Israel Tries to Switch Tourists from Turkey to Georgia
Monday, September 13, 2010
The FINANCIAL
Number of tourists from Israel to Georgia was more than double last year”, Yehiel Bar, City Council Member, Tourism and Foreign relationships Portfolio Holder at Jerusalem Municipality told The FINANCIAL. “We are marketing Georgia in Israeli media especially after diplomatic crisis we had with Turkey so we want Israelites who go to Turkey to switch to Georgia and visit Georgia,” he said.
Minister of Economy and Sustainable Development of Georgia Soon in Israel
August, 2010
Economy Today
The Contest Commission at the Ministry of Economy and Sustainable Development has made a decision after a month's intense consideration - Maia Sidamonidze has been named as the head of the Department of Tourism and Resorts.
SOCAR Announces Plans for Acquiring Georgia's Main Gas Pipeline Stake
Monday, July 19, 2010
Georgian Business Week
The State Oil Company of Azerbaijan (SOCAR) has showed interest in acquiring a stake in Georgia’s trunk gas pipeline, SOCAR Energy Georgia director general Mahir Mammedov said.
According to Georgian tour operators, France, Holland, Germany, the Czech Republic, Italy and Spain are considered the most popular European destinations. As the Department of Tourism and Resorts of Georgia’s officials say, 140,000 foreigners visited Georgia in May 2010.
US Secretary of State Hillary Clinton reassured Georgia on Monday with a pledge of steadfast support and called on Russia to end its "occupation" of two breakaway Georgian regions.
There will be 12 McDonald's Restaurants in Georgia
Monday, May 31, 2010
The FINANCIAL
There will soon be 12 McDonald's restaurants in Georgia. According to Tengiz Kapanadze, General Director of the restaurants, the profit of McDonald's has significantly risen relative to the last few years.
Opinions and predictions
The Wall Street Journal has hailed the business environment in Georgia as exemplar to even Great Britain. Taking into account the importance of similar statements, Georgian Business Week has interviewed heads of all major business associations in Georgia. Our respondents such as Giorgi Isakadze, vice president of the business association of Georgia, Jemal Inaishvili, president of the Georgian chamber of commerce and industry (GCCI), and Fady Asly, president of the international chamber of commerce and industry (ICC), provide interesting appraisals for the current economic processes and investment environment in Georgia.
Economic Recovery Signs and Frozen Investment Projects
Monday, May 31, 2010
Fitch Ratings, an international rating company, has congratulated the government and people of Georgia upon the independence day in the most efficient way – by raising its bond rating. The agency has upgraded the county's long-term issuer default rating to the level of B+ and improved the Georgia’s GDP growth rate forecast to 6 percent for 2010. According to the Fitch Ratings website, Georgia’s short-term issuer default rating is fixed at the level of B and the country ceiling rating shows the level of BB with the forecast of stable.
NEW YORK, April 12 (Reuters) - Standard & Poor's on
Monday raised its foreign long-term sovereign credit
rating on the government of Georgia by one notch to B
plus from B, citing its relative economic strength and
growth prospects. The outlook on the new rating is
stable, the firm said in a statement. S&P's move brings
it in line with Fitch Ratings, who has a B-plus rating on
the credit.
1 Billion USD Israeli Investments in Georgia over Last Few Years
More than 1 billion USD was invested by Israeli businessmen in Georgia during the last 5 years, according to Itzhak Gerberg, Ambassador of Israel to Georgia. He says that Georgia has a lot of potential and advantages in terms of attracting investors. At the moment Israel and Georgia are about to sign an economic agreement.
Georgia Expresses Condolences At Death Of President Lech Kaczynski
The Georgian Government has expressed its condolences to the Polish people following the death of President Lech Kaczynski. "Kaczynski was a great friend of the Georgian people and we express our condolences to the Polish people, friends and relatives of the president" - Georgian Prime Minister Nika Gilauri.
ECONOMIC GROWTH IN 2010 MAY EXCEED THE CONSENSUS
FORECAST OF 2%
On February 2, 2010, Nika Gilauri, Prime Minister of Georgia, indicated that economic growth in 2010 may exceed the consensus forecast of 2%. The Prime Minister’s view is based on the positive trends of selected fiscal indicators.
Georgia's economic freedom score is 69.8, making its economy the 32nd freest in the 2009 Index. Its overall score is 0.5 point higher than last year due to improvements
in business freedom, trade freedom, and freedom from corruption. Georgia is ranked 19th out of 43 countries in the Europe region, and its overall score is higher than the world average.
