Issue 4, 2018. August-September

   

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.

Georgia 17th highest country for Safety
Georgia ranked in the top 20 out of 142 countries for security, according to a poll by the American research company Gallup, agenda.ge reported on June 29.
The survey, known as the Law and Order Index, uses four questions to evaluate locals' "sense of personal security and their personal experiences with crime and law enforcement," according to the report.
The questions are: In the city or area where you live, do you have confidence in the local police force?; Do you feel safe walking alone at night in the city or area where you live?; Within the last 12 months, have you had money or property stolen from you or another household member?; Within the past 12 months, have you been assaulted or mugged?
Georgia received a score of 87, ranking 17th place; Singapore was the most secure country according to the survey.

Georgia, Hong Kong Sign Free Trade Agreement
Georgia and Hong Kong signed a Free Trade Agreement on June 28, agenda.ge reported the same day.
Under the agreement, Georgia will remove 96.6 percent of its tariff lines on products from Hong Kong, the article said.
The article quoted Secretary for Commerce and Economic Development of Hong Kong Edward Yau as saying this was the first free trade agreement between Hong Kong and any country in the Caucasus.

Georgia, China Start Joint Film Production
A memorandum of understanding has been signed between Georgia and China to boost ties in the film industry, agenda.ge reporting on June 25.
The memorandum was signed during the 2018 Shanghai International Film Festival, the article said.
The first Georgian-Chinese film was also agreed to during the film festival; the film will tell the story about how two Chinese men first brought tea to Georgia.
A Chinese television show, The Mask, is also currently being filmed in Georgia, according to the article.

New Highway Bypass Opens Near Black Sea Resort
A new 18-kilometer road was opened by Prime Minister Mamuka Bakhtadze on June 25, agenda.ge reported the same day.
The new road will reduce traffic on the coastal road that travels through the popular Black Sea resort of Kobuleti. It will also shorten the driving distance from the capital Tbilisi to the Black Sea port city of Batumi by an estimated 20 to 30 minutes.
The road's construction was financed by the Asian Development Bank.

Georgia's Economy Grows 6.1 Percent in First Half of Year
The Georgia economy has grown 6.1 percent from January through May, agenda.ge reported on June 29, quoting GeoStat, the national statistics office.
Sectors that posted the highest growth during the five-month period included transport; manufacturing; trade; finance; and hotels and hospitality.
The government has forecast a 4.5 percent growth this year, the article said.

Government to Cut Spending - Prime Minister
Prime Minister Mamuka Bakhtadze has announced that government spending next year will be less than 3.9 percent of GDP, a reduction of around $40 million, agenda.ge reported on June 26. The Prime Minister also plans to reduce the number of government ministries from 14 to 11.

Oman Airline Enters Georgian Market
Oman's budget airline Salam Air is starting direct flights between Muscat and Tbilisi, agenda.ge reported on June 26, citing the Georgian Civil Aviation Agency. The flights will be offered three times a week, on Tuesdays, Thursdays and Saturdays. The new route is seasonal, and is planned to continue for this summer until October 27, 2018, the report said.