A Short Summary of Major Investment News as Published in The Media and on Official Websites.
Bosch to open new warehouse in Tbilisi
German manufacturer Bosch is scheduled to open a new warehouse in Tbilisi in December, the Georgian government-run agenda.ge website reported.
The 1,600 square meter warehouse will start working on December 16 and will be operated by Austrian-based transportation and logistics company Gebruder Weiss. Up until now, clients had to wait "two or three weeks" for products to arrive from a warehouse in Germany, according to a quote on Bosch's website from David Oker, Bosch commercial director in Georgia.
He added that Tbilisi would become a regional logistical hub.
"Tbilisi's warehouses will ensure a good delivery performance as well as fast and cost-effective handling of Bosch products in the region," he said.
"Bosch believes that Georgia's construction sector is developing very fast; thus, establishing a warehouse in Tbilisi will further support the sector's development."
EU allocates the grant of 30 million Euros for Georgia
Brussels has earmarked 30 million euros for regional development in Georgia, Prime Minister Irakli Gharibashvili's official website reported on November 18.
The funds will be used "support Georgian regional development strategy and implementation of economic and social support programs in the regions."
The deal was announced during Gharibashvili's official trip to Brussels.
IMF: Economic growth in Georgia could reach 5 percent in 2015
The International Monetary Fund announced the Georgian economy could grow as much as five percent next year, the government-run agenda.ge website reported on November 27.
"The economic impact of geopolitical tensions has been contained so far, given Georgia's growing (but still limited) trade links with Russia and increasing remittances from Southern Europe. All of the program's quantitative targets for end-September were met," IMF said.
"Overall spending has been broadly in line with expectations but its composition has shifted from capital to current expenditure, pointing to the need to strengthen project appraisal and procurement."
The international financial body also noted that the budget deficit would be slightly below 3.7 percent of GDP.
GeoStat: Georgian foreign trade up ten percent
Georgia's foreign trade was $9.4 billion in the first ten months of 2014, ten percent higher than the same period last year, website DF Watch reported in November, quoting statistics published by the official statistics body, Geostat.
Exports were up five percent, the website noted, to $2.4 billion.
Trade turnover with Europe was $2.5 billion, up seven percent from last year.
Top trading countries for the first ten months of 2014 were: Turkey - USD 1.6 billion (20 percent of turnover), Azerbaijan USD 983 million (10 percent) and China USD 682 million (7 percent). Russia, Ukraine, Germany, Armenia, US, Bulgaria and Japan also top of the list of trade partner countries, Democracy and Freedom Watch said.
"The most exported type of product is used cars, which accounts for 19 percent of all exports.
Next on the list is ferroalloys with 10 percent, and copper ores and concentrates 9 percent," the website reported.
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