Visiting Republican Senator, John McCain, said in Batumi on January 11, that Georgia and the United States were 'confronted by common challenges' and remained bound by common interests and democratic values.John McCain arrived in Georgia with two other Republican Senators, John Barrasso and John Thune. Before meeting with President Saakashvili, the delegation met in Batumi, Ajara Autonomous Republic, with some opposition leaders, including Davit Usupashvili, leader of Republican Party, part of Alliance for Georgia; MP Giorgi Targamadze, leader of Christian-Democratic Movement and of parliamentary minority and Levan Gachechiladze, a co-founder of public movement Defend Georgia.
In 2009 the Value of Agricultural Production Export in the EU Countries made 63.6 Million USD
Agricultural exports in Georgia have increased while imports have declined. That's according to recently release Ministry of Agriculture figures from 2008 and 2009. Exports reportedly increased by 25.4 percent between 2008 and 2009 while imports fell by 19 percent. The government estimates that last year the total value of exports at 286 million USD while 228 million USD were imported.
Significant Changes in Creating a New View of Tbilisi
The FINANCIAL
Tbilisi, the capital of Georgia will soon have a new face. In 2010 significant architectural changes are planned, among them the Glass Bridge on Rike, connecting the left and right banks of Mtkvari.
Uptown Tbilisi – The Project That Did Not Stop During The Crisis
A place where everything unites perfectly in cohesion and where, most importantly, there is real quality, comfort and a new vision of a lifestyle - is Uptown Tbilisi.
Uptown Tbilisi is an innovative project of Rakeen Development currently being constructed in Tbilisi, Digomi district. It is being built at high speed despite all hindering factors which have proved detrimental to the development of the construction market in Georgia recently.
Batumi Expects to Host 15,000 Tourists at New Year Masquerade Ball
During the grand celebration of New Year in Batumi, the Black Sea city will host more than 15,000 tourists, according to the Department of Tourism and Resorts of the Autonomous Republic of Adjara. The Georgian Government is spending a huge amount of money on evens planned in Batumi. The Tourism Department of Adjara has paid USD 100,000 for a single TV commercial shot by Imedi TV channel. According to the local government, 80% of the local hotels are already fully booked for the period.
Margebeli Gets $ 12 Million Loan from EBRD for Expansion
European Bank for Reconstruction and Development issued a $12 million loan to Margebeli JSC, Georgian agribusiness holding, to finance the company's expansion and to help it become more energy efficient.
EBRD provides first local currency loan in Georgia
$ 1 million to JSC Crystal MicroFinance Organisation
The EBRD is increasing the availability of financing to private businesses in Georgia by extending its first local currency loan in the country for on-lending to micro and small enterprises (MSEs).
The Bank is extending a Georgian Lari (GEL) loan equivalent to $1 million to Crystal, a non-bank microfmance institution, to support the organization in its drive to expand operations and further develop its portfolio of MSE credits, particularly in rural areas and in the agricultural sector.
November sales showed 14% decrease in sales activity as the month ended with 200 less sales than in October. However disappointing may be the slowdown, November results still surpassed those of one year back by 70%. On the other side, it exceeded the prewar July 2008 results only by 8%. In other words, though the real estate market has made significant progress over the last year, the achievements are modest since the pre-war times. The major problem with the market remains decreasing number of luxury property sales or lack of high sum transactions.
The European Bank for Reconstruction and Development (EBRD) is expecting to invest over USD 450 million throughout 2010 in Georgia's pipeline, energy, corporate and financial sectors. Olivier Descamps, the EBRD Business Group Director for Southeast Europe, Caucasus and Central Asia, says that currently the financial crisis is transforming to an economic crisis. "We have to realize the total situation of the region. I think that crisis recovery in the region is also going to be slow.
The recovery of Georgia's real estate sector has become noticeable since the end of October. However, this tendency has not been followed by significant growth in sales. Mainly demand is on newly constructed and finished apartments, the number of which in the city is too small. Thus, prices on finished apartments in the city center have increased by 15 percent since August! Since August demand has grown on the secondary market as well, prices have not increased.
Spanish Investors to Open Regional Office in Georgia
Spanish businessmen will open regional representations in Georgia — such is the result of Prime Minister's and Economic Minister's visit to Spain, where PM Nika Gilauri and Minister Zurab Pololikashvili held negotiations with Spanish businessmen in the frame of the business forum.
Tbilisi (GBC)- Georgia and Israel have resumed air traffic connections. The first Tbilisi-Tel Aviv flights were performed on October 29. Disagreements between Georgian Airways, a Georgian airline, and Arkia, an Israeli Airline, were resolved by the transportation administrations of the countries at an October 28 meeting in Israel.
