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February 12, 2018 #225
February 12, 2018, Issue 225 - www.cbw.ge
Real Estate Whether New Buildings Are to Be Dismantled
Event Zara Home Opened Its First Store in Tbilisi
8 Million Tourists 3 Billion usd Revenue Tourism Sector Plans to Improve Records
Mariam Maghularia: It’s important to be open, social and be passionate at what you do
Head of Badagoni Rejected Accusations Two plants of Badagoni wine company suspended operation on February 7, after the investigators from the Ministry of Finance showed up at the company headquarters in the morning. Officers of Investigation Service of Finance Ministry are studying financial documentation in the framework of a criminal case involving the misappropriation of the company’s shares. A criminal case was launched upon the application of Vladimer Janjghava, a former shareholder, who demands return of his shares. At a press conference George Salakaia, the current owner of Badagoni, asked the Prime Minister to interfere in the process. “I categorically appeal to the government of Georgia, and the Prime Minister: Mr. George, you know my attitude to my country. I am the father of seven children. You know my attitude to this industry, I very ask you to interfere in this matter today. I say sincerely, in front of all television cameras: I and my colleagues will not concede Badagoni to the end of our lives”, said Mr. Salakaia. Current management talks about interests of former high-ranking officials Davit Bezhuashvili (former PM and brother of exchief of the Foreign Intelligence Service Gela Bezhuashvili) and Kakha Damenia. According to Mr.Salakaia, David Bezhuashvili attempted in 2006 and in 2012 to “lay his hands” on Badagoni. The Georgian Prime Minister instructed the business ombudsman Irakli Lekvinadze to take under personal control the processes that are taking place around Badagoni. “It is important that the functioning of the business is not hampered. As far as I know, the investigative service did not stop the production process in the company and it is important that the company continue its full-fledged functioning,” – Lekvinadze said. However, according to a company’s employee, “After the Investigation Service entered our head office the company was paralyzed”.
EBRD President: Georgia is Improving Investment Climate
The parties made emphasis on such priorities as: development of municipal infrastructure, the banking sector, agriculture sector, power sector.
EU will Allocate Two Budget Support Tranches to Georgia
Namely, 47 million EUR will be allocated for business and economic development promotion, while 50 million EUR will be directed for vocational education and trainings programs.
Economics Growth to Be around 4.5% in 2018
The Real GDP growth in 2018 will be around 4.5% thanks to positive contribution from net exports, consumption and investments, as a result of currency inflows from abroad, improvement of business moods and capital expenses of the state budget.
Number of Tourists Increased by 23% in January
In January 2018, 444,241 international travelers visited Georgia, which is 57,171 more than in the same period last year. The highest number of visits was from Azerbaijan (+ 0.8%), Turkey (+ 20.1%), Armenia (+20.9%), Russia (+ 14.6%) and Iran (+ 92.4%).
ProCredit Bank’s Portfolio Dollarization Declines to 80%
Annual growth in GEL-denominated loans made up 52% (197 million in 2017 and 131 million GEL in 2016). Currency portfolio has declined by 7% (809 million in 2017 and 872 million in 2016).
VTB Bank Profits Grow by 14%
According to the fourth quarter indicators, VTB Bank’s profits grew by 14% to 20 million GEL. In 2016 the bank’s profits constituted 18 million GEL. In 2017 VTB Bank reserved 10 million GEL.
Italian Company SPEA Asks for 9 million GEL for Anaklia Seaport Road and Railway Projects
If the company wins the tender, it will be obliged to introduce a design for building motorway, railroad and other infrastructure in 13 months.
Wine Export Growth Was Fixed in The Beginning of The Year
in January 2018, 5,12 mil. bottles of wine have been exported to 24 countries worldwide. Totally, 11,4 mil. USD worth of wine have been exported, that is 31% higher than the data of the previous year.
Georgian Kiwi Outstripped Italian and French Kiwi
Georgian kiwi produced by local LTD Nergeta has found favour among Japanese consumers. The tropical fruit grown in Georgia entered Japanese market last year.
February 12, 2018 #225
Georgia to launch new electronic commerce platform
eorgia is strengthening its ecommerce industry in order to stimulate what is quickly becoming one of the world’s most important tools of modern trade. A new electronic commerce platform will soon be launched in Georgia that will allow the local population, including small and medium businesses, to order or sell products and services in Georgia as well as abroad, the delivery of which will be carried out by the Georgian Post. Georgia’s Economy Minister Dimitry Kumsishvili announced that the new electronic commerce platform of the Georgian Post will be launched in May 2018. There are many successful examples of how different companies of ecommerce have changed consumers’ habits and behaviours of purchasing. Today companies such as ebay.com,
amazon.com, Alibaba and others have become world giants…On the one hand, e-commerce makes it easier for businesses to sell products on a global scale and on the other hand, it provides customers a wide range of competitive options”, Kumsishvili said. The minister highlighted that ecommerce development is possible only with the proper operation and functioning of postal services. In this regard, the launch and further development of the platform introduced by the Georgian Post is of utmost importance” he stated. Furthermore, a new law on e-commerce will come into play in Georgia starting from this year, which will ensure that industry regulations in compliance with European standards. Kumsishvili stated that the new law will strengthen the protection of
consumer rights and the personal data of internet users who use e-commerce services. Meanwhile, the Georgian Post has already introduced a new product – Maleo - a new service that allows people living in the regions of Georgia to receive parcels from abroad at the offices of the Georgian Post for the same price as the population of large cities. Before the service was only available for people living in Georgia’s capital city of Tbilisi, while now people living in remote parts of the country will not have to come to Tbilisi to receive a parcel and can instead have it delivered to his/her home in the same amount of time. To note, Georgian Post is listed in the top ten of PostEurop member countries for its International Registered Written Correspondence Indicators.
