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In This Week's Issue Issue no: 1186/198 • SEPTEMBER 17 - 19, 2019 • PUBLISHED TWICE WEEKLY PRICE: GEL 2.50 In this week’s issue... Weekly Entrepreneurial News @entrepreneur.ge NEWS PAGE 2 Georgian Wine Agency to Spend GEL 9 mln on Marketing in 2020 BUSINESS PAGE 3 Tbilisoba Tops Arrival FOCUS Guides’ Best Culinary ON ADAPTING Festivals of Autumn 2019 BUSINESS PAGE 4 FASHION Huawei CEO We meet the founders of Kombinzona who are Ren Zhengfei's changing the way Georgians think about fashion PAGE 6 Interview with The Economist, Part 1 Insurance Industry Requests Mandatory BUSINESS PAGE 5 US & China Gear Up for Insurance for Tourists Visiting Georgia Ideological Warfare BY THEA MORRISON eorgia plans to launch discussions on mandatory insurance for tour- ists visiting the country, Devi Khechinashvili, Head of Insurance Association of Georgia, announced. GKhechinashvili says that along with the increase in tourist numbers, the spending on tourists within the Georgian healthcare system is also increasing. He notes that too many tourists come to Georgia without insurance and as a result the POLITICS PAGE 11 healthcare system is struggling to cope. “As we, Georgians, need travel insurance when we go abroad, I think we need to ask the same Prepared for Georgia Today Business by of foreign tourists visiting our country. It doesn’t Markets Asof13ͲSepͲ2019 matter where they buy this insurance, the main STOCKS Price w/w m/m BONDS Price w/w m/m thing is having adequate limits for medical BankofGeorgia(BGEOLN) GBP13.24 Ͳ0,5% Ͳ1,6% GEOROG04/21 104.68(YTM3.72%) Ͳ0,1% Ͳ0,1% GeorgiaCapital(CGEOLN) GBP10.40 +2,6% +2,4% GEORG04/21 105.73(YTM3.10%) Ͳ0,2% Ͳ0,2% expenses,” he said. GHG(GHGLN) GBP2.04 Ͳ0,1% Ͳ10,8% GRAIL07/22 109.76(YTM4.05%) Ͳ0,2% +0,1% The Head of the Insurance Association believes TBCBankGroup(TBCGLN) GBP12.50 +2,5% Ͳ5,6% GEBGG07/23 103.27(YTM5.05%) +0,3% +1,4% that regulations should be introduced which COMMODITIES Price w/w m/m CURRENCIES Price w/w m/m CrudeOil,Brent(US$/bbl) 60,22 Ͳ2,1% Ͳ1,8% GEL/USD 2,9630 +0,1% +1,7% protect the interests of both the tourists and the GoldSpot(US$/OZ) 1488,53 Ͳ1,2% Ͳ0,9% GEL/EUR 3,2812 +0,5% +0,6% state healthcare system. Image source: www.travelmarketreport.com GEL/GBP 3,7044 +1,8% +5,5% INDICES Price w/w m/m GEL/CHF 2,9830 Ͳ0,5% +0,0% “At the moment, there is a normative act about “Discussions are sure to be launched because are not asked for insurance upon entering the FTSE100 7367,46 +1,2% +1,6% GEL/RUB 0,0461 +2,4% +2,4% insurance, but no-one controls this at the bor- this is a very important problem that needs to country, however, where visas are required it also FTSE250 20195,75 +2,5% +6,2% GEL/TRY 0,5211 +0,7% Ͳ0,7% DAX 12468,53 +2,3% +6,1% GEL/AZN 1,7466 +0,4% +1,5% der, so it is necessary to start discussions on be resolved,” he added. states that insurance is necessary. According to DOWJONES 27219,52 +1,6% +3,6% GEL/AMD 0,0062 Ͳ +1,6% NASDAQ 8176,71 +0,9% +2,0% GEL/UAH 0,1195 +1,4% +3,0% this issue,” he noted. This is not the fi rst time the insurance indus- him, in emergency cases, the state is obliged to MSCIEMEE 175,06 +2,1% +3,7% EUR/USD 0,9030 Ͳ0,4% +0,9% Khechinashvili explained that the issue was try has raised the issue of uninsured tourists. serve uninsured tourists free of charge, which MSCIEM 1026,61 +1,9% +6,0% GBP/USD 0,7999 Ͳ1,7% Ͳ3,5% SP500 3007,39 +1,0% +2,8% CHF/USD 0,9904 +0,3% +1,4% raised by the insurance industry during a meet- Earlier this year, Khechinashvili said that tour- naturally affects the state budget. MSCIFM 2616,74 Ͳ0,2% Ͳ0,6% RUB/USD 64,3799 Ͳ2,1% Ͳ0,9% ing with Health Minister Ekaterine Tikaradze. ists who are visiting Georgia visa or visa-free GTIndex(GEL) 1582,68 ͲͲTRY/USD 5,6873 Ͳ0,4% +2,2% Continued on page 4 GTIndex(USD) 1208,13 ͲͲAZN/USD 1,7001 ͲͲ GEORGIA TODAY 2 NEWS SEPTEMBER 17 - 19, 2019 European Commissioner @entrepreneur.ge Johannes Hahn Gamarjoba! I’m the Editor-in-Chief of the Georgian edition of Entrepreneur magazine and I’m here to share the top weekly Entrepreneurial news with you: The fi rst crypto café is to be launched in Tbilisi. Founder Visits Georgia Alex Sudadze says that high demand served as his main inspiration. Having worked in the fi eld for many years, needing to fi nd interesting locations to host foreign guests also operating in the same sector led him to open a thematic café which would solve his problems. The café has an innovative concept, boasting a techno-style interior suited for holding numerous events on different themes- as ideal for the public as professionals, investors, and entrepreneurs. The café serves Georgian and European dishes