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April 22, 2019 - www.cbw.ge
#280
WEEK
p.4 Whether Banking Regulations will be smoothed
p.6 Business that kills – Economy of Drugs in Georgia and Worldwide
Business Partner Your guide in business Everyday at 15:30 on Georgia's Public Broadcasting, Channel first.
p.3
Where do People love to travel from Kutaisi International Airport?
p.7 A Georgian AI Company selected among World’s 5 Best Teams
p.5
Outcomes of Banking Regulations – Number of Pawnshops declines by 400%
2 April 22, 2019 #280
Natia Turnava appointed as Minister of Economy
Price of Carrot and Potato rise by 12% in Georgia
Natia Turnava has been appointed as Minister of Economy and Sustainable Development of Georgia.
Potato and carrot prices have increased in many countries of the region, the market report by East Fruit reads.
TBC started Agile Transformation 4.6% Economic Growth recorded in February According to Geostat, the national statistics service of Georgia, in February 2019, compared to the same period of 2018, the pace of GDP growth was at 4.6%. At the same time, according to Geostat, the average real growth in January-February constituted 4.1%.
TBC has begun to introduce a modern and flexible Agile system. Agile is a new method of work, which means simplifying processes, reduction of bureaucracy and increasing efficiency.
Eighteen Wind Power Plant Projects submitted to Ministry of Economy
Minister of Economy: We plan to attract about 200 million FDI to Mines Sector in 2019
Government of Georgia has signed 18 wind power plant construction projects with various investors, the statement released by Ministry of Economy and Sustainable Development of Georgia reads.
“Mines sector is one of the key segments of our economy in terms of employment and attracting investments and promoting exports”, Minister of Economy Giorgi Kobulia noted at his meeting with the sector representatives.
Tbilisi City Hall to connect Turtle Lake with Mtatsminda Park through 6-km Footpath
March records 23% Upturn in Electricity Imports According to the information by Electricity Market Operator (ESCO), in March 2019, electricity imports to Georgia rose by 23%, as compared to the same period of 2018 and the total imports constituted 208.869 million kw/h.
With the support of GIZ (the German Society for International Cooperation), Tbilisi City Hall plans to restore woodland and arrange footpath on the territory of Turtle Lake and Mtatsminda Park, Tbilisi Mayor Kakha Kaladze noted at the city hall government meeting.
Role of Fisheries in Economic Development discussed at Conference in Batumi Representatives of the fishing industry gathered in the Georgian capital of Batumi for a conference entitled “Fisheries for the Economic Development of the Country”.
Minister of Finance meets with EBRD Vice President Minister of Finance of Georgia Ivane Machavariani has met with Jürgen Rigterink, the first vice president of European Bank for Reconstruction and Development (EBRD) as part of the annual spring meetings of the IMF and WB Group in the USA.
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;
Where do People love to travel from Kutaisi International Airport?
Vienna is the most demanded directions from Kutaisi International Airport by load factor in the first quarter of 2019 according to the United Airports of Georgia. Rome and Prague are the next demanded directions from Kutaisi International Airport. After these three cities comes Berlin and Memmingen.
So, here are the top 5 most popular destinations from Kutaisi International Airport. 1.Vienna 2.Rome 3.Prague 4.Berlin 5.Memmingen
3 April 22, 2019 #280
In the first quarter Kutaisi airport served 156,784 passengers, which is a 101% increase year-on-year. Kutaisi and Batumi International Airports are among the leading European airports with respect to passenger flow increase based on the data of Airports Council International Europe (ACI Europe). It is about airports which welcome less than 5 million passengers per year. Starting August 1 Hungarian airline Wizz Air will base a third aircraft AIRBUS A320 in Kutaisi International Airport and will introduce eight new European destinations. Those new routs from Kutaisi International Airport are: Bari, Basel, Brussels Charleroi, Copenhagen, Eindhoven and Tallinn. Wizz Air has been carrying out flights in Kutaisi since it opened its first Caucasian base in September 2016.