AYFB Requests Georgia’s PM to Set Personal Control Over Road Infrastructure Projects
ssociation of Young Financiers and Businessmen (AYFB) has recently launched exploration works for exposing available violations in highway construction process and public monitoring whether announced tenders and their conditions are fulfilled valuably. We know that an unprecedented volume of resources will be applied from the state budget and international donor organizations and this is one of the most important components for space arrangement concept of the country. Regretfully, at the first stage of research, we received a picture that creates grounds for serious confusion. Over the past 3 years, we have spent more than 5 billion GEL on this direction, while in the nearest period, 1.3 billion GEL will be spent on only Rikoti section. We heartily welcome the State Audit Service plan for 2018 that calls for exploring the operation of Road Department, including for auditing compliance with state procurement procedures, however, this issue is very extensive and important and there is much probability that the delayed audit may be inefficient to make essential influence on the existing disastrous outcomes. Therefore, we, young financiers, believe that the Prime Minister should immediately ensure his personal public and efficient involvement in this situation with the aim to improve the detected violations and shortcomings. Law enforcement structures should also ensure valuable investigation so as the felons be exposed and punished in compliance with legislation timely. Namely, the AYFB supervision has exposed the following violations: None of the major road infrastructure projects, such as Rustavi bypass road, Kutaisi bypass road, Kobuleti bypass road, Samtredia-Grigoleti section are being implemented within the preliminarily determined terms. A number of violations are exposed in terms of quality and environment impact. Namely, Rustavi bypass road has not been finished in practice; Kutaisi bypass road has become a death zone because of invaluably designed project. It became necessary to transform this section into single-lane highway. As a result, bypass driving effect has been zeroed almost. As to Kobuleti bypass road, the levels between concrete cover and bridges mismatch each other. As a result, this fault, dangerous for human life, “is improved” by inserting asphalt layers in wild methods. Tunnels and water channels of highways dip deeper into the ground and they are filled with water; As to Samtredia-Grigoleti section,
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the most expensive project (254 million GEL) is being constructed by Chinese company SinoHydro, with extremely tainted international reputation, which was blacklisted by the World Bank (because of the same reason, Road Department of Georgia has also included the Chinese company in the Black List). Asian Development Bank (ADB) has blacklisted the Chinese Company too and it has been banned to participate in infrastructural projects; Transparency International has assessed one of the international projects implemented by this company as “a corruption monument”. The highway built by this company is not accepted by Government of Armenia because of extremely low-quality works; Lawsuits are underway against the company in Georgia too because of environment damage. Criminal case is underway. The company owes more than 20 million GEL to the state budget of Georgia and the Georgian branch has suspended operation, in practice. Its property and accounts were arrested. Moreover, one of the sharpest problems is that the road built by Chinese company SinoHydro and Railway 23 in Samtredia-Grigoleti section is sinking in marshland in practice, because, instead of piles, as drafted in the initial design (and a major part of the project budget was to be spent on them), the road is being built by use of the so-called PVD, based on the revised project. The new project did not contain either geological or technical expertise conclusions and accent is made on cheap materials that are inappropriate to the local ground. As a result, this section will not be safe for driving after it is accepted into exploitation! According to our information, the project was revised without any additional technical expertise and renewed technical requirements! Our supervision has exposed facts, when companies having won largescale projects demand for revising projects shortly after the victory and receive consent for making changes without problem. Frequently, tens of millions are manipulated on the ground of decisions passed by Road Department commissions and this factor also raises many questions about compliance with the legislation, which enables similar activities. This signifies that after tenders held under supervision, procedures and regulations of international donor organizations, Road Department unilaterally revises the projects after winning tender conditions, without new building permits and consequently, it carries
out road construction works illegally, as the revised projects do not contain technical-economic expertise and this factor generates essential and insuperable problems against safety. All the above-mentioned causes an purposeless spending of state credits and budget and extremely grows corruption risks and makes negative impact on the reputation of Georgia and specific competitive environment, because elementary principle of competitiveness is violated – companies with questionable reputation win tenders under absolutely different conditions and fulfill absolutely other projects and supposedly companies having lost tenders would bid lower tariffs for implementation of the same projects. To avoid responsibility, Road Department officials misinform the society and accuse international donor organizations of their own violations. For example, last week Road Department chairman noted that companies had won tenders due to procedures of World Bank and other international donors, while illegality, project revisions are reported after these very tenders, where donor organizations do not participate any more. Mr. Prime Minister, on July 8, 2014 you inaugurated the construction of the first section of Samtredia-Grigoleti highway. The works were to end in 2 years. What do we have today? The highway works have not bee finished. Ukrainian company Altcom has disappeared and the Authorities cannot return back the paid money, because the bank guarantee was issued by commercial bank with questionable reputation. Today, repeated tender is held for completion of the highway construction, but it is doomed to failure, because the tender has been announced with the revised invaluable project. And this signifies that before completion of road construction works, on which hundreds of millions of borrowed GEL will be spent, road infrastructure will be to be built anew. AYFB continues exploration and will try to finish it as soon as possible and submit due documents to the interested society. We hope that Road Department, Ministry of Economy, Samkharauli Forensics Bureau and Ministry of Agriculture and Environment Protection will bolster our efforts and issue all requested public information timely and thoroughly (there are signs that this process may be protracted and proceed invaluably), but before, we address to Prime Minister Giorgi Kvirikashvili again – to set personal control immediately and publicly on implementation of major road infrastructure projects and control their fulfillment quality.
Editor: Nutsa Galumashvili. Mobile phone: 595 380382 Reporters: Nina Gomarteli; Mariam Kopaliani; Merab Janiashvili Technical Assistant: Giorgi Kheladze;
Source: www.commersant.ge, www.bpi.ge, www.gbc.ge, www.agenda.ge, www.civil.ge
February 12, 2018 #225
We Are Ready! Arbeiter-Samariter-Bund’s (ASB) history and role to develop a Culture of Safety in Georgia Improved preparedness of individuals, families and communities to better equip themselves to respond to natural disasters is one of ASBs key priorities in region. Georgia is part of a highly hazardprone region with earthquakes, frequent floods, landslides, avalanches and droughts affecting the lives and livelihoods of high-at-risk communities. This is, in part, due to global climate change, which increases the regularity, scale and impact of hazards around the world. Nevertheless, hazards only become disasters when a society’s ability to cope within existing resources is overwhelmed. When this occurs, the poor and vulnerable – especially children, older persons, people living in poverty and persons with disabilities – are most at risk as they often lack the knowledge, life-skills and resources that would enable them to better prepare for disasters. According to reliable statistics the number and scale of natural disasters increased dramatically over the recent years. The damage caused to Georgia by natural disasters during the last 10 years exceeds the relevant indices of neighboring countries by three or more times. Based on situation analyses, international practice and national guidelines and standards, country preparedness to disasters was defined as one of the top of priorities in Georgia. In response to this policy priority,
ASB in the framework of IV phase of DIPECHO program is currently implementing a Disaster Risk Reduction (DRR) project with the slogan “We are ready!” DIPECHO stands for Directorate-General for European Civil Protection and Humanitarian Aid Operation, which is financing this project on Disability Inclusive Disaster Risk Reduction Education for the Culture of Safety” Starting in 2010, ASB works in Georgia in partnership with government on a wide variety of DRR and resilience building activities. These include: policy and planning, community-based and pre-school based initiatives, endorsement of a Disability Inclusive DRR approach in the education sector, capacity building and media outreach projects. At the core of ASB’s philosophy towards Disaster Risk Reduction is the creation of an enabling environment particularly for socially high-at-risk people, such as Internally Displaced Persons, children or persons with disabilities to protect themselves during natural disasters by teaching them how to react during and after disasters and how to be better prepared. The first “Inclusive Disaster Risk Reduction training for Internally Displaced Persons (IDPs) in West Georgia” was financed by the German Federal Foreign Office. It focused on delivering DRR as well as first aid trainings to IDPs residing in newly rehabilitated IDP
settlements. Particular attention was paid to involve host communities in these trainings. This approach served the purposes of not only spreading the knowledge about DRR and first aid in the immediate vicinity, but also to facilitate integration between IDPs and their local neighbors. In 2015 ASB started to implement two projects under the Disabilty inclusive DRR programme (DiDRR) with the slogan “We Are Ready”, which promoted the DiDRR concept in Kindergartens. In Tbilisi and throughout Georgia, caregivers and children participated in trainings and received child-friendly educational materials developed by ASB, which aimed to equip children with knowledge and skills necessary before, during and after disasters. To make all the previous work in DRR more sustainable, ASB continued its project - We Are Ready! – in a new phase that started in 2016 and will end in 2018. The main goal of this project is to add practical relevance by institutionalizing the disaster risk reduction program in the education and other sectors. Besides working directly with schools, teachers training courses at selected state universities were conducted and the capacity of active participation in disaster risk reduction issues of DPOs (Disabled People’s Organizations) and other NGOs working on the problems of persons with dis-
abilities was increased. This modified and integrated new approach to better contribute towards building inclusive culture of safety and resilience is aligned to the new global framework for DRR (Sendai Framework for DRR 2015-2030). In this endeavor ASB is working closely with the Ministry of Education and Science (MoES), the Emergency Management Service, the Georgian and Danish Red Cross Societies in Georgia and Bridge Innovation. As one of the most recent new approaches with regards to DiDRR, ASB started in 2017 to cooperate with the private sector. Based on a memorandum between m² Real Estate and ASB, the first precedent of a DiDRR project was set within the housing development sector. This cooperation between m² and ASB was oriented towards implementing a pilot project in a particular Tamarashvili complex of the company, which included a variety of activities defined by the Disaster Risk Management Program such as: Conducting trainings, dissemination of educational materials for residents, practical activities of disaster risk management in the form of simulation, retraining of m² personnel and establishing special security headquarters. It is important to note that this Disaster Risk Management pilot program also provided an inclusive approach. Such kind of training was conducted
for the first time in the residential business sector in Georgia. It aimed at preventing risks of disaster and introducing the residents to the appropriate behavior during disasters. „No One Left Behind, is the motto of this pilot project in the framework of the DiDRR programme, that’s why it has an inclusive approach. This is just one more example that ASB is contributing to the country’s preparedness by reaching different target groups and cooperation partners. For us, it’s equally as important to cooperate with the private sector. For example, we trained the m² Real Estate company staff and their residents in DRR As an international experience, ASB together with the UNICEF office in Turkemistan, has replicated preschool Disaster Risk Reduction program and delivered trainings for Day Care Center, and preschool education sector representatives in Turkmenistan as well as shared ASB’s developed DiDRR education material, to use in region and support them in implementing the program in country. To sum it all up, the - We Are Ready! campaign slogan is a direct and simple message for everyone to think about, how important it is to know what to do and how to act during disaster, as disaster may happen anywhere and anytime” – says Karl Koester – Country Director of Arbeiter-SamariterBund – ASB.
