Caucasus Business Week #276

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March 25, 2019 - www.cbw.ge

#276

p.7 Markets and Fairs – a 30-year Problem

p.4 Negative Trade Balance sees a 5 Year Low

p.3

p.5

On March 31 Batumi will host Tourister tourism festival

Developers Offer Better Conditions for New Apartments, Bank Regulations Shrink Demand for Used Apartments

p.10 Weiss LLC Right Solutions

p.6 What Georgian sells and buys – Imports and Exports in 2018

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Finance Expert: "We should not expect FDI to grow with Current Management Model" Financier Giga Bedineishvili believes that having the current management model, Georgia should not expect an increase in foreign investment.

Giorgi Kobulia: "Belarus is Ready to strengthen Imports of Georgian Production" “Trade and economic relations between Georgia and the Republic of Belarus have been consistently developing over the last few years.

Hotel and Cafeteria to be arranged in Lagodekhi Reserved Area Arrangement of hotel and cafeteria is planned in Lagodekhi Reserved Area.

The auction has already been announced for the purpose of arranging tourism infrastructure. The winner must complete the infrastructure in 2 years and invest 1 million GEL.

Average Salary for Men is 1468 GEL, for Women – 906 GEL According to Geostat, the national statistics service of Georgia, according to the fourth quarter of 2018, average salaries in Georgia made up 1202 GEL, up 61 GEL year on year.

Rehabilitation Project of Dry Bridge Area begins Embrace Tsalka – EU launches New Rural Development Project in Tsalka Municipality European Union (EU), together with its partner organization CENN, officially launched a new rural development project in Tsalka Municipality. The “EMBRACE Tsalka” project aims to provide support to smallholders, entrepreneurs, women, youth and other local actors.

The rehabilitation works of Dry and Saarbrücken Bridges, March 9 and Deda Ena Park begins in Tbilisi.

Working Group for Development of Trans-Caspian International Transport Route held Meeting On March 12-13, a meeting of the working group on Development of Trans-Caspian International Transport Route was held at Hotel “Radisson Blu Iveria” in Tbilisi.

Another Large Hydroelectric Power Plant to be Built in Georgia Georgia’s Ministry of Economy has completed negotiations on the construction of another giant hydroelectric power station Namakhvani HPP, Deputy Minister of Economy Natia Turnava says.

M² begins Construction of a New Residential Complex in Tsavkisi – Success starts from Home m² in Tsavkisi is the first private housing project created by the company, which offers a user to live in a new and ecologically clean district where living in a balanced lifestyle is possible for its residents to rest, receive guests, do sports, get closer to neighbors, enjoy green and daily life.

Exports to EU declined by 10% in January-February, Rose by 45.7% with CIS According to Geostat, the national statistics service of Georgia, in January-February 2019, Georgia’s exports to EU declined by 10.7% and totaled about 118 million USD. At the same time, the imports with EU also decreased by 4.5% and totaled 304.2 million USD.

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;

On March 31 Batumi will host Tourister Tourism Festival The Festival, which is a joint project of Tourism Institute and Shindi marketing company, will be held on annual basis as a traditional event. Objective of Tourister is to outline challenges and opportunities in the tourism sector through studying and analysis of business practice, science, technologies, art, environment protection, marketing and cuisine.

The festival will be held on the territory of club Gate and Botanico. The festival comprises the following events: tourism forum, conversations about tourism, regional cuisine and exhibitions of startups.

“We should talk a lot about current challenges in the tourism sector. It will be difficult to attain sustainable development without analysis of the existing problems and challenges in the field. Tourism Institute feels this vacuum very well and plans to replenish this gap through events like Tourister.

Tourister festival will outline the current challenges in the sector. The forum includes panel discussions and experts will talk about specific challenges in the sector. The Forum will make focus on three key directions:

1. Legislative regulations; 2. Tourism policy; 3. Climate changes and interaction with tourism development; The forum will be continued with talks about tourism, where the field specialists discuss various issues such as marketing, culture, entrepreneurship, which directly or indirectly refer to tourism”, Tourism Institute founder Mamuka Berdzenishvili noted.

Along with the Forum, tourism startups will be exposed at Botanico club.

“Participants of the Startup exhibition will be able to find partners and establish relations with new business companies.