The U.S. assistance to Georgia's defense reforms is "a long-term commitment" with current focus on training, education and doctrine, Alexander Vershbow, the U.S. assistant secretary of defense for international security affairs, said in Tbilisi on October 20.
Hollywood star, Andy Garcia left Tbilisi today.
Garcia stayed in hotel 'Courtyard Marriott'. He played Saakashvili in Hollywood film on Russian-Georgia war.
NATO Secretary General, Anders Fogh Rasmussen, met with President Saakashvili in New York on September 22 and “discussed the internal situation in Georgia,” according to NATO press office.
In remarks before the meeting with President Saakashvili in New York on September 21, U.S. Secretary of State, Hillary Clinton, reiterated Washington’s support to Georgia’s territorial integrity and democratic reforms.
President Saakashvili, accompanied by Foreign Minister, Grigol Vashadze, is will hold series of bilateral meetings in New York on a sideline of UN General Assembly (UNGA) before addressing the Assembly on September 24.
World Bank Approves New Partnership Strategy for Georgia 11 Sep.'09
The World Bank Group said its board of directors decided to launch a new Country Partnership Strategy with Georgia for 2009-2012 in frames of which the Bank will lend Georgia USD 740-900 million through its various arms.
Doing Business 2010: Georgia Ranks 11th Globally on the Easy of Doing Business
A record 131 economies around the globe formed business regulation in 2008/09, cording to the Doing Business 2010 report, prepared by world's largest sources of funding international Monetary Fund and World Bank. Georgia ranks 11th globally on the ease doing business, by implementing reforms in two areas: dealing with construction permits and trading across borders.
10% of newly opened Radisson SAS Iveria Hotel rooms booked
Foreign Investments USD 1.56 bln in 2008
Foreign direct investment was USD 1.564 bln in 2008 in Georgia, down from 2.014 bln in 2007, according to the final estimation by the Georgian Statistics Department.
In late March, the Statistics Department released “preliminary estimations” saying that FDI was USD 1.293 bln last year.
Fitch Affirms Georgia at 'B+'; Off RWN; Outlook Stable
Fitch Ratings last week affirmed Georgia's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. At the same time, Fitch has affirmed Georgia's Short-term foreign currency IDR at 'B' and upgraded its Country Ceiling to 'BB-' from 'B+'. The ratings have been removed from Rating Watch Negative (RWN), and the Outlooks on the Long-term IDRs are now Stable.
New Minister of Economic Development to present new strategy plan on September
New Minister of Economy Zurab Pololikashvili possibly will present his strategy plan on September.
As the minister stated before sitting that he will hold press conference on strategy plan and priorities on agenda on September.
Zurab Polilikashvili stated that one of the priorities will be tourism supporting issue.
New projects aim to help Israeli tourism in Georgia
An Israeli-Georgia business group is working to dramatically increase Israeli tourism next year. The Israeli-Georgia Chamber of Business says that 50,000 Israeli nationals will pour into Georgia in 2010 compared to last year's 5,000. And the chamber is reportedly developing a number of business models to ensure that its ambitious predictions come true.
Turkish company pledges USD 1m to construct Paravani Hydro Power Plant
Described by the government of Georgia as "historic," a deal signed on April 10 by the Georgian Energy Ministry and Georgian Urban Energy, a Turkish company, envisions the construction of the Paravani hydro power station (HPP) in Samtshe-Javakhe-ti, in south-west Georgia.
Netherlands Ministry of Foreign Affairs Renders Assistance to Georgian Companies
CBI agency of the Netherlands Ministry of Foreign Affairs and Georgian Chamber of Commerce and Industry has implemented the 4 year project ECP-WINE to help Georgian wine companies enter the European Union (EU) market.
The project's purpose is to render assistance to Georgian companies in penetration into the EU market and promotion of international trade with EU countries. 7 Georgian winemaking companies were selected within the project: Telavi Wine Cellar, Tbilvino, Teliani Valley, Shumi, Vazi+, Corporation Kindzmarauli and Besini.
In his fifth state of the nation address delivered February 12, Georgian President Mikheil Saakashvili focused largely on economic challenges, dedicating 55 minutes to the issue out of the hour-long speech.
For a period of eight days Jewish people in various corners of the world mark Hanukah, the public holiday which is a symbol of the victory of light over darkness, good over evil. On December 22nd Hanukah was held in the Courtyard Marriott Hotel...