February 12, 2018 #225
8 Million Tourists 3 Billion usd Revenue Peter Mac Nulty Managing Director of Tourism Development International
Tourism Sector Plans to Improve Records
Peter Mac Nulty on Agritourism Development Plans in Mukhrani
Merab Janiashvili Economic Analyst
Georgian banking sector is recorded among top ten banking sectors worldwide, due to the mentioned indicators. To be precise, according to the International Monetary Fund (IMF) indicators, Georgian commercial banks rank 9th in terms of profitability, along with undeveloped countries of Africa, Asia and Latin America.
Tourism Development International conducts the project ”Agritourism Development in Mukhrani”. As for the project details, significant potential exists for the development of Georgia’s agribusiness sector and specifically agritourism. Opportunities exist in hospitality and traditional food production, particularly for women and youth. Agritourism also offers farmers an opportunity to diversify their business and add value to products already produced on the farm and which can support the generation of additional income. EBRD has initiated a training programme to support the agritourism sector in Georgia. Mukhrani has been selected as a Pilot Area for the project. EBRD have appointed Tourism Development International (TDI) to undertake this project. CBW had an interview with Peter Mac Nulty, Managing Director of Tourism Development International for further details: Why did you choose Mukrhani as a pilot area; What’s the current climate there? Mukhrani Village has significant untapped potential for tourism development. The village has a range of significant historic assets including Mukhrani Citadel, Niko the Boer’s Castle, internationally significant Roman ruins at Dzalisi, and Chateau Mukhrani. In addition, Mukkhrani has intangible heritage such as the production of traditional foods which could also have appeal for international visitors. In 2016, the Foundation for the Economic Development of Mukhrani commissioned Tourism Development International [TDI] to prepare a Tourism Development Plan for Mukhrani. The plan set out proposals for the long term conservation of Mukhrani’s built heritage and the sustainable development of tourism, including agritourism. The Tourism Development Plan highlighted the need for tourism investment and training measures. How do Mukhrani inhabitants respond to the initiative? To date, there has been a positive response to the agritourism training initiative from the inhabitants of Mukhrani. Quite a few individuals have their own ideas and are keen to start tourism enterprises. As tourism is a new industry for Mukhrani, these individuals and other potential beneficiaries are keen to obtain an understanding of tourism and how the citizens of Mukhrani can benefit from participating in this economic sector. How do you plan to increase awareness of the area, what will be the main tourist activities? The Tourism Development Plan for Mukhrani includes a Marketing Plan to raise awareness of the area. A programme of Workshops and Forums has been set up with Mukhrani residents to raise awareness of Mukhrani’s tourism potential and the agritourism training initiative. Newsletters will be prepared monthly and will be communicated via social media and email. TDI will also be reaching out to the print and electronic media in Georgia and in particular in the MtskhetaMtianeti region. Who will be leading the training programme and which techniques will be taught within it? The training programme will be implemented by Tourism Development International [TDI] on behalf of EBRD. The TDI team of 6, which comprises International and Georgian experts, is being led by Peter Mac Nulty, Managing Director of TDI.
In January 2018 number of international visitors rose by 14.8%, while number of tourists increased by 23%. According to January indicators, 444 421 international visitors arrived in Georgia, while number of tourists, who have stayed in the country for at least 24 ours, made up 189.476 persons. The most part of visits was recorded from Azerbaijan (+0.8%), Turkey (+20.1%), Armenia (+20.9%), Russia (+14.6%) and Iran (+92.4%). Positive tendencies are discerned from EU countries too. Namely, tourist inflow from Czech Republic rose by 59%, Latvia (+46%), United Kingdom (+31%), Netherlands (+28%) and Lithuania (+16%). Special growth was recorded from the following countries: Kuwait (+131%), Saudi Arabia (+127%), Iran (+92%), Israel (+77%), India (+48%) and Turkey (+20%). Giorgi Chogovadze, head of national tourism administration, pointed out that the current year will beat new records. Georgia will host more than 8 million tourists in 2018, he said. «We continue this strategy to draw more higher-paid tourists to the country. it is necessary to develop the sectors that will assist in implementing our strategy, for example, business tourism. We want to hold more congresses and meetings in Georgia with the private sector. Both marketing and infrastructural parts should be developed for high-paid tourists. In this case, VIP hotels are necessary. Tbilisi and Batumi are leaders in this respect», Giorgi Chogovadze said. As to the year of 2017, Georgia hosted 7 554 936 international visitors, up 1 194 433 ones as compared to the previous year (+18.8%). According to JanuaryDecember indicators, number of tourists, who stayed in the country for at least 24 hours made up 3 478 932 persons, up 757 962 persons compared to 2016 (+27.9%). The most part of visits in 2017 was recorded from Armenia – 1 718 016 visitors (+14.8%), Azerbaijan – 1 694 998 (+11.2%), Russia – 1 392 610 (+34.1%), Turkey – 1 246 745 (-0.8%), Iran – 322 938 (+118.3%). Positive tendencies were recorded from
EU countries. The most part of visits was recorded from United Kingdom (+39.9%), Netherlands (+31.1%), Spain (+29.9%), France (+29.6%) and Germany (+25.7%); Special growth was recorded from the following countries: Jordan (+316.1%), Saudi Arabia (+164.6%), Kuwait (+154.3%), Iran (+118.3%), India (+64.1%), China (+54%) and so on. As to revenues from tourism sector, figures are impressive, but they are appraised only superficially and are not analyzed essentially to identify what specific results this sector brings to our country. According to consolidated indicators of the I-III quarters of 2017, revenues from foreign tourism made up 2.2 billion USD (+29%), up 489 million USD as compared to the same period of 2016. Ratio of total indicators of the 2017 January-September period in total GDP constituted 7%, up 11.5% year on year. According to the January-November indicators of 2017, international visitors made 1 927 566 GEL transactions by foreign payment card, up 30.3% year on year. According to preliminary indicators, the year of 2017 brought record revenues. Foreign tourists spent 2.700 billion USD. As to 2018, tourism administration expects the country to host more than 8 million international tourists and receive revenues of more than 3 billion USD. At the same time it is interesting how much money remains in Georgia of total money that international tourists spend in the country. If foreign tourists spend money on imported products, this signifies that revenues go back abroad. Consequently, a major part of 2.7 billion USD spent by international tourists in Georgia, have financed foreign economies, because Georgian market is saturated by imported products. If we want to receive significant revenues from tourism sector, we should also develop other sectors to keep revenues in Georgia and prevent an outflow of financial resources to foreign economies.