4 April 22, 2019 #280
Whether Banking Regulations will be
S m o o t h e d
According to a new survey by TBC Research, in March 2019 the pace of growth in non mortgage consumer loans became negative, and was at 1.9%. This is the lowest indicator of the past 6 years, and this means that the market for non mortgage consumer loans has stopped growing. The slowdown trend started in May 2018, when the National Bank of Georgia (NBG) passed a new decree in which commercial banks were banned from issuing loans without an income verification letter. On May 7, 2018, a unified top margin for issuing loans without an income verification letter was introduced – 25% of supervisory capital for commercial banks. Prior to adopting these amendments, the monthly pace of growth in non mortgage consumer loans was 13%. After five months, the pace of growth of this category of loans halved, and fell to 6.7%. After the introduction of a responsible crediting system, the pace of growth of this category of loans dropped below zero. The main package of banking regulations entered into force on January 1, 2019. As a result of the introduction of a responsible crediting model, the unified 50% top margin was introduced on interest rates, and obligatory submissions of with an income verification letter was introduced, and incomes categories were determined. All these requirements must be satisfied by all crediting companies. At the same time, a unified top marginal rate was set for the maturity of many categories of loans. For example, the longest maturity for a mortgage loan may be 15 years, transport loans – 6 years, consumer loan secured by real estate – 10 years, all other loans – 4 years.
Based onan analysis of applications from the business sector in the first quarter of 2019, the Business Ombudsman has named banking regulations as the new challenge, and noted that new banking regulations should be polished, because the regulations have already resulted in negative side effects for stores of home appliances and other business sectors. “The Business Ombudsman’s Office keeps up active communication with companies it is regulating. We believe that it is important to further polish these regulations to prevent dramatic effects on business activities. Sales at home appliance stores have dropped by about 40%60%, especially in the regions. Regulations have also affected the development sector”, Georgian Business Ombudsman Irakli Lekvinadze said. “After the enforcement of the new banking regulations, the number of pawnshops declined to 137 from 600. Interest rates increased. Four months have passed since the enforcement of these regulations, and we have a quite difficult situation: only 137 entities could get registered as a crediting institution. As a result, the number of pawnshops have dramatically declined and moreover, this portfolio moved to major financial institutions. As a result, the pawnshop business is questionable today, while there is growing demand for their services”, Irakli Berdzenadze noted. Another group of economic experts has a different position. They assert that these regulations have brought a lot of positive effects. “I do not know how these regulations could slow down the pace of economic growth, but the fact is that the balance of payments has improved, because these regulations have primarily impacted the field of substituting imports. However, naturally, importers are business too, and the slowdown may impact them.
Therefore, something balanced should be chosen to save people from getting on the Blacklist and are ejected from the economic process, but also to prevent extreme restrictions and enable people to buy desirable products. Under my supervision, the NBG and other departments are to find this golden mean. Regarding responsible crediting, the IMF report has quite dramatic appraisals, where business crediting is much lower than retail crediting, while this correlation should be the opposite. The correct monetary policy should encourage business crediting to ensure economic growth”, businessman Irakli Iashvili said. It is interesting that the Fitch rating company lowered the credit ratings of TBC Bank and Bank of Georgia as a result of the growth in fast retail loans and risks coming from expanded crediting in foreign currency. “There is nothing surprising about the business sector trying to make profits. This is indisputable issue, but it would be more reasonable to place their focus on a long-term strategy to gain profits and issue business loans, rather than installment loans for sales of fridges and stoves. Giorgi Gachechiladze, director general of the Bank of Georgia, has recognized in practice and confirmed that NBG-introduced regulations are necessary in the banking sector, because the expansion of retail loans without an income verification letter in the long-term may only provoke systemic risks. The primary shock from regulations turned out to not be very alarming. The crediting volume of TBC and Bank of Georgia has increased by 158 million GEL and 131 million GEL, respectively”, Shota Gulbani, head of the Association of Young Financiers and Businessmen (AYFB) noted. By Merab Janiashvili
“As
a result of banking regulations, the number of pawnshops has declined to 137 from 600. Interest rates have also risen”, financier Irakli Berdzenadze said regarding new regulations that the National Bank of Georgia (NBG) introduced 4 months ago. As a result of new regulations, the majority of pawnshops were on the brink of financial default, and their numbers declined. According to Berdzenadze, the requirements imposed on pawnshops for registration as crediting bodies were so complicated that everybody knew that these regulations would result in the disappearance of a lot of entities, he said. “On the one hand, the company could not satisfy the requirements which, regretfully, were identical for small, medium and major business companies. On the other hand, the majority of pawnshops could attract crediting resources through commercial banks, and it should be noted that GEL resources were quite expensive. In the case of USD resources, the risks were high, and this was a serious burden for pawnshops. Insolvency as a factor has a negative effect on pawnshops and the financial sector, in general”, Berdzenadze said. He also explains that the requirements set by regulators for small and medium pawnshops should also be mentioned. The expenditures of pawnshops increased, and their ability to be profitable became questionable. According to Berdzenadze, a radical contraction in the number of pawnshop business companies was caused by strict regulations. As a result, pawnshop business companies have no chance, in practice, for survival, and a lot of companies were made to sell their loan portfolios under terrible conditions, he added. “It should also be noted that pawnshop businesses did not have a negative social effect.Moreover, this sector represented an ideal mechanism for the fastest access to monetary resources. There was also a lot of competition, and this factor was reflected in interest rates that, in many cases, were lower than the interest rates of banking loans.
