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One Step Closer to Europe February-March/2017 • Investor.Ge | 3 Investor.Ge Content 6 Investment News

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One Step Closer to Europe February-March/2017 • Investor.Ge | 3 Investor.Ge Content 6 Investment News EXPLAINER: REMEMBERING BOB WALSH GEORGia’s HEPATITIS C THE “Larization” PLAN ELIMINATION PROGRAM 2017 B.-MAR. E Investor.geA Magazine Of The American Chamber Of Commerce In Georgia ISSUE 55 F One Step Closer to Europe FEBRUARY-MARCH/2017 • Investor.ge | 3 Investor.ge CONTENT 6 Investment News 8 Remembering Bob Walsh Bob Walsh (1940-2017) was a friend to Georgia, a tireless advocate who spent three decades helping Georgians. 12 Georgia’s Hepatitis C Elimination Program: A Search For a Global Solution Georgia, the United States’ Center for Disease Control and Prevention (CDC) and pharmaceutical company Gilead have teamed up to create a pioneering program that could become an international example of how to eliminate Hepatitis C, one country at a time. 15 15 The “Breaking of the Wall” - EU Grants Visa Waiver With a vote of 553 for, 66 against, the European Parliament agreed to waive visa requirements for Georgian citizens traveling to the Schengen Area. Investor.ge spoke with State Minister for EU Integration Viktor Dolidze and political pundits about what this means for Georgia going forward. 18 Georgian Ski Resorts 2.0 The government is investing in major upgrades at many of Georgia’s ski resorts. Investor.ge looks at what is planned for Bakuriani and Gudauri resorts. 20 Record Numbers of Skiers Drive Government 24 Investment Four government bodies agreed to invest tens of millions of lari in ski infrastructure in a 2015 agreement. Investor. ge spoke with officials about how the money has been spent. 21 Skiing in Georgia: Advice From Abroad Georgia is spending millions to develop its ski resorts, but Bruce Packard, President of the Alpine Ski Club, notes the country can learn the value of preserving what it already has from the successes of other, developed, ski destinations. 30 24 Explainer: The Government’s Larization Plan 26 Georgian Lari Depreciation in a Regional Context 30 Shopping Sololaki Come for the architecture, stay for the food! Central, charming, cobbled and crumbling, Sololaki is a haven for Tbilisi tourists and a hotbed of good dining. ...... 34 34 NEWS 4 | Investor.ge • FEBRUARY-MARCH/2017 FEBRUARY-MARCH/2017 • Investor.ge | 5 CHINESE COMPANY BUYS 75 PERCENT OF FREE TRADE INVESTMENT ZONE The Georgian government and a Chinese company have signed a memorandum of understanding for the purchase of 75 percent of the NEWS ownership shares of the Free Trade Zone in Poti, Georgia, agenda. INVESTOR.GE PROVIDES ge reported on 16 January. The company, CEFC China Energy Company Limited, is a lead- A BRIEF UPDATE ing international company listed on the Fortune Global 500 list, gov. ON INVESTMENTS ge, the Georgian government’s official website, reported. AND CHANGES IN The deal is part of China’s One Belt, One Road project, the GOVERNMENT POLICY website said, adding the memorandum was signed by Economy Min- THAT COULD IMPACT THE ister Giorgi Gakharia and Zang Jianjun, the CEO of China Energy BUSINESS ENVIRONMENT. Company Limited. THE INFORMATION IN The agreement is part of an effort “to encourage the realization THIS ISSUE WAS TAKEN of the potential of the New Silk Road.” CEFC China Energy Company Limited plans to develop the FROM AGENDA.GE, Poti Free Industrial Zone by “sharing the best practices of China’s A GOVERNMENT- developed industrial zones and attracting investments in the devel- SUPPORTED WEBSITE, opment of processing, modern technology, warehouse management, AND OTHER SOURCES. and logistics,” the report said. 6 | Investor.ge • FEBRUARY-MARCH/2017 EU VISA WAIVER FOR GEORGIA NATIONAL BANK LAUNCHES LOAN CALCULATOR The European Parliament voted to waive visa requirements The National Bank of Georgia has created a calculator for Georgian citizens travling to the Schengen area. The new to help people and businesses compare loan terms in lari, rules are slated to go into effect by the end of March and will the national currency, and US dollars, agenda.ge reported on simplify traveling for business and tourism. See page 15 for a February 3. fuller report. The initiative is an effort to support the government’s lariza- tion program, which allows those who took out bank loans in TURKMEN OIL RETURNS TO GEORGIA dollars before January 2015 – and put up real estate as collateral Georgia and Turkmenistan have signed a three-year deal – to convert their dollar loan to lari, the report said. for the transportation of Turkmen oil via Georgia, agenda.ge The calculator is available on the National Bank of Georgia reported on January 13. The $22-million agreement calls for website, www.nbg.gov.ge. 1.5 million tons of oil to be transported through Georgia every year, according to the report. BANK OF GEORGIA ACQUIRES ProCredit Bank’s SME PORTFOLIO NEW AIRPORT OPENS IN RACHA Bank of Georgia has purchased ProCredit Bank Georgia’s Prime Minister Giorgi Kvirikashvili opened Georgia’s new- small and medium