Issue 3, 2017. June-July

   

INVESTMENT NEWS

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.

China, Georgia Sign Free Trade Deal
Tbilisi and Beijing signed a free trade deal on May 13, paving the way for Georgian products-including wine, mineral water and agricultural products-to enter the 1.4 billion-consumer market with zero tariffs, agenda.ge reported.
The deal took just seven months to complete.
Currently, Georgia has free trade deals with Turkey; the European Union (EU); European Free Trade Association (EFTA) countries-Switzerland, Norway, Iceland and Liechtenstein; and the countries of the Commonwealth of Independent States (CIS)-Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, Turkmenistan, Tajikistan and Uzbekistan.
Finance Minister Dimitry Kumsishvili met with Chinese Vice Premier Wang Yang in the city of Hefei in China, agenda.ge reported on 18 May.
"We asked the Chinese side to launch a new project under the One Belt - One Road initiative to support Chinese private companies that will be represented in Georgia," Kumsishvili said.

New French-Italian-Georgian Film Co-Production Announced
A Georgian film production company, Magenta Films, is set to shoot a prison-rugby drama as a co-production with France and Italy within the state program "Film in Georgia," the agenda.ge website reported.
The film, "Negative Numbers," was written by Georgian screenwriter Uta Beria. It is based on the true story of "two ex-professional rugby players who helped juvenile offenders recover by bringing rugby into their life under detention," the report said.

External Trade Up 17 Percent
Georgia's external trade was up 17 percent for the first four months of the year, agenda.ge reported on May 13.
Exports increased by 30 percent to $788 million, and imports also increased 13 percent to $2.3 billion, according to official statistics. Minister of the Economy and Sustainable Development Giorgi Gakharia told journalists the increase in exports has helped drive the country's economic growth.
"In terms of economy, it means that the situation on the markets of our main trade partners is getting stable. Demand has increased and our producers are able to sell more. The more they sell, the more jobs they create, and consequently, the more jobs are created, the more people are employed. We all understand that 5.3 percent growth is not enough for our country. That is why we are following a four-point plan that aims to make economic growth more rapid and impressive," Gakharia said.
Real GDP growth in March was 5.3 percent, compared to the same period of the previous year, according to preliminary data from GeoStat, the official statistics body.

More Flights To and From Georgia
Several international airlines are increasing flights to Tbilisi, agenda.ge reported.
Greek airline company Aegean Airlines announced it will offer direct flights between Heraklion and Tbilisi once a week from June 14 to September 13. Another Greek airline, Ellinair, will carry out weekly Tbilisi-Heraklion flights from June 15 to September 14.
Iranian airline Zagros Airlines announced it would start direct flights between Tbilisi and Tehran in May.