5 April 22, 2019 #280
Outcomes of Banking Regulations – Number of Pawnshops Declines by 400% In reality, 4 months have passed since the enforcement of these regulations, and we have received quite a dramatic situation, namely: about 137 bodies were registered as crediting companies. In practice, the number of pawnshops declined to a minimal number and, on the other hand, this portfolio moved to major financial institutions. As a result, today, the future of the pawnshop business is questionable, while there is growing demand for these services”, Berdzenadze said. “If this tendency continues, we will get a nonbank financial market, without competition, with small players and increased interest rates. As a result, consumers will have no alternative” he added. Ramaz Gerliani, a Doctor of Economics and founder of the Center for Economic Transformation, noted that banking regulations were expected to bring similar effects. “This is the result of regulations, not market realities. It is another issue as to whether this is bad or good. In the short-term, this is quite painful, but we could perceive it as an ordinary case in the long-term period. They were not to make these kinds of urgent and strict decisions. They did not analyze the expected effects of these regulations”, Gerliani noted. Geostat, the national statistics service, has not published 2018 indicators yet, however, at the end of 2017, there were 875 operating pawnshops in Georgia, with 55.7% of them in Tbilisi, 12.1% in the Imereti Region, 9.9% in SamegreloZemo Svaneti Region, 9.7% in Adjara and 12.5% in all other regions. The amount of cash in pawnshops at the end of 2017 made up 23.8 million GEL, including 79.8% in the National Currency and 20.2% in other currencies. As reported, new regulations were imposed on pawnshops several months ago. The sector’s representatives assert that the new requirements are so tough that some pawnshops cannot satisfy them.
6 April 22, 2019 #280
Business that kills – Economy of Drugs in Georgia and Worldwide According to the 2018 report by UNODC, drugs worth 4.5 trillion USD have been sold worldwide in 2000-2016 years. According to UN experts, the major sales market promotes such a turnover. According to the UNODC report, there are about 300 million people worldwide that actively use various drugs. Countries with the biggest quantity of drug addicts, 29 million people, are registered in the USA. The age of drug addicts ranges from 15 to 64. Only in Europe are drugs worth more than 30 billion USD sold. The turnover of many other drug varieties also seems impressive. According to the latest reports, about 430-450 tons of heroin are registered in annual turnover, including 380 tons produced in Afghanistan. Specialists have also identified the routes through which Afghan heroin penetrates the sales market. Specialists name two key routes. First, the Balkan route, crossing Iran, Turkey, Greece and Bulgaria. According to the UN experts, this route transits drugs worth about 20 million USD a year. The so-called northern route transits drugs worth about 13 billion USD a year. This route crosses Uzbekistan, Turkmenistan, Kazakhstan and the Russian Federation. Along with Afghanistan, opium is supplied from Burma, Mexico and Laos. According to the latest reports, opium plantations cover 5480 square meters worldwide.