“Under the Prime Minister’s order, the process will be taken on the personal control of the company” Badagoni “. It is important that the functioning of business does not interfere. As far as I know, the investigative service did not stop the production process of the company and it is important that the company continue its full functionality. We will definitely meet “Badagoni” founders to study the issue in detail”.
Irakli Lekvinadze Business Ombudsman
February 12, 2018 #225
Zara Home Opened Its First Store in Tbilisi The home wear brand of the Inditex Group has opened its first store in Georgia. The store measuring more than 450 sqm represents all the collections of the home wear brand, including Zara Home Kids. The store is also featuring an innovative design, true to the current image of Zara Home around the world. The store inside is presenting an avantgarde and elegant concept in harmony with the simplicity and respect for nature upheld in the materials used within the store. The use of neutral colours, chestnut wood and marble floors are just some of the features of this Zara Home new store. “By opening Zara Home on Tbilisi Mall we are bringing the top in home fashion and decoration brand into the city’s favourite shopping destination, making shopping at the new brand store an enjoyable experience for our dear customers. We are expecting a huge presence of our customers in Tbilisi Mall store to take profit and shop many exclusive collections“- States Dr. Yassine Sibari, the CEO of Zara and Inditex Group of Saudi Arabia, Central Asia and Caucasus Region, Alhokair Fashion Retail. As with all Zara Home stores throughout the world, the Tbilisi new store will present two collections each year, inspiring the design team to present ideas each season that are always on trend. The store will then be refreshed with the delivery of new items twice a week. About Zara Home Zara Home is the home wear brand of the Inditex Group. Its collections are based on the latest fashion trends and include: bedding, table and bath linens; furniture; tablewear; cutlery; and other decorative items for your home, as well as a loungewear and a bath & body line. Since its launch in 2003, Zara Home has expanded rapidly and it now operates in the five continents, more than 70 markets with more than 500 stores. With a team of more than 5,000 professionals, the brand offers the latest fashion and décor trends for every season, with stores constantly refreshed with the delivery of new items weekly. Thanks to a diverse group of designers from across the globe developing unique products, Zara Home brings trends from the international runways into the home, helping customers to create a warm and fashionable environment. About Inditex Group Zara Home is owned by the Inditex Group, 1st worldwide Fashion Retail Group. Inditex has 9 brands: in addition to Zara Home, there are also Zara, Pull&Bear, Massimo Dutti, Bershka, Stradi-
varius, Oysho, Lefties and Uterqüe. Zara Home’s Story 2003 – In August, Zara Home was launched as a new business format from the Inditex Group. By the end of the year the brand had 26 shops: 22 in Spain, two in Portugal, one in the United Kingdom and one in Greece. 2004 – In only its second year of operation, Zara Home expanded by opening 36 new shops, including stores in Mexico and in the Netherlands. 2005 – The brand continued its expansion with 48 new shops, and ended the year with a presence in eight new markets: Italy, Belgium, Cyprus, Turkey, Saudi Arabia, United Arab Emirates, Kuwait and Andorra. 2006 – Zara Home arrived in France with the opening of its first shop in Paris. By October, the Inditex Group had 3,000 stores, with a new Zara Home in Valencia, Spain. The brand concluded the year with 152 shops around the world. About Inditex Group Zara Home is owned by the Inditex Group, 1st worldwide Fashion Retail Group. Inditex has 9 brands: in addition to Zara Home, there are also Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Lefties and Uterqüe. Zara Home’s Story 2003 – In August, Zara Home was launched as a new business format from the Inditex Group. By the end of the year the brand had 26 shops: 22 in Spain, two in Portugal, one in the United Kingdom and one in Greece. 2004 – In only its second year of operation, Zara Home expanded by opening 36 new shops, including stores in Mexico and in the Netherlands. 2005 – The brand continued its expansion with 48 new shops, and ended the year with a presence in eight new markets: Italy, Belgium, Cyprus, Turkey, Saudi Arabia, United Arab Emirates, Kuwait and Andorra. 2006 – Zara Home arrived in France with the opening of its first shop in Paris. By October, the Inditex Group had 3,000 stores, with a new Zara Home in Valencia, Spain. The brand concluded the year with 152 shops around the world. About Retail Group Georgia – Alhokair Fashion Retail Zara Home is operated by Retail Group Georgia, a subsidiary of Alhokair Fashion Retail representing more than 35 Fashion brands in Georgia and operating up to 50 stores on the market since 2012. Zara Home TBILISI MALL 16km Aghmashenebeli Alley
February 12, 2018 #225
According to the National Bank indicators, over the past
“The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all ” John Maynard Keynes
What is the price of money in Georgia and what is the price of money in general? The price of money is an interest rate that commercial banks make us pay for taking a loan (there exists other definitions too). In a production process, success (profitability) of the company is determined mainly by two things: first - the costs and the second – demand for the produced products; the first component includes price of money as well. The more money a company pays for a bank loan’s interest rate (cost of money), the higher its expenses are. As a result, the company profits shrink. According to the National Bank data, over the past 10 years, average annual interest rate on loans is 15%. With rough calculations, it signifies that on each borrowed 100 GEL, companies or physical entities should return 15 GEL more. Profitability of a company implies profits raised from 1 GEL (USD) invested, after paid expenditures. It is less probable that the profitability of a company in Georgia would be somewhat close or equal to paid interest rates. This indicates that the cost of money is significantly high for Georgian companies, and various reports, including Global Competitiveness Index, prove this by arguing that access to financial resources is one of the key obstacles for Georgian businesses. Cheap and the so-called “long-term” finance is of crucial importance for economic development of the country. Commercial banks are normally conservative in their considerations and take fewer risks when issuing loans. Furthermore, they also strive for short-term profits and do not offer money to domestic entrepreneurs for long-term development of the country. To put it bluntly, commercial banks give priority to their own segment in the economic life of a country. With the goal of overcoming existing development-related challenges and contribute in the formation of healthy societies, along with other instruments, countries generally establish development banks. Mariana Mazzucato and Caetanno Penna differentiate several objectives that development banks serve. These include: counter-cyclical measures, large-scale infrastructural projects, supply of mission-oriented finances and introduction of new technologies. The counter-cyclical activities of a development bank are directed to eradicating problems generated by the cycles of capitalism (the so-called business cycles) through the supply of cheap money to companies. As to the infrastructural projects, development banks, indeed, finance important highways, seaports and other major energy projects. The government of Georgia applies several instruments for resolving the problems related with the financial resource availability. Among them – the program operated by the Ministry of Economy – “Produce in Georgia” and the Partnership Fund of Georgia. The latter institute may be considered as an initial form of the Development Bank that incorporates certain functions of such institutions. Partnership Fund has been actively funding priority programs in the country, especially in energy and tourism sectors, however, the development of production and promotion of innovation has a minimal role in the Fund’s portfolio. Discussion about reforming the Partnership Fund actualized in 2014. The government of Georgia asked the Development Bank of Germany (KfW Entwinklungsbank) for assistance and advice in the process of reforming the Fund. It has to be noted that the management of the Partnership Fund has actively discussed these reformation process, after which Partnership Fund was supposed to make emphases on those high-risk economic sectors, where private financial institutions would have less interest. However, Partnership Fund has not carried out the reform yet and discussions over foundation of the Development Bank have stopped.If we look to the performance of the Partnership Fund, it shows that this institution is chiefly oriented on commercially profitable projects and it pays less attention to criteria such as employment potential, innovations, positive externality and technological spillovers. Therefore, it turns out that the Partnership Fund participates in the sectors with higher chances for attracting financial capital. The Fund is most active in energy and real estate sectors and ratio of these directions in total value of projects accounts to 90%, while the ratio of industrial development projects in total value of projects of Partnership Fund accounts to 6.9%.
averaged annual interest rate on loans is 15%.