During Russia-Georgian war Israel-Georgia chamber of business founded Israeli Investor’s Fund. The aim of this fund is humanitarian aid. By the effort of Israeli Investors Fund and Israel-Georgia chamber of business 22 heavily wounded Georgian soldiers were taken to Israel for treatment in leading Israeli medical centers. Most of these patients will return in early October while some others will remain from two to six months in Israeli clinics. The patients were selected by the Ministries of Defense and Labour, Health and Social Protection.
Georgia nice place to do business –Israel Business Forum "We Build Together"
On May 12, a Georgian-Israel business forum entitled "We Build Together" was held at the Courtyard Marriott, to celebrate Israel's 60th anniversary. Therefore, 60 Israeli-led investment projects currently in progress in Georgia were presented at the conference.
The investment projects are being carried out in many sectors, including agriculture, technology, tourism, aviation, and in the dominating real estate sector.
The forum was organized by the Israel-Georgia Chamber of Business, where participated over 150 representatives of 100 Israeli companies. The general sponsor of business forum was TBC Bank, we are cooperating with for 12 years.
The business forum opened with speeches by the president of the Israel-Georgia Chamber of Business, the minister of Economic Development of Georgia, and the Ambassador of the state of Israel to Georgia. There were also speeches by several other representatives from Georgian and Israeli private sector and representatives from governmental structures.
On October 19, The Courtyard Marriott Hotel hosted a high-profile meeting between Georgian officials and businessmen and a 12 member delegation from Israel. The delegation included leading Israeli architects, constructors and representatives of Israeli companies. The meeting aimed at introducing international standards in the construction sector in Georgia. The delegation met with the senior government officials, Georgian construction companies and investors.
The Israeli investors are now working on several big projects, including the Crystal Dome multifunctional centre which will rise above the centre of Tbilisi on Gudiashvili Street. Construction is due to start next year.
According to Israeli architects Avi Lior and Yuri Puchinski, Crystal Dome is intended to become the symbol of prestige and quality. Therefore, the investors chose a team of professionals rather than just one man to execute the project.
The team includes architect Mair Lousqui who designed the heating and air-conditioning systems in Tel-Aviv’s Asriel centre and museum type buildings in Israel and abroad. Lousqui says that modern constructions need to have modern technologies and systems.
A marketing company is now researching the feasibility of locating Crystal Dome in the historic and business part of the capital. Two ideas are in gestation now. One would reproduce the style of a hotel and another would create a high-class office centre. What is certain at this point is that is some part of Crystal Dome will be set aside for the Manuscript Museum of Georgia while its top floor will accommodate a lofty hall, holding 300 people and equipped with high-tech gadgets, diplomatic and elite business meetings. The hall will have a wonderful view over the city.
Israel-Georgia Chamber of Business and Georgian National Investment Agency-Invest in Georgia plan to organize the Business forum on the 12th of May, 2008 in Courtyard Marriott Hotel. The forum is dedicated to the independence day of Israel.
The Business Forum “We Build Together” proudly presents the successfully implemented investment projects and new investment initiatives to be developed in 2008
Special commission to explore Georgia tourism and real estate market
Special commission established by Israel - Georgia Chamber of Business and Georgian National Investment Agency – Invest in Georgia will conduct a survey on tourism and real estate markets in Georgia. The commission will produce a report providing the strategy concept on tourism and real estate business development in Georgia for the year of 2010.
Georgia-Israel Chamber celebrates Jewish public holiday HanukkahRead More...
For a period of eight days Jewish people in various corners of the world mark Hanukkah, the public holiday which is a symbol of the victory of light over darkness, good over evil. On December 10 the seventh candle of Hanukkah was also lit in the Courtyard Marriott Hotel in Tbilisi. The Union of Hebrew Societies of Georgia, Khabad and the Georgia-Israel Business Chamber organized the event.
According to the latest results of Tbilisi Real Estate Census Research, the amount of total spaces sold in Tbilisi over the past 9 months is 1,056,137m2. The Institute for Polling and Marketing (IPM) conducts research twice a year and so the last results of 2007 convey March and December data.
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During Russia-Georgian war Israel-Georgia chamber of business founded Israeli Investor’s Fund. The aim of this fund is humanitarian aid. By the effort of Israeli Investors Fund and Israel-Georgia chamber of business 22 heavily wounded Georgian soldiers were taken to Israel for treatment in leading Israeli medical centers. Most of these patients will return in early October while some others will remain from two to six months in Israeli clinics. The patients were selected by the Ministries of Defense and Labour, Health and Social Protection.