According to specialists, in 2016-2017, opium production rose by 65% worldwide, and the figure reached 10,500 tons. Annual production of cocaine made up 1,410 tons. The key market supplier is Columbia, though cocaine plantations have been set up in Western Africa and Southeast Asia, too. The ratio of so-called pharmaceutical opioids (tramadol) has also considerably increased on the market. Just in 2016, the Special AntiNarcotics Services seized 87 tons of various pharmaceutical substances. India and China remain key suppliers of Tramadol and other synthetic opiates. Cannabis is the most popular narcotic substance among young people. According to the UNODC report, about 13 million adolescents between 15-16 years of age have used this drug even once.
What is the situation in Georgia in this respect? According to the last report by the US Department of State, Georgia is a country for the transit of chemical precursors for opium and heroin production – acid anhydride. The report does not mention the volume of smuggling, but according to later reports, about 11 tons of narcotics are transited through Georgia every year. According to official indicators, about 200,000 drug addicts are registered in Georgia. According to a survey by IDFI (Institute for Development of Freedom of Information), in 2015 the Authorities spent 4,243,800 GEL on the treatment of drug addicts, 4,782,900 GEL in 2016, 5,207,800 GEL in 2017 As reported, the purchase, preservation or consumption of narcotic substances in small volumes is punished by a 500 GEL fine. According to IDFI information, in 2017, the state budget received 1,708,000 GEL from these fines (January-October), while the authorities spent 2,448,520 GEL on drug tests in the same year.
7 April 22, 2019 #280
A Georgian AI Company selected among World’s 5 Best Teams System Corps is an organization working in artificial intelligence and software, where the team members’ average age is 20 years old. They managed to get to the final round at a Microsoft program called AI Guardian. They were among the 5 teams selected worldwide. The project, which brought the SYSTEM CORP team to Microsoft’s attention, focuses on artificial intelligence education. Namely, giving opportunities for the hearing impaired to receive a university education. We solved a problem for 466 million people, and this number will rise to 900 million by 2050 – the hearing impaired. 98% of them do not get an education in sign language. We are fighting for them to be fully integrated millions of people and their daily lives, careers or other things,” says Luka Chkhetiani at Marketer, Founder of SYSTEM CORP. At Microsoft, competition between the participant teams had to solve various issues during the process of studying, using artificial intelligence. SYSTEM CORP passed 3 stages: ‘’We had to pass 3 difficult stages, that included a technological check/
validation, as well as creating an organized business model. The fact that Microsoft's representatives demanded that we send a code and model to the demonstration of product demands for further analysis, to convince that we can build such architecture with our hands and minds that are competitive on the world market. " The project, named Echo, is unique in that it changes conversation in real time, from text and vice versa. Consequently, the technology is important not only for hearing impaired people, but also for blind people. Until now, the technology in this direction envisaged only translating the gesture into an audio format, or translating it into letters. However, it is important that, in sign language, the words are not the letters, but the combination of movements. Accordingly, the SYSTEM CORP team found the only solution, as they saud Echo transforms the conversation into text and vice versa, not the symbols, but the context. It is characterized by a high level of accuracy. The story of SYSTEM CORP began 3 years ago, at San Diego State University (Georgia). In the beginning, the company worked on system security, and then,
using the resources obtained by this, began to work on artificial intelligence. At present, 25 people are employed in the company. The recruitment strategy for SYSTEM CORP is quite interesting: "We are looking for students with very charming and dstinct intellects, someone that you can point to out of thousands of people for some reason. We employ them, and teach technology. " Technically, we gained a lot of experience. We had to create low requirement and high quality products. In addition, we are now familiar with the problems related to minorities, and we realized that technologies should not be used just for comfort, but should be used to address real problems. We realized that, in the technological field, we should be concerned about solving social problems, and not creating comfort.’’ SYSTEM CORP didn’t win in last week's AI Guardian final. However, according to Luka Chkhetiani, there was great interest from investors, including a representative from the Skype team, and negotiations are underway to integrate Echo with Skype. Marketer
8 April 22, 2019 #280
Nata Tsereteli: "Attracting Customer’s Attention became much Harder , but Interesting’’ Interview with Head of Marketing and PR Service of Supermarket Network "Goodwill", Nata Tsereteli. Tell us about how you got into the field of marketing, and what factors played an important role in choosing this profession? When I was a student, marketing was not popular in this country, and I attended a marketing lecture course by chance, and became acquainted within the project. I was amazed by the depth of marketing, starting from a psychology basis, to a character’s view of the advertisement, everything is to be considered and thought out. Diversity is what I like about my profession; you need creativity and skill for a deep analysis. In regards to technological changes, what challenges do you face as the head of a marketing service? First of all, it has become much more interesting and interactive. With developments in technology, we need to think more about not just what the brand says, but how and why it says what it says. With the background of a huge source of information, attracting the attention of the user became much harder, but at the same time more interesting. What has changed in the field in the last 5 years, and what changes are expected? More attention is paid to the behavior psychology of a customer, neuromarketing. I think that the behavior of the user is ever evolving, making it more mobile and simple. The challenge is that the brand has to be simple, and easy to remember. Everything genius is simple. What important features should a marketing manager focus on, and what are their roles in an organization? I have read somewhere that there are two deadly sins in business - to act recklessly and do not to act at all. You need a strong and bold marketing team, full of ideas that will be aimed at achieving the main goals of the company in order to avoid these sins. The qualities are the same - courage, love
for work and diligence.
