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Georgian Wine Industry Issue no: 1164/187 • JULY 2 - 4, 2019 • PUBLISHED TWICE WEEKLY PRICE: GEL 2.50 In this week’s issue... Weekly Entrepreneurial News @entrepreneur.ge NEWS PAGE 2 Georgian Wine Industry: Implications of a Russian Embargo BUSINESS PAGE 6 US Companies Sidestep Trump Regulations, Continue Cooperation with HUAWEI FOCUS BUSINESS PAGE 6 ON THE GEORGIAN Tbilisi Startup Bureau ECONOMY Takes Aim at Georgia’s Minister Turnava on the outlook for the tourism sector and GEL PAGE 5 Entrepreneurship Economy BUSINESS PAGE 8 May 2019: Average Georgian Wine Industry: Hotel Prices & Hotel Price Index in Georgia Implications of a Russian Embargo BUSINESS PAGE 10 Production of Electric Cars BY SIMON APPLEBY to be Launched in Kutaisi ussia has certain economic leverage over Georgia, as last year BUSINESS PAGE 11 Georgian exports to Russia accounted for around 15% of total exports by value. A disproportionate amount of Georgian Gault&Millau Launches exports to Russia are wine, brandy, foodstuffs, and mineral water. The threat of a renewed trade embargo has people in Gastronomic Guide to RGeorgia’s agriculture, beverage and food sectors worried. A review of export data reveals that, should a comprehensive embargo on Georgian wine exports to Russia be imposed, there will be winners and losers in Georgia this scenario. BUSINESS PAGE 11 Prepared for Georgia Today Business by Markets Asof28ͲJunͲ2019 STOCKS Price w/w m/m BONDS Price w/w m/m BankofGeorgia(BGEOLN) GBP14.98 Ͳ6,6% Ͳ12,9% GEOROG04/21 104.17(YTM4.33%) Ͳ0,6% +0,2% GeorgiaCapital(CGEOLN) GBP10.90 Ͳ1,8% +11,8% GEORG04/21 105.69(YTM3.54%) Ͳ0,5% Ͳ0,1% GHG(GHGLN) GBP2.42 Ͳ6,9% Ͳ1,6% GRAIL07/22 108.95(YTM4.55%) Ͳ0,4% +1,1% The imposition of “special controls” on eight Georgian wineries by the TBCBankGroup(TBCGLN) GBP15.88 Ͳ6,4% Ͳ5,3% GEBGG07/23 101.17(YTM5.67%) Ͳ0,8% Ͳ0,9% Russian Federation’s sanitary authorities is thought to be a “shot across COMMODITIES Price w/w m/m CURRENCIES Price w/w m/m CrudeOil,Brent(US$/bbl) 66,55 +2,1% Ͳ5,1% GEL/USD 2,8495 +2,7% +2,1% the bows,” to warn the Georgian government and Georgian people that GoldSpot(US$/OZ) 1409,55 +0,7% +10,2% GEL/EUR 3,2325 +2,5% +3,9% anti-Russian sentiment will have economic consequences. That the gov- GEL/GBP 3,6133 +2,2% +2,3% INDICES Price w/w m/m GEL/CHF 2,9143 +2,4% +5,2% ernment of the Russian Federation may have contributed to these nega- FTSE100 7425,63 +0,2% +2,2% GEL/RUB 0,0449 +2,0% +4,2% tive sentiments through its actions is beside the point; Russia has certain FTSE250 19462,10 +0,7% +1,3% GEL/TRY 0,4903 +6,5% +6,1% DAX 12398,80 +0,5% +3,1% GEL/AZN 1,6741 +2,3% +1,8% economic leverage over Georgia, as last year Georgian exports to Russia DOWJONES 26599,96 Ͳ0,4% +4,9% GEL/AMD 0,0059 +1,7% +1,7% NASDAQ 8006,24 Ͳ0,3% +5,2% GEL/UAH 0,1086 +2,3% +3,2% accounted for 15% of total exports by value. A disproportionate amount MSCIEMEE 181,99 +0,8% +8,4% EUR/USD 0,8793 Ͳ0,0% Ͳ1,9% of Georgian exports to Russia are wine, brandy, foodstuffs, and mineral MSCIEM 1054,86 +0,2% +6,7% GBP/USD 0,7875 +0,4% Ͳ0,4% SP500 2941,76 Ͳ0,3% +5,0% CHF/USD 0,9763 Ͳ0,0% Ͳ3,1% water. MSCIFM 2785,86 +0,0% +5,6% RUB/USD 63,2225 +0,3% Ͳ2,3% GTIndex(GEL) 1582,68 ͲͲTRY/USD 5,7937 Ͳ0,4% Ͳ3,9% Continued on page 6 GTIndex(USD) 1208,13 ͲͲAZN/USD 1,7001 +0,0% Ͳ GEORGIA TODAY 2 NEWS JULY 2 - 4, 2019 The World Is Entering a Climate Crisis – Georgia Needs to Act @entrepreneur.ge Gamarjoba! I’m the Editor-in-Chief of the BY AMY JONES Georgian edition of Entrepreneur magazine and I’m here to share the top weekly Entrepreneurial news with you: limate scientists warn that Mana has been producing tea in Saguramo village our planet is heating faster for two years. The enterprise was launched by Irakli than they previously pre- Ghurtchumelia, who states that the product is dicted. As earth heads distinguished with premium quality Georgian towards breaking point, materials for which it aims to create a strong CPhilip Alston, UN special rapporteur on presence on the market. Production started with extreme poverty and human rights, stated four tea varieties, which expanded to 12 different last week that the impacts of global heat- premium-quality teas, 10 tons of tea produced ing could undermine basic rights to life, annually, and four export destinations: the Czech water, food, and housing as well as Republic, Slovakia, Poland and Latvia. Black and democracy and the rule of law. Green tea with lemon were presented on the market Following the worldwide trend, Geor- Image source - Geocell by Mana this year. The company plans to diversify gia’s biodiversity and climate are also Paris Agreement, a UN framework on amounts of plastics: takeaway coffee markets and add other tea varieties