Georgian Economy Grows by 5.7% in October
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Issue no: 1208/209 • DECEMBER 3 - 5, 2019 • PUBLISHED TWICE WEEKLY PRICE: GEL 2.50 In this week’s issue... FOCUS ON TOTAL CHARM Bringing production back to Weekly Entrepreneurial its homeland, we meet the team behind the renowned News @entrepreneur.ge Aptos Threads PAGE 9 NEWS PAGE 2 Georgia, Azerbaijani & Turkey Inaugurate Historic TANAP Project BUSINESS PAGE 3 The Retail Trade Sector Optimistic for the Holiday Season ISET PAGE 4 The Washington Times Reports on the Vital Strategic Importance of Georgia BUSINESS PAGE 5 Konstantin Sulamanidze Entrepreneur Shop: A New Online Store of Georgian Economy Grows by 5.7% in October Georgian Production BUSINESS PAGE 8 BY TEA MARIAMIDZE ARDI Develops Partnership he Georgian economy saw a 5.7% increase in October. The information was released by the National Statistics Offi ce with Acibadem Healthcare (Geostat), which says that the real growth was registered in manufacturing, hotels and restaurants, information and com- Group, a World-Renowned munication. TGeostat’s preliminary report reads that the average estimated real GDP Hospital Network growth equaled 5.1% for the fi rst ten months of 2019 year-on-year (y-o-y), BUSINESS PAGE 10 adding a decrease was registered in mining and quarrying and in arts, entertainment and recreation activities. Minister of Economy and Sustainable Development Natia Turnava says Tbilisi’s Car Problem that the government spares no effort to see the highest possible growth of the Georgian economy. SOCIETY PAGE 11 Prepared for Georgia Today Business by Markets Image source: industrywired.com Asof29ͲNovͲ2019 STOCKS Price w/w m/m BONDS Price w/w m/m “We are doing our best to achieve high economic growth in the country, BankofGeorgia(BGEOLN) GBP14.80 +5,7% +15,5% GEOROG04/21 104.34(YTM3.54%) Ͳ0,2% +0,2% GeorgiaCapital(CGEOLN) GBP9.44 Ͳ0,6% Ͳ3,8% GEORG04/21 105.64(YTM2.62%) Ͳ0,1% Ͳ0,4% but the most important thing for our people is not the growth fi gures GHG(GHGLN) GBP1.65 Ͳ0,2% Ͳ12,0% GRAIL07/22 109.90(YTM3.73%) +0,0% +0,2% themselves, but the employment and social benefi ts that lie ahead. Such TBCBankGroup(TBCGLN) GBP12.40 +3,3% Ͳ4,0% GEBGG07/23 105.54(YTM4.34%) +0,2% +1,9% economic growth can be achieved by the creation of new jobs, which COMMODITIES Price w/w m/m CURRENCIES Price w/w m/m CrudeOil,Brent(US$/bbl) 62,43 Ͳ1,5% +1,4% GEL/USD 2,9665 Ͳ0,2% +0,0% will be seen through the privatization of the objects we recently offered GoldSpot(US$/OZ) 1463,98 +0,1% Ͳ1,6% GEL/EUR 3,2698 Ͳ0,2% Ͳ0,8% to businesses,” the Minister said, while commenting on the economic GEL/GBP 3,8344 +0,5% +0,5% INDICES Price w/w m/m GEL/CHF 2,9675 Ͳ0,5% Ͳ0,5% growth and the list of 100 privatization objects published by the ministry FTSE100 7346,53 +0,3% +0,6% GEL/RUB 0,0461 Ͳ0,9% Ͳ0,6% two days ago. FTSE250 20812,60 +1,6% +3,2% GEL/TRY 0,5164 Ͳ0,8% Ͳ0,1% DAX 13236,38 +0,6% +2,3% GEL/AZN 1,7446 Ͳ0,5% +0,4% Georgian Prime Minister Giorgi Gakharia says that the number of jobs, DOWJONES 28051,41 +0,6% +3,6% GEL/AMD 0,0062 ͲͲ NASDAQ 8665,47 +1,7% +4,7% GEL/UAH 0,1239 +0,6% +5,0% education, security, and rapid economic growth are important. He fur- MSCIEMEE 181,08 Ͳ1,5% Ͳ1,5% EUR/USD 0,9076 +0,0% +0,9% ther noted the Georgian economy managed to grow by 5.1% in the last MSCIEM 1040,05 Ͳ0,8% Ͳ0,4% GBP/USD 0,7733 Ͳ0,8% Ͳ0,5% SP500 3140,98 +1,0% +3,4% CHF/USD 1,0002 +0,3% +0,6% 10 months. MSCIFM 2635,56 Ͳ0,4% Ͳ0,4% RUB/USD 64,3190 +0,7% +0,6% GTIndex(GEL) 1582,68 ͲͲTRY/USD 5,7504 +0,7% +0,2% Continued on page 7 GTIndex(USD) 1208,13 ͲͲAZN/USD 1,6997 +0,4% Ͳ0,0% GEORGIA TODAY 2 NEWS DECEMBER 3 - 5, 2019 On the Protests & 2020 Elections he leader of ‘New Georgia’ party Giorgi Vashadze announced that next week the protest rallies will con- @entrepreneur.ge tinue in regions throughout Gamarjoba! I’m the Editor-in-Chief of the Georgian edition of Tthe country. Entrepreneur magazine and I’m here to share the top weekly Vashadze added that the opposition is Entrepreneurial news with you: waiting for the OSCE`s (Organization for Security and Co operation in Europe) conclusion on the draft law created by ‘Chini’ is a new Georgian brand that has just joined the the opposition in regard to the electoral local market offering suitcase hoods that carry the system, after which the date of the most Georgian identity. Maka Gurgeniani and her daughter large-scale rally will be defi ned. Irinka Tsakadze, lovers of traveling, were inspired three "The rallies will initially be held in years ago. After fi nding the right fabrics, atelier, and Kutaisi. We are waiting for the Legal