Investor.ge provides a brief update on investments and changes in government policy that could impact the business environment. The information in this issue was taken from agenda.ge, a government-supported website, and other sources.
"Significant" Free-Trade Negotiation with China Concludes
Free-trade negotiations with China have concluded, and the two countries expect to sign a deal by the end of the year, according to the Prime Minister's official website, gov.ge.
"This year, we expected to export around 2.5 million bottles of wine to the Chinese market and according to the data gathered during the first eight months [of this year], already 3.5 million bottles of wine have been sold," Prime Minister Giorgi Kvirikashvili said.
Zugdidi Technology park opens
Georgia's Economy Minister Dimitry Kumsishvili opened a new technology park in Georgia's western city of Zugdidi on October 3, agenda.ge reported.
Georgia ranks 5th for Economic Freedom
Georgia ranks 5th in terms of economic freedom, according to the international think tank Fraser Institute's 2016 data, gov.ge has reported.
Georgia follows Hong Kong, Singapore, New Zealand and Switzerland.
The First Wind Farm Construction Ends
Construction of the first wind power farm in the Caucasus is complete, the Energy Development Fund of Georgia announced.
The plant, which consists of six turbines—each with a power output of 3.45 MW—is located near Gori.
The wind farm cost $24,000,000 and was financed by the European Bank for Reconstruction and Development (EBRD), the Georgian Energy Development Fund and the Georgian Oil and Gas Corporation.
$2.5 invested in Anaklia port construction
The Georgian government and Anaklia Development Consortium signed an investment agreement on October 3 to start construction on the Anaklia deep water port. The construction will be handled by the Dutch company Van Oord, and is scheduled to start in spring 2017.
Ruling Party wins Majority in Parliament
The ruling Georgian Dream party has secured the majority of the 77 parliament seats open to party list candidates, according to the official vote as of October 10. Run-off elections, scheduled for 51 out of 73 single mandate seats, could give the ruling party a constitutional majority, according to Civil.ge website.
The opposition United National Movement is in second place.