Visitors will be able to receive information about companies from various fields, including high-tech solutions and alternative tourism products”, organizers of Tourister festival noted.

The best ideas will be also financed in the future by the initiative of Tourism Institute and with sponsorship of Tourister festival.

‘We have already achieved agreement with our sponsors for funding the best ideas. Through our website we have

3 March 25, 2019 #276

already announced a competition for collecting ideas. A certain bank of ideas will be organized and we will introduce them to business sector representatives.

In case of interest we will organize their communication”, Mamuka Berdzenishvili said.

Promotion of Adjara cuisine will be one of the directions of Tourister Festival. Tourism Institute representatives believe that Adjara cuisine has much potential and this potential should be perceived and used valuably.

Culinary products of Laz People and Adjara Region will be introduced at the Festival.

Information about speakers, panelists, tickets and additional details is available on the festival website: https://tourister.ge

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Negative Trade Balance sees a 5 Year Low CIS Countries Expand Exports Ratio in Georgia’s Foreign Trade Turnover amid Slowdown with EU Countries

January-February 2019, Georgia exported 118.2 million USD products to EU countries, down 10.7% year on year.

The ratio accounts for 23.4% in total In January-February exports of Georgia.

2019, Georgia’s foreign Import volume made trade turnover made up 304.2 million up 1,739.8 million USD, down 4.5%.

USD, up 3.6% year The figure constitutes on year, including 24.6% in total imports. exports, which Georgia’s foreign trade constituted 505 million turnover with EU USD, up 13.2%, and countries amounted imports were marked to 422.4 million USD, at 1,234.8 million USD, down 6.3% year on up 0.1%. Georgia’s year. As for the trade negative trade balance deficit in Januaryin January-February February 2019, its 2019 amounted to ratio in total negative 729.8 million USD, trade balance made up which is 41% in 25.5%. foreign trade turnover. In January-February In the same period, 2019, Georgia’s exports exports without reto CIS countries made exports constituted up 254.8 million 342.6 million USD, USD, up 45.7% year up 5.2% as compared on year. The figure to the same period of constitutes 50.4% of 2018. total exports. Imports As for Europe, in in the reporting period

amounted to 372.9 million USD, down 14.4%, and this is 30.2% in total imports.

Foreign trade turnover with CIS countries made up 627 million USD, up 2.8% year on year. As for the trade deficit, its ratio, in total negative trade balance, in January-February 2019 was at 16.2%.

In the reporting period, the ratio of the top ten exports markets in Georgia’s total exports constituted 73.7%, including Russia – 81.3 million USD, Azerbaijan – 58.4 million USD and Turkey – 39.6 million USD. As for imports, the ratio of top ten importer countries in Georgia’s total imports constituted 69.6%, including top three importer countries: Turkey – 194 million USD, China – 142 million USD

and Azerbaijan – 126 million USD. Regretfully, Georgia’s exports products are less diverse. For example, in JanuaryFebruary, Georgia’s exports made up 505 million USD, where the ratio of top ten exports items accounts for 67% in total exports (336 million USD), and the ratio of all other products was 33% (168 million USD).

As for the top ten export products, two of them are not manufactured in Georgia, and they are re-exported – vehicles and tobacco. Three of them are semi-finished products – ferroalloys, gold and copper. It is worth noting that this tendency has been ongoing for many years, and it does not only reflect the details of 2019 JanuaryFebruary foreign trade.

By Merab Janiashvili

5 March 25, 2019 #276

Developers offer Better Conditions for New Apartments Bank Regulations shrink Demand for Used Appartmens Jus as with new residential buildings, the demand for used apartments has also declined in Tbilisi. In the first case, bank regulations aim to restrict crediting volume. In another case, apartment sales declined because of high prices.

Zurab Eristavi, a representative of the Georgian National Real Estate Association, explains that the prices of new and used apartments per square meter have almost evened. If a person sells an old apartment in Saburtalo for X price, almost the same prices with comparatively higher tariffs can be seen for apartments in new residential buildings.

Companies have introduced internal installment schemes. Consequently, everybody tends to buy new apartments.

Demand for used apartments has declined for the following reasons: despite how good the apartments are, previous and current living standards differ considerably. Today, at least two WCs are required for a family. This factor was ignored in old apartments.