One word that describes your job.
How do you help organization catch up with new trends and innovations in the field of marketing?
Love.
We consult with customers, focusing especially on and pay attention to dissatisfied customers, because their opinion is very important. Also, we are constantly looking for innovations, novelty. Goodwill was the first hypermarket on the Georgian market, and introduced the form to the Georgian market, and the fact that the customer has actually changed their consumer behavior. It still holds that the role of the standard bearer, and I am glad that I am contributing to this. What’s your organisation’s business model, in terms of marketing? The existence of the supermarket, a network without a customer orientation is impossible. So, the starting point is a customer, and that we've been around for 15 years now.
The most useful advice you’ve ever received in life? Never be afraid of novelty. Often, we are afraid of the unknown, learning and self development is a way to overcome this fear. Once I got this advice, which became a personal habit, and today I’m looking forward to new challenges. Think of a person who inspires you professionally. I can not name one person, because sometimes this can be a real person, or sometimes a character in a book or movie, or just a subject. Inspiration is a very subjective thing, and because of that, it is possible to get a very good and valuable idea from nothing.
9 April 22, 2019 #280
Business News
Delloway – Georgia’s First Booking Platform
Within the frames of Exhibition “Georgia Homeland of Wine” in Tokyo, the only wine master of wine in Japan, Kenichi Ohashi, introduced the presentation of Georgian wine for Japanese wine professionals.
Delloway is a startup, which is to connect house owners and tenants through a different business model. The company cooperates with owners of premium-class houses and provides real estate management services for them.
Borjomi pays 1.1 million GEL for Zanavi Mineral Water Exploration-Mining License The 25-year license for Zanavi mineral water exploration-extraction was sold for 1.1 million GEL. Wells N39, N143 and N144 nearby the village of Zanavi had been put out for auction and the starting price was 1 million GEL.
Lado Gudiashvili’s Painting listed for sale on Ebay Paintings by Georgian artist Lado Gudiashvili is listed on eBay. The cost of the work is 120 000 US dollars.
Georgian Vineyard to be planted in Cyprus The Georgian vineyard will be planted in Cyprus. Levan Davitashvili, Minister of Environment Protection and Agriculture stated about it at the signing ceremony of the Memorandum.
Co-Investment Fund names Presumable Reason behind Workers’ Slip from Panorama Tbilisi Structure Nothing threatens to the lives of three workers, who fell down from the Panorama Tbilisi structure, the Co-investment Fund representatives noted. Cooperation Memorandum signed between TBC and Tbilisi Hills Golf & Residences The newly built complex of Tbilisi Hills Golf & Residences was officially opened 6 months ago, and on April 13, a golf opening ceremony was held. “Georgian Winemaking Method is Unique” – Japanese Master of Wine
Tsotne Ebralidze to head Georgian Co-Investment Fund
Georgian Director invited to Switzerland for Filming
Staff changes is underway in the management structure of the Co-investment Fund.
Georgian film director Giorgi Varsimashvili was invited to shoot a short film in Switzerland. The film will be shot for a project that is supported by Locarno Film Festival. The above project should unite a short film of 15 filmmakers worldwide, which will eventually be one film and will be screened in the future at Locarno Film Festival. Participants of the project were selected by the famous Hungarian director Bela Tarr.