Profitability of company signifies profits raised from
1 GEL (USD)
Cheap Money and Economic Development Necessity of Development Bank
invested, after paid expenses With roughly calculations, this signifies that companies or physical bodies should return 15 GEL more on each borrowed
Key Outlines of New Development Bank Georgian economy is in crucial need of Development Bank and cheap money that will help to eradicate market challenges and ensure structural transformation of economy. First of all, one should start with realizing that human resources are exceptionally unused, which indicates that there is an army of unemployed citizens in the country. Unemployment on the other hand strengthens migration processes. Such reality necessitates making strategic investments in the sectors that create high-paid and stable job places. It turns out, that Georgian state will have to carry out large-scale re-industrialization and Development Bank is to become its “financial arm.” Obviously, it will be better to establish Development Bank on the existing basis and Partnership Fund is the best option, which has experience of management of major investment projects. This is mentioned in the KfW report that focuses on the perspectives of the Development Bank in Georgia. For economic development it is of crucial importance that Development Bank be oriented on small and medium business promotion projects, including on funding startups that have chances of taking credit from commercial banks. Key accent should be on processing industry that creates stable and high-paid jobs. Development Bank should make scope on such projects as promotion of technology transfer and their adaptation to domestic economy.
hat is the cost of money in Georgia? In general, what does the cost of money denote? The cost of money is an interest rate that commercial banks make us pay for taking a loan (there is other interpretation too). In the production process a company profitability is determined mainly by two things: 1) expenses and 2) demand for produced products; The very first component includes expenses on money. The more money a company pays for a bank loan’s interest rate (cost of money), the higher its expenses are. As a result, the company profits shrink.
February 12, 2018 #225
Whether New Buildings Are to Be Dismantled Developers Respond to Seismologists and Geologists
Construction boom has overwhelmed the capital city, but the process may bring disastrous outcomes. Geologists and seismologists warn against threats that may arise after earthquakes. Problems come from chaotic and uncontrolled construction process. Specialists assert that a major part of new buildings cannot withstand even medium-power earthquake. Problem consists in geological conclusions that are issued prior to commencement of construction works. Geological exploration exposes the type of ground, its depth. It is a key guidebook for construction materials, technology, the whole project. Tea Godoladze, director of National Seismology Center and Institute for Earth Exploration Sciences, says that geotechnical works are adulterated and everybody can buy due documents for 100 GEL. At the same time, geologists are not licensed and the state does not have mechanisms for controlling people of this profession. The current construction policy in Tbilisi obliges the customer to submit a geotechnical conclusion to the municipal office of architecture, along with other documents. Private companies and physical bodies work on conclusions. Exploration of rock layers and construction results are not controlled by the Authorities and they unconditionally trust expert conclusions. Tbilisi City Hall bears responsibility for neither geological ex-
pertise nor quality of construction works that are regulated by extremely outdated norms in Georgia. The 4.5-magnitude earthquake in Tbilisi took place in 2002. According to seismologists the earthquake belongs to the weak category. Despite this, 12 000 buildings were damaged in Tbilisi, all public schools and academic process was ceased. 7 persons died. The Caucasus Business Week (CBW) has inquired whether development companies agree with seismologists and geologists and whether they build reliable buildings. GDG+ company founder Bezhan Tsakadze disagrees with statements by geologists and seismologists that new buildings are not reliable. All development companies make geological conclusion, because this document is of crucial importance for developing a structural scheme, he said. «I do not think buildings in the capital city are unreliable or hazardous. We personally apply to professional geologists. As to construction quality, the truth is that this component is regulated by old norms. At the same time, there is high-level program too and we follow this program. Therefore, we do no have any mistakes in this direction», Tsakadze noted. Malkhaz Kunelauri, Redco projects manager, also shares this position of Bezhan Tsakadze. This issue requires individual approach, he said. «Similar statements are ungrounded. If there is specific
violation, it should be examined individually», Kunelauri noted. It is also inexpedient to subject geologists to licensing, because this mechanism may generate a new source of corruption, he added. «I do not agree that geologists must be licensed. Licenses do not determine qualification. If licenses are granted to several companies, this may bolster corruption and make several products expensive on the market. In general, I believe that in free economy market processes should be free of bureaucracy and I will hope this will be so», Kunelauri said. Representatives of multifunctional complex King David say that there were many rumors around King David, however, the most questions were asked about the complex foundation ground. There were people, who expressed doubts the rocky ground could make the foundation fragile, while, in reality, rocky ground ensures the highest level of reliability, the complex representatives pointed out. «Naturally, the rock was examined in terms of geological and geophysical aspects. The exam-
ination showed that the design benchmark of the foundation corresponded to the rocky ground of the 7th category. The foundation represents a joint reinforcement-concrete plate of 2 meters in height. To put simply, this is one of the most reliable foundations in Georgia. Any interested body is able to examine geological and geophysical conclusions. Monolithic reinforcement-concrete frames shape the supporting structure of the building. Space model of the building is to withstand 8-magnitude seismic activity. Quality of construction materials, reinforcement and concrete was systematically examined in the construction process by a qualified research laboratory. After completion of construction works, the existing support structures were examined by domestic and international companies. As a result of expertise conclusion, quality of construction works corresponds to international standards», King David managers noted. The facade was fulfilled under supervision of German company SCHUCO. The testing was conducted in Germany and it showed that the facade would withstand any natural disaster,
including 9-magnitude earthquake. Meanwhile, Levan Targmadze, head of Saba Construction company, agrees that there may be real problems in this direction. Obligatory supervision does not refer to private projects and therefore, there are many mistakes, he said. «We do not make focus on construction of residential buildings. We mainly work on state projects, where there is other mandatory supervision system. As to private projects, there may be more mistakes and quality will be more protected under mandatory supervision», Targamadze said. As to seismic issues, structures are to withstand 8-magnitude earthquake, he said. «According to my information, all structures can withstand 8-magnitude earthquake. If construction works satisfy technical norms, I think there should be no problems. As to quality of construction works, I believe we have good standards. We have to only satisfy these standards. I reiterate that we do not have serious problems in this direction, however, supervision mechanisms are necessary», Targamadze noted.