Dining rooms are very small in older apartments, and that’s why the demand for old apartments has declined.

Problems arose after the restriction on mortgage loans, too. As a result, developers decided to offer better conditions, and this factor became a precondition for the reduction of competitive capacity on the secondary market”, Eristavi said.

Representatives of the Real Estate Agency declare that frequently the price difference between a new apartment and an old apartment differ little, and therefore, buyers are losing interest.

Representatives of the Kibe real estate agency say that sales of used apartments have decreased.

“Used apartments frequently require repair work. There are a few

repaired, used apartments, and their prices are equal to the price of recently built new apartments.

Frequently, 60-75% of buyers show a preference for new apartments, because they prefer a new space which is ready for overhaul work, even more so in a new residential building.

The fact is that only a small number of people do not trust new apartments, while in major companies, the prices are higher. Consequently, consumers cannot pay higher prices and they have to buy old ones.

According to their explanations, in this case, residential buildings are seriously important. They examine where the building has additions, how stable it is, and so on. Each client has his own priorities. The prices of used apartments are declining on an individual basis.

About 10%-15% do not lower apartment prices categorically, and consequently, the apartment sales process continued for months.

“The demand for old apartments is reported in Saburtalo, where there are apartments with a high ceiling and thick walls. They do not have elevators, but the majority of them are not multi- storied structures.

There is a very low demand for Khrushchovkas. I would say this demand does not exist in practice.

Apartments may be in good condition, but the quality of a resident in the building is the worst. Similar apartments cannot raise the interest of potential buyers if they learn the building has additions. Big apartments with more than 100 square meters of space are also sold with great difficulty”, KIBE representatives noted.

Tornike Abuladze, the executive director

of the ARCI development company and a representative of the Georgian Association of Developers explains that the demand for old apartments has declined because of certain reasons, including the comfort of acceptance of the idea of a of a new apartment.

‘When you have decided to buy an apartment, you visit some specific developer, and you are offered not one apartment, but 8-10 various possibilities.

Which one do you prefer? It is more convenient to buy an apartment from a private person than to examine 50 apartments separately. This is very uncomfortable. Therefore, it is strange, but one of the key factors as to why buyers prefer to buy an apartment under construction is the simplicity of a decision”, Abuladze noted.

Citizens buy old apartments for two reasons: 1) they prefer to move to the purchased apartment on the same day, or in no more than 1 month and secondly, they avoid waiting for the completion of buildings under construction, he said.

Abuladze explains that the 2018-2019 statistics are very interesting.

“I believe old apartments will be sold and the market will lack new ones because of regulations, which has narrowed the supply of new apartments. As to prices, if the price of a new apartment grows, prices of old apartments also rise. And we see that the price of new apartments is growing, because new regulations have made the construction process more expensive”, Tornike Abuladze pointed out.

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What Georgian sells and buys – Imports and Exports in 2018 According to Geostat, the national statistics service of Georgia, Georgia’s exports in January-February 2019 rose by 13.2%, while imports increased by 0.1%. Foreign trade turnover has risen by about 3.6% to 1.74 billion USD. It is interesting that the ratio of CIS countries in Georgia’s exports makes up 50.4%. The country exported products worth 254.8 million USD to the CIS countries in January-February 2019, while exports to EU countries constituted 118.2 million USD. A different situation is reported in terms of imports. Imports from CIS countries surpasses imports from EU countries by 68.7 million USD, while exports to the CIS space exceeds exports to the EU by 136 million USD. Turkey remains Georgia’s major foreign trade partner in terms of both exports and imports. Russia ranks second, Azerbaijan third. In JanuaryFebruary, Georgia sold products worth 81 million USD to Russia.

Azerbaijan ranks second with 58 million USD, and Turkey is third with 40 million USD. Turkey remains the leading country in

terms of imports, from which Georgia imported products of 194 million USD. China ranks second, with 142 million USD imports.

Azerbaijan is third with 126 million USD of imports, and Russia ranks fourth with 122 million USD of imports.