to its offerings. changing. The International Union for climate change to deal with greenhouse- cups, plastic bags, straws. A report by Conservation of Nature Red List includes gas-emission mitigation. the EU in 2018 found that around 900,000 29 mammals, 35 birds, 11 reptiles, 2 Despite small steps by the government, tons of waste are generated annually in Agrokiziki has something new for healthy product- amphibians, 14 fi sh and 56 woody plant environmental protection measures in Georgia, of which more than 75% goes lovers. Launched by the Gonashvili family in 2011 with species on Georgia’s list of endangered Georgia remain limited in part due to a to landfi ls. To reduce the amount of an initial focus on animal food production, it now has a species. The UN has listed habitat loss lack of infrastructure. plastic that ends in landfi ll, take your brand shop in Tbilisi. Brothers Beka and Bidzina due to logging, water pollution and inten- For example, in June, Tbilisi City Hall own alternative with you such as reus- Gonashvili primarily aimed to promote its products by sive grazing, as well as the unsustainable installed recycling separation bins along able coffee cups, metal straws and canvas supplying to enterprises. The launch of Tserti (წერტი) use of biological resources as the main Rustaveli Avenue. Yet, with lacking infra- bags. comes as the result of cooperation with partner farmers danger to Georgia’s biodiversity structure and education, the waste is not where, along with meat, dairy and other Agrokiziki In addition, the average temperature necessarily recycled. GEORGIA TODAY Take public transport or walk products, it is possible to purchase the goods of partner in Tbilisi has increased by 0.7 degrees have witnessed waste disposal workers The pollution in Tbilisi caused by farmers, all of them Georgian and totally natural. over the past 50 years. throwing the separated recycling waste poorly maintained vehicles and conges- The Georgian government has imple- into a mixed general waste bin. tion could be minimized if more resi- AIGROUP is to start producing electric cars in mented some initiatives to protect bio- Europe experienced record tempera- dents choose to walk, cycle or take Georgia designed by Zviad Tsikolia, who was diversity, protect the environment and tures this weekend as a heatwave swept public transport. In addition, carpooling named among 50 courageous entrepreneurs in encourage sustainable development. In across the continent. Temperatures in could reduce the number of cars on the 2018. Tsikolia notes his passion for working on 2019, the state budget for biodiversity Montpellier in the south of France hit roads. Georgian production, particularly in transport. increased to 720,000 GEL, according to 45 degrees, the same as you would expect The industrial complex of AIGROUP is to be the UNDP. in the US’ Death Valley during August. Avoid meat launched on 100 hectares in Kutaisi. The On 28 June, the National Environment As the affects of climate change are being Although many Georgian dishes include electric car enterprise promises 300 Agency, the Ministry of Environment felt, it is beyond time for citizens and meat, Georgian cuisine can be easily workplaces for locals at the fi rst stage and will Protection, the Ministry of Agriculture governments to act. adapted to a vegetarian lifestyle. Lobio, have a fi nal capacity of 40,000 cars. The and the UNDP signed an agreement on khachapuri, ajapsandali, salads, and a project is implemented in partnership with the the fourth national climate change frame- HOW TO BE MORE number of other dishes are meat free. large Chinese corporation ‘Changan.’ work and second two-yearly report. ENVIRONMENTALLY In addition, Tbilisi has numerous veg- Follow the Entrepreneur Georgia Instagram page to get the latest updates from The agreement aims to tackle climate FRIENDLY IN GEORGIA etarian and vegan restaurants such as Georgian Entrepreneurs. For doing business with Georgian Entrepreneurs, write us on change in Georgia on a national level, in Minimize plastic consumption Kiwi Vegan Cafe, Mama Terra, and Hum- [email protected] accordance with the requirements of the Many businesses in Georgia use large mus Bar. GEORGIA TODAY JULY 2 - 4, 2019 BUSINESS 3 Writers Boycott National Foundation of Georgian Literature Photo: Writers' House/Facebook responsible for their position, condemns the uni- BY ANA DUMBADZE fi cation of the "Writers’ House" and "Georgian National Book Center" as one organization and boycotts the newly established “National Founda- eorgian writers, translators, and pub- tion of Georgian Literature”, reads the statement lishers have boycotted the newly released by Georgian writers.
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