February 12, 2018 #225
“It’s important to be open, social and be passionate at what you do’’ - Why did you decide to enter this field and what opportunities does it give on terms of career growth? It happened by itself, as I’ve been working, I was working as a journalist in the news service, writing articles and bringing information to the public, communication with people became my favorite job. PR gives you an opportunity to share news and dynamics of the company to public, we have a lot of platforms for that, which means our possibilities grow. It is career growth when you love your job and trying to catch up with novelties. This is exactly what I always wanted to do. - What does it take to hold successful communication with public? Being aware of your skills correctly, which is important to hold communication. Good team, who works with you hard to popularize organization, company, in our case university it is. - What three tips would you offer someone just starting out in PR? It is hard to give an advice, as it comes after gaining experience, but I know what’s important, being available, open, social, and passionate at what you do. - What do you wish you would have known before starting your career in PR? While working as a journalist, I had
Interview with Public Relations Manager of Caucasus University Mariam Maghularia.
contacts with PR managers, I could roughly guess their work specific, but our work is not only about preparing press releases, arranging respondents and answering questions, now I know that it’s very intensive work. I always try to learn something new, as PR is very alive and active field. - Describe your typical work week. We work constantly. Marketing and PR department is actively involved in university’s life and important processes. We plan events, monitor social media and channels, communicate with staff and students, etc. Education field is interesting, when you work at Caucasus University it’s guaranteed to have interesting working environment. - How would you go about finding relevant contacts and sources? The job title answers this question, by communication, relationships, and contacts. Meaning, complying the other side by giving absolute information. It’s individual, one should consider specific situations. - How would you prioritize and start your work day? - It’s an old habit get acquainted with news as I wake up, learn what’s trending, any information effects on planning a day or week. I don’t have any significant ritual, neither standard answer,
for example: I start a day with coffee. - What are the required skills to be a successful public relations? - I will note again, stay informed, know what’s happening at your job, field, media, etc. You should never be behind, you should ‘’check your pulse’’, be inquisitive, share and receive other’s visions. PR manager should know how to send correct messages and ask right questions. You should be always available, as you never know when it will be your need, as a mediator. - What trait do you value the most in your co-workers? Fairness and objectiveness. Being a team player is also very important. - What is the best PR practice technology can’t change? Public relations field expands, despite the merger of marketing, sales, advertising, social media (as a platform) and other communications sites in the neighboring areas, it’s important to have your reputation as well as the credibility rate for you. Technologies can not replace this - What are some of the growing trends in the public relations industry? We still share news through releases, call producers, inform information agencies, journalists of various media outlets. It gets easier to communicate and send messages nowadays and we try to work out new methods.
February 12, 2018 #225
9 tive, what should people do who are involved in this process. It seems that in many places it spontaneously develops. Do not you see the threat that maybe development in this direction can be hindered, what would be your recommendation? - It seems that if you look at one side it’s easy to do. People come, they are happy, they taste the wine, they praise you, pay money and leave... But it is really a great work, it requires 24-hour readiness, and is very tiring physically. The most important thing is to keep always high quality, that means every hour of work, that always keep the yard, bridge, access roads tidy, to always be the one who communicates and answers the phone calls. It can not be any doubt whether this will be food or wine or even a smile... Every day you have to smile to people, you should bring them in a good mood with your smile, because as host you are like first Gateway. This is hard work and Georgians are now learning to work hard after the Soviet Union and yet the risks are too big, there is even a risk that when you taste the wine , you will find out that the pitcher was not washed well and your wine is no longer useful... So if expectations are high and the reality is low, the result is worse. This risk exsists and from a single popularity, we must move on to the popularity, that will be obtained by work and Georgian wine has this opportunity and risk also - the pitcher should be thoroughly burnt, well washed, otherwise you can always get a good pitcher in Georgia. As for Ateni he says, that it should be the atmosphere of chattering, crowded with people, not just chaos, the place, where you are happy and feel that you are the son of nature.
The place you should visit «Atenuri Marani» of Nika Vacheishvili www.travelingeorgia.ge
f you know the price of close proximity to nature, if you are looking for a place that enhances your impressions, If you love natural products and you want to taste a special wine, - You must visit this place. This place is in Georgia, Ateni Gorge, this is wine cellar (In Georgian - “Marani” location for storing wine in special pitchers) of Nika Vacheishvili - Former head of National Agency of Cultural Heritage Protection and not only Wine cellar. He left 8 years ago and almost settled there. He says, that spends significantly more time in Ateni, than in Tbilisi and this place became already as home of three generations of Vacheishvili. So called the tradition, as the future. “You will come to Ateni and you will understand,that you saw something unusual and special. Our three generations are here from March to late autumn. This is not a project only for us, we want everyone to have a chance to see this happiness “- says Nika Vacheishvili. That’s why it was decided to make wine cellar first and then GestHouse. Marani is special with old traditions, ...built from lime of Ateni, GestHouse is small and quiet, there come many guests and relatives, Georgians and foreigners ... The mood is such as when they show you the forgotten homeland and can`t hide the excitement ... The guests are offered different programs here, the goal is to deepen in the history and introduce traditions, for example, children are learning Ateni Sioni painting, learning how the ancestors drew and how they can do it themselves. “In 2010 we started the development of winemaking - viticulture, because Ateni Gorge is a well-known territory, a continuous tradition of winemaking. One of the most famous wine in Georgia was made here and Vakhushti Batonishvili called him “the best wine of all the wines of the kings”. Wine exclusivity is conditioned by geo-
graphical location and microclimate, the rocks containing lots of minerals, which are important for the vine, and these minerals provide wines with exclusiveness. Of course, there is possibility to plant various grape varieties somewhere else, but you will not get the tasteful qualities that you can achieve in Ateni. Ateni has small land and we have a small vineyard on different slopes. This gives the diversity of wines, each of them has its own taste. From the very beginning we thought such way, that there should be a small number but unique wines. We have tested the vineyards next to the river, next to the rocks, how it would reflect in the wine and I think it became very good “ – says the host. As a lecturer, she explains additionally why are the tradition as the future. “What I theoretically explain to the students, what has to be the tradition look like, which continues to live in renewed conditions and in modern demands, approximately became like that and here everything became according to the principle - the tradition as the future. Very nice, everyone likes, those who visit, feel themselves very cozy. I would like to expand educational load He says and tells us what a charm has mastering of rock climbing or archery in this environment, astronomical observations on the sky, full of stars, soap becomes unpopular in fashion and here you can make soup from clay and you can also use grape husk for this. We are happy and follow the path of this discovery. We do not need watches and we have watches of sun, Time passes differently here than in the city and here time also has other specifics. Ateni’s sights enable all of this, there are lots of routes around with nature’s marvels and historical monuments. “Because this was the main way to Syria, to Palestine, to the whole Byzantine, it was the main artery of the economy in old Georgia, Davit Aghmashenebeli many times have been walking in this small gorge, this locality had a strategic importance and here was kept Georgia’s treasury ... It is an unique place, it is history, which is visible on every