Like previous years, copper ore ranks first among the top export items, with 78 million USD, vehicles ranked second with 56 million USD, ferroalloys rank third with 51 million USD, and wine comes fourth with 33 million USD. As for import items, oil ranks first with 101 million USD, natural gas is second with 89 million USD, and copper ore and concentrates rank third with 72 million USD. As for the year of 2018, according to Geostat indicators and the Georgia government’s estimations, in 2018, the country beat all records. Foreign trade turnover was marked at 12.5 billion USD, up 17% year on year, including export increased by 22.9%.

Georgia sold products worth 3.4 billion USD on international market throughout 2018.

Like the period of January-February 2019,

in 2018 Turkey emerged as Georgia’s major trade partner. Trade turnover between these countries exceeded 1.8 billion USD. Georgia exported 1.8 thousand tons of textiles, 27.2 thousand tons of ferroalloys and 13.6 thousand tons of copper ores. In exchange, from Turkey, Georgia imported medications, 849.1 thousand tons of various pipes, 26.6 thousand tons of ferrous metals and 1.8 thousand vehicles.

At the same time, Georgia-Russia trade turnover was marked at 1.4 billion USD, while the figure made up 1.1 billion USD with the third major trade partner, Azerbaijan.

Georgia’s top ten trade partners also include: China (1 billion USD), Ukraine (680 million USD), Armenia (627 million USD), the USA (519 million USD), Germany (482 million USD), Bulgaria (440 million USD), and France (307.5 million USD).

According to specialists, it is a very positive indicator that exports of agricultural products in 2018 increased by 23.2% compared to 2017.

The total value of the agricultural products exports made up 959.2

million USD. Wine exports constituted 1,979 million USD. The export of mineral and spring waters exceeded 110 million USD. Mutton and beef exports rose by 53% in 2018.

There are all opportunities that Georgia will increase its success in 2019, specialists assure. Free trade agreements with the EU, EFAT countries, China, Turkey and Hog Kong help to shape preconditions for that.

As reported, Georgia is expected to launch negotiations on free trade agreements with the USA, Japan and India. According to specialists, additional exports markets will further increase Georgia’s economic potential.

By Zurab Khachapuridze

Markets and Fairs – a 30-year Problem

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S

everal days ago, the management of Eliava Market, one of Georgia’s major trading zones, proposed a rehabilitation project which calls for arranging a new infrastructure project, building modern structures and, in general, establishing order in the territory.

At the same time, Tbilisi City Hall noted that, in the near future, sales of used vehicle spare parts and used tires will be banned in residential zones. This means that the current form and current location of Eliava Market will not exist any more – the majority of this trading facility gives room for the sale of used vehicle parts.

This is a very complicated problem to resolve. About 15 000 citizens work at the Eliava Market, and this is a sharp social problem. Even the previous government could not resolve this problem. In 2005, the authorities took efforts to relocate the market to the suburb, but the sellers organized protest rallies, obstructed road traffic, and the authorities changed their mind.

All the unrests were related to the Tbilisi development general plan. It was vitally important for market owners that this facility was included in the general plan as a trading zone, not a recreational zone, as planned previously.

The general plan has already been adopted, and nobody knows whether the work will continue for rehabilitation of Eliava Market, as market owners have calmed down, and the beautiful projects will be forgotten.

However, the noise around Eliava Market is only one part of the huge problem – the worst heritage of the 1990s – and the problem with markets, fairs, and unorganized trade. All authorities have failed to resolve these problems.

When ordinary citizens hear the word market, they imagine a huge and segmented facility within a single system.

However, in Georgia, everything is found in a more complicated form. For example, the Eliava Market. The market in itself is one aspect, and unorganized trade activities around it is another aspect and these activities have long penetrated different neighborhoods and streets.

The same situation is everywhere. The market in itself is the center, while for many years the huge, unorganized and absolutely uncontrolled trading space was shaped around it.

This factor aggravates the problem; establishing order in the market or fair has become useless without removing the adjacent street trading activities. This is impossible because of the aforementioned social factors.

However, it is clear that, today, all this archaic trading is absolutely inconsistent with the existing reality and asimilar catastrophic situation does not exist in even much poorer countries.

The chaos broke out in the 1990s, when 80% of jobs suddenly disappeared, and only one way existed for people to earn a living for their families – trading in the street.