sized segments portfolio, agenda.ge reported est airport in Ambrolauri, Racha, in western Georgia, agenda. on February 6. The report noted the deal was signed in Decem- ge reported on January 14. ber 2016. The agreement will add a net value of 120 million lari (about $45 million) in loans to Bank of Georgia’s retail banking EXTERNAL TRADE UP 21 PERCENT IN 2016 loan portfolio, according to agenda.ge. Georgia traded goods worth $11.9 billion in 2016, up 21 percent from the previous year, according to official statistics. FOUR MILLION BOTTLES OF GEORGIAN WINE TO 26 The value of exports dropped two percent and imports increased COUNTRIES 28 percent, the report stated. Georgia exported 4.3 million bottles of Georgian wine to 26 countries in January, agenda.ge reported, citing official GULF AIR TO LAUNCH NEW TBILISI FLIGHTS statistics. Sales totaled $8.8 million, the report said. Bahrain’s Gulf Air has announced new direct flights to January sales were a 141 percent increase in revenue Tbilisi, agenda.ge reported on 21 January, citing the air com- compared to the same month in 2016; the volume of exports pany’s statement. increased by 184 percent, according to the Georgian National The new, three-times weekly flights will start in the summer. Wine Agency. The top five countries that imported Georgian wine in Janu- OVER SIX MILLION TOURISTS IN 2016 ary 2017 were: Russia – 2,861,471 bottles;Ukraine – 402,858 Over six million foreign visitors came to Georgia in 2016, bottles; China – 372,440 bottles; Poland – 156,302 bottles; and according to official statistics. Over two million people spent Kazakhstan – 106,284 bottles. Exports also increased to 11 other more than 24 hours in the country, a 19 percent increase from countries, according to the report: China – 725 percent (372,440 2015. The highest number of visitors came from Azerbaijan bottles); Estonia – 250 percent (48,432 bottles); Russia – 198 -1,523,075, a 9.3 percent increase, followed by Armenia, Tur- percent (2,861,471 bottles); Kyrgyzstan – 186 percent (38,700 key, Russia and Ukraine. bottles); Kazakhstan – 164 percent (106,284 bottles); United The number of visitors from European countries also in- Kingdom – 113 percent (14,328 bottles); Ukraine – 102 percent creased in 2016: according to official statistics, there were 24 (402,858 bottles); United States – 100 percent (32,940 bottles); percent more visitors from Latvia, 16 percent more from Lithu- Latvia – 84 percent (61,128 bottles); Poland – 37 percent ania, 15 percent more from Czech Republic, 12 percent more (156,302 bottles); and Lithuania – 21 percent (54,228 bottles). from Bulgaria and 11 percent more from Germany. Georgian brandy exports were also up by 59 percent, com- There was exponential growth in the number of tourists from pared to the same period last year. Agenda.ge reported that several other countries, including Iran, India, Saudi Arabia, Georgia has sold $21.7 million worth of alcoholic beverages Philippines, Oman and China, agenda.ge reported, citing the in January 2017, including wine, brandy, chacha and others – a Georgian National Tourism Agency. 229 percent y/y increase. FEBRUARY-MARCH/2017 • Investor.ge | 7 ian projects, like arranging life-saving operations and sponsoring students so Remembering they could study in the U.S.. Kristin Hayden represented Walsh in Tbilisi from 1999 to 2001. She remem- bers him as a visionary who sought to Bob Walsh “bring further investment and support to Georgia.” BOB WALSH (1940-2017) WAS A GREAT FRIEND TO GEORGIA, “Bob was a true visonary who taught A TIRELESS ADVOCATE WHO SPENT THREE DECADES HELPING me that ordinary citizens can create ex- GEORGIANS IN IMMEASURABLE WAYS. HE DIED ON JANUARY traordinary things. He always believed in 23 AFTER CONTRACTING A RESPIRATORY ILLNESS DURING A TRIP his dreams and always went after them. TO TBILISI, WHERE HE HAD BEEN AGAIN WORKING ON BEHALF He was bold and visonary and ahead of OF GEORGIA. INVESTOR.GE SPOKE WITH A FEW OF HIS CLOSE his time. He loved Georgia and wanted ACQUAINTANCES AND BUSINESS PARTNERS ABOUT THE MAN to share that passion with everyone he AND HIS GOOD WORKS IN GEORGIA. met and bring further investments and support to Georgia,” she told Investor.ge. according to media reports. “Bob’s vision helped re-build Geor- In addition, he partnered with Rus- gia and his humanitarian heart supported sian entrepreneurs to help fund the first many Georgians over the years.” commercial space flight in history, in 1991, the Seattle Times reported. “GeorGia’s Great Friend” Prime Minister Giorgi Kvirikashvili A NATURAL PROMOTER honored Walsh for his support for Geor- Walsh was a natural promoter, ac- gia in a statement following Walsh’s cording to people who knew him best. death on January 23. After his first trip to Tbilisi, he returned, “I was extremely saddened to learn again and again, helping Georgians find about the passing of Georgia’s great much-needed investments in the early friend, Bob Walsh, who has been a great years of independence, as well as help- supporter of this country, which he loved ing those who needed medical care or so dearly.
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