step of the foot, “ - says Nika Vacheishvili. Last year he got an idea and he made a program „by ourselves” for the guests. Its main principle is that everyone can make food by himself (herself), cook a pizza or khachapuri, take a walk himself (herself), draw, taste wine or press juice out of grapes, pet vineyard and feel himself (herself) as a host. From year to year wine volume grow in Nika Vacheishvili’s wine cellars, slowly the vineyard, where vine has been planted by his hand, begin to bear grapes and in 2 years the harvest and the wine itself will be more... “We have traditional, endemic cultivars, more than 3000 bottles. We think there will be maximum 5000 bottles. This is considered as a family activity and we are not going to have plant, It’s not commerce, it’s the taste of this locality, Such brilliant wine you will be able to taste only in this place of the world. At the end of May, you’re standing in the field and hear a wonderful buzz, at the beginning I did not know and wondered. Then I was told that this is the bee job trails, all this happens over our vineyards. I accidentally discovered that the land here contains a large amount of iron, I magnet fell down and stuck to the ground, then I realized why the Atenian façade turned red – oxygenated. Although there were some offers, he took one test batch abroad, He is not interested in wine exports. “Demand is growing in Georgia too and I do not want to take it anywhere abroad, after which I will not have wine here. We will develop Ateni and export is secondary importance . The main thing is the quality and we have achieved that maintained the balance and whole cycle goes not only blindly but by our control, by our collaboration. This year our wines came out high sweetened and high alcoholic, which is a quality indicator. “ In Nika Vacheishvili’s wine cellar it is possible to taste 5 different wines. The vineyard is grown on the land which is up to 4 hectares. He loves this locality and he is very proud. He is glad when people like his achievement and they praising him. He is the host of both foreigners and local population. Here arrive Germans, French, Austrians, mainly from Western Europe, recently here also arrived Asians. “Although they do not drink wine, they still realize that this is a special place. We had guests from Saudi Arabia, Iran, they are involved in the process and help us. Foreign guests keeping touch with us constantly tell us, we keep correspondence, for example, we had French guests and they sent us their relatives 5 timesGeorgians com mainly with families, they often come with their children, who are abroad and with their relatives. They realize that this visit is not just episodic touch with Ateni. “ On the question does the experience, which has been achieved during the period, when he was the head of National Agency of Cultural Heritage Preservation help him, he answers:
- Of course and I will tell you the truth, it helps and what I would do for the country, I will do the same for that micro area. This is a branding, commercially well-to-do plan, equilibrium between commerce and development, how can be publishing policy?... I intend to implement very simple, cheap and effective museum and curriculum projects in Ateni, there will be created a museum space, a small library ... united, combined space with modern service and offer in the oldest place, the place similar of which you have seen in Switzerland or anywhere else. - As for financial resources, how do you manage to attract it? - Unfortunately, in this respect, such a response are used to: When we go to donors, they tell us, that we’re going ahead in time and they have planned such a strategy a few years later ... so what we have done is good and at the same time bad, has a plus and a negative too. What we did , this are mostly banking financing, bank loans, so we are very well aware of the ideas that we can put in projects so that avoid problems cavil, accordingly it goes slowly and efficiently. We do not have socialist money (here is money and do what you want) and every penny has a goal, I’m a bit getting angry, the share of donors in such projects is very little and it is disappointing, when you see a lot of useless projects, how they are financed with applause, but the reality is this. - Do not you plan to involve in state projects? - I`d like to try my fortune in the project “manufacture in Georgia” but I do not want to be dependent and we have alternative projects too. If there will not be a state assistance, we will not stop, if it will be - we will be happy and grateful, but we are realists. - Wine tours are already offered to tourists in Georgia in great numbers. Family farming has become more ac-
We have traditional, endemic cultivars, more than 3000 bottles. We think there will be maximum 5000 bottles. This is considered as a family activity and we are not going to have plant, It’s not commerce, it’s the taste of this locality, Such brilliant wine you will be able to taste only in this place of the world.
EU-backed Fashion House Pioneers Local Clothing Industry
Nassim Taleb World’s Prominent Essayist To Deliver Two-Day Exclusive Lecture in Tbilisi Antifragility is the ability to benefit from failures, become stronger when facing difficulties, and move forward even under high uncertainty. The term was coined by Nassim Nicholas Taleb in his best-selling book The Black Swan. On March 30 and April 1, Nassim Taleb will run a 2-day Antifragility workshop for 100 top managers from the largest companies in Russia and the CIS countries. The globally recognized author will talk about how to measure antifragility and cultivate it in yourself and your company. In addition, the participants will hear the excerpts from a new, yet to be published book Skin in the Game, the Logic of Risk Taking. Due to the interactive format of the workshop and limited number of participants, everyone will be able to comment or ask the speaker any questions about his talk. The event will take place at the Radisson Blu Iveria Hotel, one of Georgia’s best hotels located in the heart of the sunny Tbilisi. In late March 2018, Nassim Taleb will deliver a 2-day lecture in Tbilisi.
Georgia’s Ancient Rock-hewn Town Opens VR Booth Offering Virtual Tour Georgia’s ancient rock-hewn town Uplistsikhe welcomed new VR booth which offers virtual reality tour. The system enables wheelchair users and other visitors to enjoy hardly accessible sights. Project was initiated by Georgian startup VRex together with National Agency for Cultural Heritage Preservation of Georgia. Using virtual reality glasses you can toggle between summer and winter modes. Over 100 touristic locations of Georgia, which are used in this project were shot by 360-degree cutting-edge technology cameras.
City Hall Obliges Seekers of Building Licenses to Plant 3-meter-high Trees Tbilisi City Hall’s municipal office of transport and ecology will be involved in the process of issuing building licenses, Tbilisi Mayor Kakha Kalzde noted at today’s meeting of Tbilisi government. “We are implementing institutional reforms that should be strengthened by due legal changes. We have initiated several legal normative acts that essentially change urban planning process. Under the mentioned changes, Tbilisi City Hall office for transport and ecology s obliged to participate in issuing building licenses”, Kakha Kaladze said and added that this amendments is to prevent any problems from the very beginning.
February 12, 2018 #225
On 5 February, EU High Representative Federica Mogherini welcomed Georgia’s Prime Minister Giorgi Kvirikashvili to Brussels to take stock of the progress made on the Association Agreement between Georgia and the EU. A key point on the agenda was the significant increase in Georgian exports to the EU over the last year, achieved thanks to the Deep and Comprehensive Free Trade Area that is part of the Association Agreement. The EU’s support and a trade agreement are delivering local jobs and growth in the country, as well as closer market integration. Materia Fashion House, a key player in the local clothing industry, was one of the first Georgian companies to benefit from the EU4Business-EBRD Credit Line that opened up under the new agreement.
The Pataridzes’ Rachuli Goes On Sale in USA The Pataridzes’ Rachuli, exclusive wine made at the Pataridzes’ family wine cellar, are sold in California and New York, the USA. The company founder Shorena Pataridze told BM.GE that they have inherited winemaking technology form grandfather, who was winegrower and used to make traditional semisweet Khvanchkara. Descendants have enriched the old knowledge with new experience and developed a new product – Pataridzes’ Rachuli, a bio and semi-dry wine. “Our vineyard is located in Ambrolauri, the village of Abanoebi, in the microzone of Aleksandrouli and Mujuretuli, on 1.5 hectare space, where grapes of special quality grow. We pick about 7 tons of grapes a year and we make wines at family wine cellar. We have taken into account recom-
mendations by experienced winemakers and made semi-dry Khvanchkara, not traditional semisweet one. To this end we pick grapes before its sugar content rises. Consequently, US importers have approved our wines very much. 50% of our harvest are bought by this company. We bottled first wines in 2015, test 90 bottles, while in 2017 we produced 2000 bottles, when US, distinguished winemaking specialist Lisa Granick tasted our wines and told this product would be sold successfully on any market… This product raised interest on London market too and we plan to participate in exhibition in Germany too. Europe is our priority direction, but we want to sell a part of products in Georgia too so as our citizens also have the opportunity to taste our products”, Shorena Pataridze said.