and offers thematic products, such as Bitcoin coffee, Blockchain Chakafuli, Monero Khachapuri and Satoshi Burgers. In the village of Sadmeli, Ambrolauri, Racha, check out a family winery run by Mariam Margveladze, a young lady actively involved in ensuring its functioning and appropriate management, along with other members of her family. At the wine cellar, a 5-minute drive from Ambrolauri Airport, ancient traditions are continued and developed. The winery is close to the forest, overlooking the wonderful Rioni Gorge. The Margveladze family winery is distinguished for its historic and ethno items, which almost give the venue a museum-like function. They started bottling wines this year, thus making a fi rst step in their future wine business. Meet Lia Megrelidze, whose love and interest in tea set her to revive the family tradition and launch Komli at her The European Commissioner, along the Government of Georgia, with the 150-year-old homestead. Komli integrates a guest house, BY KETEVAN KVARATSKHELIYA with the Georgian government offi cials, support of the European Union, will organic vegetable garden and tea garden providing tea including Minister Batiashvili, Prime establish the very fi rst fully-fl edged picking and agro-tourist services. The business, barely a Minister Giorgi Gakharia and the Mayor European School in the European Union’s year old, is already a success, seeing a constant increase uropean Commissioner for of Tbilisi Kakha Kalaldze, put a sym- Neighborhood. In fact, the fi rst ever, in the number of visitors. Along with the Neighborhood Policy and bolic capsule on the site of the new outside EU borders!” accommodation, guests can try their hand at tea picking, Enlargement Negotiations, European School of Eastern Partnership The European School of Eastern Part- help process the leaves, and then taste the result for Johannes Hahn, is paying an which is planned to be built at Lisi Lake nership is a large-scale project of the quality. Thailand, China, Russia, England, Germany, the offi cial visit to Georgia. by 2023. The ceremony was followed European Union, supported by the Euro- Netherlands and the USA are among the countries guests EWithin the scope of the visit, Hahn is by the joint statement of Hahn and PM pean Commission, which is to be the come there from. Construction of glamping facilities is set to hold a meeting with Mikheil Gakharia. fi rst school launched beyond the EU now underway on the territory, adding to the appeal. Batiashvili, Minister of Education, Sci- "Today I am proud to announce that boundaries, targeting students from the Follow the Entrepreneur Georgia Instagram page to get the latest updates from ence, Culture and Sport of Georgia, as we are laying the foundation for an even Eastern Partnership states and offering Georgian Entrepreneurs. For doing business with Georgian Entrepreneurs, write us on well as students from the countries of larger and more ambitious construction,” internationally recognized European [email protected] the Eastern Partnership. Hahn said. “On this very site, at Lisi Lake, quality educational programs. GEORGIA TODAY SEPTEMBER 17 - 19, 2019 NEWS 3 Wizz Air Now Offers Direct Flights to Switzerland From September 10 onward, the airline company BY NINI DAKHUNDARIDZE began launching direct fl ights to its new destina- tions: Basel, Brussels, Copenhagen, Eindhoven, Bari, and Poznan, with A320 aircraft. izz Air performed the com- Having performed its fi rst fl ight as an airline in pany’s fi rst direct fl ight from 2004, Wizz Air has been operating in Georgia the Kutaisi David Agmashen- since 2012. The company chose Kutaisi Interna- ebeli International Airport to tional Airport as its base in 2016. The majority of the Swiss city of Basel on Sep- the passengers traveling from Kutaisi Airport use Wtember 13. the service of Wizz Air. Finance Minister on Business Environment in Georgia “I have no idea about that meeting, I didn't attend BY ANA DUMBADZE it personally, so, I can’t say anything about it. How- ever, if there are specifi c facts of pressure against companies, they should come forward and show here has been no such free business it. I've been living in this country for the last 45 environment in the country in the last years, I've been involved in business for about 22 25 years, - the Finance Minister of years, in the public service for one year. I say with Georgia, Ivane Matchavariani, said after full responsibility, that there has been no such free the fi rst government meeting headed business environment for the last 25 years in active Tby the new Prime Minister Giorgi Gakharia.
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