News

NetExpo Georgia – A new database and search system of Georgian products
The presentation of a new project NetExpo Georgia was held on December 21, 2007 at the Sheraton Metechi Palace. The invited guests who attended the event included leading businessmen and government representatives.

“Dignified Start” – A new dual initiative of the private sector and the government
The private sector and the government of Georgia have launched a new joint initiative to help the socially underprivileged families. Every year the representatives of the private sector will allocate certain amount of funds to which the government will add twice that amount and evenly distribute to the newly born babies of the Georgian families who live below the poverty line.

First Polish National Exhibition in Georgia
The first ever Polish National Exhibition in Georgia will be held on 5-8 December 2007 at the EXPO GEORGIA trade exhibition centre.

Georgia and Turkey Sign Free Trade Agreement
The Minister of Economic Development of Georgia and the State Minister of Turkey signed the Free Trade Agreement at the Georgia-Turkey business forum held on November 21 in Tbilisi. The agreement is to facilitate the development of trade-economic cooperation between the two countries, encourage entrepreneurs to gain access to markets and support the implementation of investment projects.

Baku-Tbilisi-Kars Railway project to be launched
On Wednesday, November 21st Georgian and Turkish officials will sign free trade agreement and avoidance of double taxation treaty. The event will also gather Georgian and Turkish businessman who are interested in investments in Georgia and would benefit from these treaties.

IMF Mission Press Statement at the Conclusion of a Staff Visit to Georgia
A mission of the International Monetary Fund (IMF) visited Georgia during November 1-9 to assess recent economic developments and prospects for 2008. The mission met with senior government officials and representatives of the private sector.

Short-listed candidates named for the Poti Sea Port bid
The Ministry of Economic Development of Georgia has named short-listed candidates for its bid regarding the Concession of Poti Sea Port and Development and Operation of Free Industrial Zone (400 ha) Adjacent to the Port for 49 Years with Management Rights.

Wi-MAX to the rescue
Wi-MAX, a wireless internet service, promises to conquer Georgia. Experts are hailing the introduction of Wi-MAX, saying the system will finally put an end to the arguments about shortages of copper cables which have marred relations between consumers and providers lately.

Participation of Georgian delegation in annual meeting of IMF and World Bank
Kakha Bandurashvili, Deputy Finance Minister of Georgia, and Aleksi Aleksishvili, member of the Board of the National Bank of Georgia (NBG), participated in the annual meeting of the International Monetary Fund and the World Bank (WB), which was held in Washington on October 20-22.

Georgian National Investment Agency opens its new office
On Wednesday, October 24, the Georgian National Investment Agency will hold a presentation of its new office. The new office is located on the Khetagurovi Street 6, on the left bank of the Mtkvari River. The Georgian National Investment Agency will also present its renewed staff.

Georgian-Armenian cooperation proposed
Prime Minister of Georgia Zurab Noghaideli met his Armenian counterpart Serzh Sarkisian during his visit to Yerevan on October 15. The prime ministers discussed cooperation between their respective nations.

IFC Supports Georgia with a $20 Million Investment
IFC, a member of the World Bank Group, will provide financing to Georgia’s Bank Republic to support the expansion of its small and medium enterprise, mortgage, and educational lending programs.

IFC Supports Real Estate Development in Georgia
IFC, a member the World Bank Group, will invest in the Georgian Reconstruction and Development Company’s real estate development projects, which will address Georgia’s increasing demand for quality commercial and residential real estate infrastructure in urban areas.

Georgia - German Business Relations
A 24-person delegation of German businessmen paid a three-day visit to Georgia on September 20. The purpose of the visit was to identify and get to know the investment environment in Georgia as well as to establish and foster direct contacts between German and Georgian business sectors and governments for future collaboration.

Georgia welcomes South Korean investment
Georgian Parliament Chairwoman Nino Burjanadze visited South Korea, where she held meetings with South Korean business circles within the framework of her visit.

