attending various training and seminars. In addition, feedback from the customer is very important, which dictates what needs to be changed. What’s your organization’s business model regarding PR and marketing? The market is becoming increasingly demanding, competition is high and only a satisfied customer is the guarantee of constant work, profitability and success - this is what we pay attention to. One word that describes your job.
Interesting. The most useful advice you’ve ever received in your life? "Get all things you begin done" - this advice received as a kid, turned out very helpful for me, that was probably about something very basic back then. I realized, leaving a job in the middle is a waste of time, that you’ve already spent on getting started and to only focus to finish, doesn’t mean getting it done. Therefore, you should do always stay on top of quality. Think of a person who inspires you, professionally. Naming one person, in particular, is hard. I was lucky and always got to work with very high-level professionals, which is a great motivation for me. Inspiration probably comes from successful companies, rather than specific people.
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Business News
Tbilisi Coffee Factory Project won the ArchDaily Grand Prix
Boris Brejcha to perform in Georgia Boris Brejcha will be performing in Tbilisi on November 2 for the fourth time. For his long-lasting career, the artist still remains as a headliner of the largest festivals and events. His music is described as “High-tech Minimal”.
Tbilisi's newly built coffee factory has won the ArchDaily & Strelka Award Grand Prix. The project is designed by Khmaladze Architects, a Georgian architectural company.
Georgian Wine and Spirits exports to the USA to increase Employment and Enlarge Vineyards
to 150 schools throughout the country within the Rehabilitation Program for Infrastructure of Education.
Bolero & Co. plans to launch exports of Georgian wines and brandy spirits to the US market in the near future.
Georgian Youngsters to create Anti-Occupational Game
Municipal Development Fund to spend 3.5 million GEL on Gurjaani Park Rehabilitation Municipal Development Fund has named the winner company that will rehabilitate the Gurjaani park with the financial support of European Investment Bank (EIB). The project is valued at 3.5 million GEL.
With the meaning of the social game "20%", creators protest 20% of Georgian territory occupied by Russia and with the non-traditional way they try, to bring an awareness of 2008 August war. With it, they reach out to inapproachable audience for different media or organizations.
Petra Fortress Rehabilitation to complete in 2020 A total of GEL 1 750 000 will be allocated from the budget for rehabilitation of Petra Fortress. In the frames of the project adapted paths, a visitor center, a café, exhibition buildings and parking lots will be arranged in the fortress’ area.
Georgia’s First Internet Browser Stack attracts 1 million EUR Investments
Industrial City wins Tbilisi City Hall Auction for implementing Radio City Project Industrial City has won the Tbilisi City Hall auction for implementing Radio City project. LLC Industrial City was registered on June 19, 2019. The 100% stake of the company is owned by LLC City Loft and its director is Valeri Chekheria. 150 Schools Undergo complete Rehabilitation and Construction by MRDI The Municipal Development Fund (MDF) of the Ministry of Regional Development and Infrastructure of Georgia (MRDI) implements complete rehabilitation and construction of up
Georgia’s first intent browser Stack has been selected by the Austrian-American startup accelerator 360Lab after long and complicated selection process among 936 startups.
Adjara Group launched New Website Adjara Group has launched a new website -Adjaragroup.com, which contains full information about current Adjara Group projects and activities. Through Adjaragroup.com, users will regularly find out about company news.
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Complete list of banking and non-bank status products: Banking Products: •Premium Class VISA / MASTERCARD PLATINUM Card •Free cash withdrawal from ATMs of TBC and partner banks •High daily limit of cash withdrawal at ATM •Terms of interest accrual on card balance •Free "Premium" card security service •Fixed rates on bank transfers •Preferential rates on withdrawals from savings and current accounts •Special offers on
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interests •Airport Lounge Access Card (Lounge Key; Priority Pass) Monthly fee for the Package – 10 GEL; More information about the digital team is available at the Link. If interested, please contact the Status Center at 2 272700.
working with parliament and the Ministry of Health at this stage, is raising compulsory accident insurance limits. “Risks have increased lately. There has been an increase in the number of accidents in the workplace. The employer's insurer must undertake to make sure that the damage caused to its employee is adequately compensated,
”said Aldagi's CEO. According to Giorgi Baratashvili, the issue is being actively discussed with both the Ministry of Health and the relevant Parliamentary Committee. According to him, after the change, the limits will be differentiated according to the fields and risks.
Aldagi assists Small and Medium-sized Businesses in adopting a Safety Standard at Work
"Small and mediumsized businesses are in an information vacuum over a new labor security bill," said Company Aldagi's CEO. According to Giorgi Baratashvili, Aldagi will assist organizations in introducing new labor safety standards. The Company's clients will be consulted by a “Safe Environment” specialist in assessing occupational
safety risks and retraining employees. "Small and medium-sized businesses do not have access to information, our primary task is to find providers that will provide free consultations and help ensure compliance with labor security in the enterprise," Giorgi Baratashvili said. According to him, another issue, where insurance companies are actively
“Rompetrol Georgia” hosts about 10 Foreign Bloggers and Journalists to support Tourism For promotion and popularization of Georgian tourism, “Rompetrol Georgia” is taking significant steps in Romania, Kazakhstan and in all the countries where the company operates. With the support of Georgian Nation Tourism Administration “Rompetrol Georgia” organized arrival of 10 Romanian and Kazakh journalists, travel and business bloggers to Georgia. Foreign guests visited historic districts of Tbilisi and also Kakheti, tasted unique Georgian cuisine and wine and got introduced to Georgian culture. During the visit, the participants of the press tour were met by Mariam Kvrivishvili - Head of the National Tourism Administration, Radu Liviu Horumba - Ambassador Extraordinary and Plenipotentiary of Romania, Bauyrzhan Mukhamedzhanov - Ambassador Extraordinary and Plenipotentiary of the Republic of Kazakhstan and Zamanbek Mirzayanov - General Director of "Rompetrol Georgia". "Popularization of Georgia is particularly important for tourism sector, and we
hope that Rompetrol Georgia's initiative will increase tourism in Georgia and contribute to the certain extent to the development of Georgian economy," said Zamanbek Mirzayanov, General Director of “Rompetrol Georgia”. The meeting highlighted how important it is for our country to introduce our products and potential to people in Kazakhstan and Romania and show clearly that Georgia is a safe tourist destination. “We are glad to host leading Romanian and Kazakh journalists and bloggers together with the private sector, particularly “Rompetrol”. We can show them how beautiful our country is and what a great tourist potential it has as a four-season tourist destination. It is important for us to introduce our products and services to the people in Kazakhstan as well as in Romania” - said Mariam Kvrivishvili. Fascinated and impressed by Georgian culture, journalists and bloggers have already left Georgia. The participants of the tour will prepare special reports and articles about Georgia to cover the news in
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foreign media. “Rompetrol Georgia” is a subsidiary of the international Group “KMG International” which operates in 11 countries in Europe and Central Asia and is engaged in activities such as trade, oil refining, retailing, marketing and other services of oil industry. The mentioned group owns the largest and one of the most modern oil refineries in South-Eastern Europe and the Black Sea region - “Petromidia” which is located in Navodari, Romania and supplies Rompetrol with a Euro 5 standard quality fuel.
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