suppliers, the founders decided to put their creation into Issues Committee before we picket Par- patriotic work – making the suitcase hoods the liament. Most likely, this will happen on ‘ambassadors’ of Georgia through the Georgian alphabet, Tuesday, Wednesday, or Thursday," he Georgian fl ag, ‘borderization’, “Georgia is Occupied by Russia” and Georgian painters. said. Chini plans include the expansion of output, as well as themes. On November 30, a meeting between the ruling Georgian Dream party and system. As a result of the elections held reaffi rmed what we have repeatedly said Georgian restaurant ‘Barbarestan’ has found a new parliamentary and non-parliamentary under the proportional system, the seats about the opposition and what our inter- source of acknowledgment. The fi ne-dining place is opposition took place at the Biltmore will be distributed among the political national partners have said- that such a now among the 50 Best Discoveries, a database Hotel Tbilisi. The meeting was also parties and election blocs that receive meeting between the political parties updated every year that helps food enthusiasts fi nd attended by representatives of the dip- at least 3% of votes. The rules and terms would be a good format for exchanging the top 50 restaurants and bars to go to around the lomatic corps. for participation in elections, as well as arguments. Today, it happened. This world. “A traditional family restaurant with recipes This was the fi rst meeting between the the rules for the distribution of seats, meeting has once again shown that the based on those in legendary writer and chef Barbare two sides following Parliament’s rejec- shall be determined by the election law. so-called German model is not in com- Jorjadze’s original cookbook of 19th-century Georgian tion of an electoral bill which offered an In addition, every voter registered in pliance with the Constitution of Georgia, classics. A real chance to discover forgotten but authentic Georgian food in an early transition to a fully proportional a multi-mandate constituency shall have so it is impossible to implement it through interior matched to those times: an eclectic mix of soft lampshades, lace tablecloths, electoral system. the right to give one vote to a majoritar- the form and initiative offered by the and vintage crockery.” The author of the concept, branding, interior design and F&B The so-called German Model of elec- ian candidate and the other vote to a opposition. We do not rule out that such menu of Barbarestan is the team behind ‘Gastronaut’. tions was the main topic of discussion. party. political consultations may take place On November 29, the parliamentary However, the meeting held at the Bilt- in the future. We are ready to continue Babale won the Social Enterprise of the Year and non-parliamentary opposition offered more on November 30 ended without political consultations, both today and title at the 8th Social Enterprise Forum. the government a new model for the results and no agreement was reached in the future,” Talakvadze said. Babale is an outstanding Georgian social 2020 elections. About 30 parties authored on the so-called 'German Model' of elec- United National Movement leader enterprise creating and developing equal the initiative, including European Geor- tions. Grigol Vashadze said the meeting ended work environments for those with special gia, United National Movement, Lelo, Justice Minister Tea Tsulukiani said without results because the ruling party needs. They aim to give these people a Development Movement, Democratic after the six-hour meeting that the “Ger- refused to discuss the electoral model pleasant workplace, to provide them with Movement - United Georgia and others. man model” suggested by the parliamen- offered by the opposition. Nevertheless, professional information, to develop their The leaders of the parties signed the tary and non-parliamentary opposition he said, the opposition is ready to con- working skills, and to strengthen and support document on the same day, noting that is 'anti-constitutional'. tinue a dialogue along with protest ral- them fi nancially. The founder of Babale, Lia the draft will be sent to the OSCE, and “This meeting has once again demon- lies. Tabatadze, started with 10,000 GEL and a very small circle of parents organizing in case of positive recommendation, they strated that the German model is not in "If the government does not intend to small-scale social activities to raise awareness of Down’s Syndrome in Georgian will submit the document as a legislative line with the Georgian Constitution,” agree and discuss any proposal, it means society.