A conference of the Georgian-US business council “Choosing Georgia”
A conference of the Georgian-US business council "Choosing Georgia" has been held at the hotel of the Courtyard Marriot. Georgian Prime Minister Zurab Noghaideli opened the conference. According to Noghaideli, last year the USA was number 2 investor in Georgia.

Memorandum of understanding on enhancing economic relations
Millennium Challenge Program and the foreign Investment company signed a memorandum of understanding on enhancing economic relations.

Tyco to construct undersea fibre-optic system for Caucasus
Georgian telecommunications provider Caucasus Online has signed a contract with Tyco Telecommunications to construct an undersea fibre-optic system. Tyco will construct a 1,100 km trans-Black Sea undersea fibre optic cable system connecting the Republic of Georgia and Bulgaria. The system will serve Georgian markets by providing direct access to Western Europe via an undersea fibre-optic link. The system will be comprised of a two fibre-pair point-to-point link connecting the main Georgian port of Poti with the Bulgarian coastal city of Varna.

The annual wine festival will be held at the end of October in Sighnagi
The annual wine festival will be held at the end of October in Signagi. Festival attendees will include local and foreign investors. On the festival there will be presented some sorts of wine not only from Kakheti region, but also from other regions of Georgia.

Kaztransgaz to Invest $100M in Tbilisi Gas Supplying System
Kazakh state company KazTransGaz will invest $100 million in Tbilisi gas supplying system rehabilitation instead of previously planned $80 million. Serik Sultangaliev, director general, has said today at news conference that investment program has been redesigned, so it is intended for completion by 2009 instead of previously planned 2011.

President Saakashvili Hopes Georgia's Economy will Grow 12-14% this Year
Georgian President said at a meeting with students yesterday if Georgia reaches 12-14% economic growth and the government is able to attract over 2 bln of investment, the implementation of large-scale infrastructure projects will become possible.

Tourists Number to Reach Over 800.000 In Ajara by 2011
According to forecasts of Tourism and Resorts Department of Ajara, tourists' number in autonomy republic will double during 2008-2011 and will reach 800,000. Of which, 41% will account for foreigners (growth for the mentioned period should be 82%).

Georgian Post to Establish Joint Company for Land Transportations to Europe
LLC Sakartvelos Posta (Georgian Post) announced competition on establishing joint venture, which will carry out land transportations to Europe.

Presently JSC Credeitinfo Has 17 Clients
As Aleksandre Gomiashvili, head of JSC CreditInfo (the only one loan office in the country), says, presently the company has 17 clients, including 13 out of 18 banks, operating in Georgia. Three of them (Peoples Bank, Bazisbank and Standard Bank) have been added to the list this year.

Geocell to Continue Providing Mobile Communications for LLC Georgian Railway
LLC Georgian Railway informs that local mobile operator Geocell won the tender, announced on mobile communications providing. Geocell was rivaled by another local operator, Magti.

Finance Ministry Plans to Launch Audit System Based on Risk Evaluation
As the Finance Ministry informs, taxpayers’ administration and audit, based on risk evaluation, will be introduced from 2008. The proper software has being designed for that end.

Tender Announced on Gudauri Hotel Complex Management
JSC Gudauri (former JSC Gergeti) announced tender on selection a company, which will manage hotel complex and ropeway in borough Gudauri (Kazbegi district of Mtskheta-Mtianeti region). Applications are received until the end of August.

ExpoGeorgia to Host 7th International Specialized Fair Caucasus Healthcare on October 11-13
The 7th international specialized fair Caucasus Healthcare was organized by the Expo-Georgia exhibition center.

Ministry of Environment and Natural Resources Sells Mineral Products Licenses at Auction
The auction held at the Ministry of Environment and Natural Resources has raised 926 247 m GEL.

Tbilisi Central Department Store to be Handed over to New Investor Officially Today
The Tbilisi Central Department Store has been handed over officially to a new investor today. The people employed in the department store are leaving the territory.