Sulkhan Gvalia transmits E-Space Governance to Avtandil Shavishvili Sulkhan Gvalia has transmitted the E-space governance to Avtandil Shavishvili. According to GBC news agency, the manager continues working at Bank of Georgia. He will start executing the commissions of Bank of Georgia deputy director on May 1.
10 April 22, 2019 #280
HUAWEI's New Camera receives Top Rating by BBC & Forbes Up to 5,000 items of media coverage in six hours, the HUAWEI P30 series smartphones are in the spotlight of the world. "A smartphone that gives the user exactly what he needs." "This is what the mobile industry has lacked” – media said of the HUAWEI P30 series smartphones. According to ‘Stuff,’ the configuration of the new series cameras is another step forward in the innovative world, definitely changing the rules of photography. Fix the furthest away objects, even the Eiffel Tower in full scale and at the same time incredibly close: this is now possible with a 10x hybrid, 50x digital and 5x optical zoom, The internet journal Beebom YouTuber explains that "HUAWEI Company has been working hard on the P30 Pro's super-zoom camera; none of the flagships can be equal to its opportunities. It's a smartphone with the best camera." "The HUAWEI P30 Pro's number of cameras, layout and deployment make it possible to take photos even with low lighting and greater distance, better then competitors’. Even minimum light is enough for the P30 Pro to capture stunning photos. It really changes the rules of the game in photography” Stuff wrote. The HUAWEI P30 series even caught the eye of the BBC. CCS Insight's mobile analyst, Ben Wood, states "There is no doubt that the 5X optical zoom is a distinguished, magical feature that the company has acquired with SuperZoom lenses, the new L type periscopic architecture. The results of the first tests we conducted were very hopeful and if everything goes well, the innovative camera will make the P30 series really outstanding against the background of competitors." The Daily Mail also reported about the HUAWEI P30 series, noting the assessment of Thomas Hasson, Forrester analyst: "By presenting the HUAWEI P30 and
P30 Pro, the company clearly demonstrates its position as a technological leader, the best in photographic capabilities through artificial intelligence." When it comes to poor lighting and zooming, Forbes finds the HUAWEI P30 series capabilities as “without an alternative.” Forbes analyst Ben Sin believes that "there is no competition: the HUAWEI P30 Pro is the leader." When compared to the IPhone XS, Samsung Galaxy S10 and LG V40, the P30 Pro model won in almost all categories. "We can judge that the photos taken by all four devices look the same, but when we find ourselves in the worst lighting conditions, the leadership of HUAWEI P30 Pro becomes even more noticeable, to the level that the competition no longer counts." HUAWEI introduced the new P30 series smartphones in Paris on March 26. With a completely updated, powerful and ultra sensitive camera system, HUAWEI P30 and HUAWEI P30 Pro drastically change the rules of photography. In the HUAWEI P30 series, we meet a camera system
created with Leica, which offers the ability to shoot professionally through the latest sensors and automatic image processing techniques. The world's first, the HUAWEI P30 Pro created with its Leica and 4-core cameras, is equipped with a 40 MP ultra-wide view and 20 MP wide lens. In addition, the P30 Pro's camera system includes 8 MP tele-photo lenses and TOF camera, which measures the depth of the object at a higher accuracy. As a result, we get a sharper focus on the object, and the background becomes more obscure with the help of a variety of effects. The P30 series also features the ability to unlock through an embedded fingerprint in the screen, wireless charging and reversible charging functions. With 40W's fastest rechargeable technology and powerful processor Kirin 980 with the 4200 millimeter battery, Smartphone is the best satellite for travel lovers. HUAWEI products and services are available in more than 170 countries and are used by a third of the world's population. There are 16 research and development centers operating worldwide in the USA, Germany, Sweden, Russia, India and China. HUAWEI Consumer BG is one of HUAWEI's three business units, mainly focusing on Smartphones, personal computers, tablets and cloud services. HUAWEI Global Network is based on 20 years’ experience in the telecommunications business and serves to provide innovative technologies to customers around the world.
11 April 22, 2019 #280
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