Many years have passed since then,

but little has changed. Today in 2019, all markets and fairs are as chaotic and disordered as in the 1990s. Thirty years have passed in vain, as owners of these facilities have not improved anything, despite the fact that they have earned millions of GEL. However, there is the social problem, where, besides the insatiability and cupidity of bazaaris. A lot of things have changed in the country as a result of reforms carried out over the past years, but, according to an estimations by the International Monetary Fund (IMF), the life of only around 20% of the population was improved thanks to the mentioned reforms.

There is a wide circle of citizens in the country who never get the benefits of these reforms – nothing has changed for them.

They live and work in the same way as they did 30 years ago. The only difference is that electricity is not disrupted, the Mkhedrioni (paramilitary criminal forces in 1990s) does not exist, and there are smartphones.

All authorities in Georgia face the same problem – what to do with them? Even more so, this issue has become more acute today, when Tbilisi is trying to become one of the tourism centers of Eurasia, and the current indifference in the streets is absolutely unacceptable and inappropriate.

Should we remove markets and arrange alternative employment? Where, how?

Should they go back to the villages?

What will they do there? The villages are overpopulated and the existing land resources cannot satisfy their demand.

Should they be employed in the cities?

Where? There is almost no industry in Tbilisi and even if there was – specific qualifications and skills are required at any plant and people who stand at the counter for 30 years do not have similar qualifications and skills.

This is a blind alley.This chaotic and archaic trade is the only way for hundreds of thousands of citizens to earn their living, and it is impossible to arrange alternative employment for them, the job places do not exist, nor do they have qualifications.

The single option remains – establishing order in the existing markets and fairs.

However, there is one problem: the owners do not want to spend money.

Another reason is that there are huge facilities where everything is messy and interconnected. It is almost impossible to bring order in this situation. It is necessary to dismantle these structures and build new ones.

This process requires time and a much more serious amount capital, as neither business nor the authorities have similar resources…

At the same time, we should not forget that hundreds of unorganized facilities operate around each market, and these do not belong to the market in itself, and create a separate problem.

In one word, we have a dead end situation.

Even if the problem with Eliava Market is resolved, this is only one part of the huge problem.

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Tata Kapianidze: "The Best Source of Inspiration is a New Day with its New Challanges" Interview with Public Relations Manager of Infrastructure Construction Association, Tata Kapianidze.

Tell us about how you got into the field of marketing, and what factors played an important role in choosing this profession?

Public Relations, Communications and Marketing - I made this choice when I fully realized what direction I was interested in, so I decided to plan the next step of my education in this direction.

Search for news, constantly search for new challenges and react to them: this is a hobby for me, and this field gives me the opportunity to specifically work on this.

"How to Respond to Challenges" - I think this is the most important thing in fostering creative freedom in the field, and finding innovative solutions, which is some kind of professional gambling. This is especially important when working with organizations such as Business Supporting Organization. There is no pre-determined and strictly defined guideline system, and is different from both state structures in this direction and the corporate company model. This is the factor that distinguishes an ICCA-type organization from others.

In regards to technological changes, what challenges do you face as the head of a marketing service?

Technological innovations profoundly affects a variety of how different mediums perform, which is a foundation for communications specialists, on the one hand, it is a challenge and, on the other hand, it’s a flood of new capabilities which bring in innovative ways of spreading messages, and allow its use in construction projects and the conceptualization of the processes much more efficiently.

What has changed in the field in the last 5 years, and what changes are expected now?

Not just in the last five years, but the field changes almost everyday. New channels enter or leave the market.

Technological changes also require constant review to fit people with modern, businesslike and a fast-paced rhythm of modern life. Today, people have more demand and more knowledge, such as energy efficiency, construction materials, and their quality, new standards, etc.

Therefore, all new places of emphasis should be taken into consideration.

What important features should a marketing manager focus on, and what are their roles in an organization?

I think research skills are very important, and take the right choice after that. Actually, this decision defines everything: you choose a segment, a message, a way to disseminate information, content, medium, form, time… All components are equally important. My experience in various mediums (television, web, radio) turned out quite helpful for me, and I used later in the search of relevant channels as a public relations manager.

What steps did you take, as an organization, to catch up with new trends, and use innovative approaches in the field of marketing?

It’s crucial to catch up with novelties, starting with opportunities on new devices, to the daily routine of people.

You have to find out and connect to each other, find new opportunities, and create relevant message delivered by the user.

What’s your organisation’s business model, in terms of marketing?

Our business model, as I mentioned in the beginning, is relatively different from other models. Like the other Business Supporting Organization (BSO), ICCA's organic task is to advocate and lobby in the business sector, and, in this particular case, for the interests of the construction sector. The Association works as a set of legislative regulations in Georgia, maintaining healthy competition and develop innovative technologies, improve the level of education of the specialists in the sector, while the Association tries to stay close to member organizations, and to find and respond to their needs.

The most useful advice you’ve ever received in life?

To look at events from different angles.

Think of a person who inspires you professionally.

I think we can name specific names, from creators of century campaigns, though I still think that the best source of inspiration is a new day with new challenges.

9 March 25, 2019 #276

Business News

SOCAR launches Creative Campaign “Euro 2020”

network, and show their work in public. In Japanese, PechaKucha means “bla-bla-bla” or ”chitchat”. Now in over 1000 cities, PechaKucha Nights are informal and fun gatherings where creative people, innovators, entrepreneurs, changemakers.

For the first time in the history of football, Euro 2020 will be held in 12 countries. UEFA’s new initiative aims at taking global celebration of football to the new height. SOCAR joins the global celebration and launches creative campaign from March 2019.

First Georgian Whiskey JIMSHER to go to USA This year the first Georgian whiskey JIMSHER will be exported to the USA. The company will export all three varieties.

Georgian art director, Nika Gujejiani, who died in a tragic car accident last week. Every year award will be given to a person who will make a great contribution to the development of the advertising industry. Nika was one the prominent art directors in Georgia, who was passionate to change the country for a better place, develop the industry and proudly present our country. He was the author of first 3D printed Qvevri.

Georgian Grocery Store to open in Belarus and Tractors to be Jointly assembled in Georgia

Vice Prime Minister: "Panasonic to open Regional Center in Georgia"

Georgian grocery store will be opened in Belarus and tractors will be assembled at a joint venture that will operate in Georgia. It was announced at a meeting of Mamuka Bakhtadze, Prime Minister of Georgia with Mikhail Rusy, Deputy Prime Minister of Belarus.

Panasonic company will carry out a consolidation and supply of regional cargos to Armenia, Azerbaijan and Georgia from Gebruder Weiss, Maia Tskitishvili, Minister of Regional Development and Infrastructure, noted at the inauguration of the logistics and warehouse center of Gebruder Weiss in the South Caucasus.

Government to finance Mariah Carey’s Concert at Black Sea Arena by 750 000 USD As part of Check in Georgia state program, on May 29, 2019, the Black Sea Arena will host a concert by Mariah Carey. Tickets are not in sales yet.

PechaKucha Nights gathers Creative People in Tbilisi to share their Ideas PechaKucha Night was devised in Tokyo in February 2003 as an event for young designers to meet,

Pilot Green Waste Recycling Project launched in Marneuli

Government keeps Silent on State Assistance Package for Agara Sugar – Factory suspends Operation again

A new waste separation, collection and recycling pilot project was launched in the Georgian city of Marneuli last week.

Agara Sugar has suspended operation again.

About 400 employees have lost job places.

Alkhan Alizade, the company director general, talks about the suspension details for BM.GE.

Georgia – Homeland of Wine Exhibition Officially opens in Tokyo

Cannes Lions Georgia creates Special Award on Behalf of Art Director Nika Gujejiani The representative of the Cannes of Georgia decided to create Honorary Award on behalf of

Tokyo, the capital of Japan, is hosting Georgia-Homeland of Wine, an exhibition celebrating Georgian viniculture and history. Today, the exposition was officially opened by Georgian Prime Minister Mamuka Bakhtadze together with Minister of Environmental Protection and Agriculture Levan Davitashvili.

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Company Introduction

eiss LLC Right Solutions

Company Weiss entered the market in 2016. It is the subsidiary company of one of the largest holding BLOCK LLC. The Company managed to become the biggest Financial Services Company in Georgia in shortest time and recruited employees with many years experience in this field.

Our company and it’s highly qualified staff are oriented: •Assist the existing business sector in Georgia; •Assist the existing business sector in Georgia in effective time management; •Assist the existing business sector in Georgia to minimize financial expenses; The Company Weiss operates in four main directions: •Accounting Service; •Audit Service; •Call-Center Outsource; •Insurance Service; Responsibility Company Weiss is fully responsible for its services.

The organization that has outsourced accounting and is served by company Weiss, 100% is protected from tax hazards, Which gives us advantage over other financial companies.

Transparency The name (Weiss) in German means pure (transparent). This is our main value. We are totally open for both our customers and those companies we cooperate with. Transparency leads trust between us and our partners, which is a prerequisite for success.

Mission & Goal The brokerage company "Weiss" is focused on customer satisfaction and its mission and goals are based on clearly defined principles such as: Right solutions: Our main objective in to help clients to make the right solutions. Company Weiss offers clients the best price for the best quality products and services in the shortest time.

Professionalism Weiss is focused on permanent retraining, development and professional growth of staff. This allows us to have a team of professionals, which is the prerequisite of further success.

Communication and fast reaction Permanent communication with partner companies allows us to quickly respond to client’s any request.

This makes customers feel comfortable and helps to make the best decision.

Flexibility Fast and flexible service ensures comfort for the client, which is the number one objective for us.

That’s why bureaucratic schemes are brought down to the minimum level in the company, which enables us to improve quality in permanent mode.

To be continued . . .

Lasha Bakuradze CEO

11 March 25, 2019 #276

A Highlevel Business Delegation from Hong Kong visited Tbilisi to explore cooperation opportunities 30 delegates of the Hong Kong Trade Development Council (HKTDC) arrived in Georgia for 3 days to explore the cooperation opportunities. A high-level business delegation was led by Edward Yau, Secretary for Commerce and Economic Development of Hong Kong SAR government. Delegates from various professional service sectors had meetings with the representatives of Enterprise Georgia and Partnership Fund of Georgia as well as the representatives of the ministry of Economy and Sustainable Development of Georgia, ministry of Finance of Georgia and etc.

The aim of the official visit of HKTDC delegation was to explore the potential business partners in Georgia, as well as enlarge the contacts in the country. Hence, delegates attended several seminars to receive as much information as possible.

The information concerning the investment environment in Georgia was provided by the director of Enterprise Georgia Mikheil Khidureli.

Edward Yau, Secretary for Commerce and Economic Development of Hong Kong SAR government concluded the results of the meetings while holding the briefing with media. He highlighted the purpose of the business delegation and the importance of cooperation between business circles of Hong Kong and Georgia.

“Hong Kong is one of the major financial centers not only in Asia, but in the world.

We’re interested to develop and cooperate with the other countries. We came in Georgia to maintain closer economic partnership. We’re ready to connect to the wide world. Georgia is a strategic location as a gateway to this part of the world, particularly - Eurasia. We’re interested in an infrastructural development here and we’re hoping Hong Kong and Georgia could go even further in sort of maintaining closer economic partnership. ,”- says Edward Yau. After meeting the high-level delegation from Hong Kong, the Director of Enterpries Georgia, Mikheil Khidureli concluded the results of seminar.

“Georgia is a hub for Hong Kong where it is possible to enterprise products and using the free trade agreements it is possible to reach market of 2.3 billion. We’re the only country in the region which has the free trade agreement with China as well as with the Europe. Moreover, Georgia has an historic knowledge and qualified workers to support the investments which will be made here,” – claimed Mr. Khidureli.

Before leaving Georgia the delegates also met with the president and members of Georgian chamber of commerce and industry, the representatives of Hualing group and Anaklia Deep Seaport Development Consortium. After the official visit to Georgia, the high-level delegation of the Hong Kong Business Development Council left for Budapest.

It was not the first official visit of a high-

level delegation of the Hong Kong Trade Development Council (HKTDC) in Georgia.

Last year the official representatives of Hong Kong and Georgia signed a free trade agreement which emphasizes the additional perspectives concerning the trade relations between two regions. Furthermore, same year the Memorandum of Cooperation was signed between the Agency "Enterprise Georgia" and the Hong Kong Trade Development Council to enhance the cooperation.

About the Hong Kong Trade Development Council (HKTDC) The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organizes international exhibitions, conferences and business missions to create business opportunities for companies, particularly SMEs, in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels.

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