University of Georgia Founded Blockchain Laboratory ”The University of Georgia” IT, Engineering and Mathematics school founded the Blockchain Lab. According to their explanation, this is a special environment, equipped with blockhain technologies working equipments. “Innovation boom continues at the University of Georgia (UG), Blockchain is a revolutionary system that is considered the world’s most secure, stable and transparent network. It is a distributed database that is located on all computers participating in the blockchain network where the data is constantly updated. When recording new data each computer checks its accuracy. It is virtually impossible to change or delete the record in the blockchain “. In UG Blockchein Lab student and any interested person will have the unique opportunity to solve practical
tasks. In addition, Georgian and foreign mentors will conduct seminars, trainings and master classes in the laboratory that will help students increase knowledge in the direction of mentioned technology. “IT, Engineering and Maths school offers the study of blockchain technology, which will facilitate the establishment of professionals and qualified staff in this field. The university plans to invent their own ICO, which will be the first precedent on the Georgian educational market.” It is noteworthy that on February 2, “University of Georgia” blockchain laboratory signed a memorandum of cooperation with Association Blockchain Georgia and ISM -Blockchain Systems Institute. According to them, cooperation is aimed at increasing awareness and linking stakeholders with these technologies.
February 12, 2018 #225
Patients with Metastatic Breast Cancer Demand for Timely Assistance
uropa Donna Georgia, coalition against Breast Cancer, has held a news conference in relation to World Cancer Day. The meeting was held as part of Target for Life campaign with the aim to support patients with metastatic breast cancer. According to the current statistics, breast cancer is a widespread disease in Georgia and patients and bodies interested in these issues attended the mentioned event. Invited patients, doctors and interested persons summarized the current problems in this direction. They also reminded Ministry of Health of necessity of treating metastatic patients with target preparations and timely introduction of the program all over Georgia. «Our patients and our organization Europa Donna Georgia joins World Cancer Day. Objective of today’s meeting is to achieve adequate treatment for patients with metastatic breast cancer in regions. We ask Ministry of Health that the current project, which runs in Tbilisi, make accessible to ladies all over Georgia», the news conference participants noted. The meeting was attended by Ana Mazanashvili, president of Europa DONNA Georgia coalition, Marina Darakhvelidze, head of health department of Ministry of Health, Labor and Social Protection. Giorgi Birbichadze, head of Tbilisi municipal commission for health protection and social issues, as well as supporters, patients and media reporters. «In July we held a working meeting with interested bodies. At the meeting we outlined 9 problems. Since then, we have taken significant steps, However, one of the most important directions – target preparations for metastatic breast cancer is not financed in regions. As a result of communication with Health Ministry structures and Ministry, we have finally received a letter that the Ministry
starts working on funding patients with metastatic breast cancer in regions. But patients remain in waiting regime till today. Efficient steps have not been taken in this direction. Today, the program still remains in discussion regime. Timely treatment is of crucial importance for these patients. Their target preparation treatment should be financed timely. As a result, lifespan of patients will be prolonged and the quality of their life will be improved. We should give a chance for living to them. We can do this and the Authorities should care for them», Ana Mazanashvili said. «I come from Gori, but I had to change residential place and moved to Tbilisi, because preparations are not financed in regions. The amount of required finances exceeds 8 000 GEL. This course is of vital importance for me, because I have children, family and I want to live», one of the invited patients Maia Turashviili said. «In 2016, jointly with Tbilisi City Hall, we started program for supply of medications against early breast cancer and in spring 2018 we hope to join Tbilisi City Hall’s efforts for funding metastatic breast cancer treatments. Moreover, we plan to ensure ladies with metastatic breast cancer with medications in regions», Marina Darakhvelidze, head of Health Department of Ministry of Health, noted. We remind you that on February 4, 2015, on World Cancer Day, information campaign Target for Life was launched. The program aims to upgrade awareness of breast cancer and ensure attainability of target therapy. At the beginning of 2016 Tbilisi City Hall and Tbilisi Council launched a co-funding program for patients with first, second and third stages of breast cancer. Health Ministry also joined the program and expanded the program to regions. Starting January 1, 2017 the program was expanded and reached patients with metastatic breast cancer. At the first stage,
this program runs only in Tbilisi. Starting 2018 metastatic patients target preparation program started in Adjara region, while the program implementation remains in the regime of discussion in the remaining part of Georgia. World Cancer Day was established by International Union Against Cancer (UICC) for drawing attention to this global problem. Every year World Cancer Day makes focus on specific issues. In 2018 the motto of World Cancer Day is «We Can – I Can». This motto calls on everybody to determine what they can do against this disease and how they can contribute to conducting anti-cancer campaign. In 2006 Europa Donna Georgia joined Euro-
pean coalition Europa DONNA, founded in Milan in 1994. Objective of Europa DONNA foundation is to fight against breast cancer. Since inception the organization exerts efforts for saving diseased ladies. Europa DONNA Georgia members, as defense lawyers certified by EUROPA DONNA European coalition, are ladies who defeated this disease. One of their key missions is to assist breast cancer patients and to spread corresponding education among Georgian ladies to ensure timely prevention of this disease. Objective of the organization is to protect interest of ladies with breast cancer and to make high-quality and guideline-based medical services attainable for them in order to reduce death toll of breast cancer and increase recovery indicators.
February 12, 2018 #225
February 12, 2018 #225
World Bank Launches New Wealth of Nations Report
The Head of VTB Russia: New US Sanctions will Be a Declaration of War The head of VTB Andrey Kostin said that the new anti-Russian sanctions the United States will be seen in Moscow as a Declaration of war. He said this on the forum, which takes place in Davos, Switzerland. According to Kostin, Russia and NATO increases the risk of collision as Europe’s unfolding arms race. The head of VTB also described the relations between Russia and the United States as the worst even compared to the times of the cold war. Andrey Kostin said that he was not concerned about possible personal sanctions. However, any restrictive measures against Russian companies “will is like a Declaration of war.” “There is no reason why then the Russian Ambassador should stay in Washington or the American Ambassador to bathe in the ice in Moscow”, — quotes Kostina The Financial Times. We will remind, till January 29, the U.S. Treasury must provide to Congress a report on close to Russian President Vladimir Putin entrepreneurs and companies. At least, that is the work of the American officials presented to the press. Accordingly, this report can serve as a basis for the next anti-Russian sanctions. Note that the head of VTB is not the first time talks about the war. In December 2014, in an interview with German newspaper Handelsblatt Andrey Kostin said that disabling the Russian banks from the international payment system SWIFT is not permissible, and “the introduction of such sanctions will mean war”. In this case, said Kostin, the American Ambassador would have the same day to leave Moscow.
The World Bank has released its third volume of beyond GDP wealth accounting, called The Changing Wealth of Nations 2018. The report had its genesis at the Rio Earth Summit in 1992, when a group of environmental economists at the bank began working on ways to measure sustainability. Driving them was the concern that GDP gave no indication of the state of natural assets such as forests, water and minerals, that were key to generating sustainable economic growth for so many resource-rich countries. They believed that it was possible to systematically track `assets’ like forests and minerals, just as we do for produced assets like buildings, machinery, roads and bridges. They called it `wealth’ to distinguish it from `income’ recorded as GDP in most countries. This new report, which follows on from 2008’s Where is the Wealth of Nations, covers a broader set of assets that constitute the wealth of countries and strengthens the methodology. The report tracks the wealth of 141 countries between
1995 and 2014 by aggregating natural capital (such as forests and minerals); human capital (earnings over a person’s lifetime); produced capital (buildings, infrastructure, etc.); and net foreign assets. Human capital is measured for the first time and there are improved estimates for natural capital which include forests and agricultural land, as well as fossil fuels and minerals. “In The Changing Wealth of Nations 2018, we have made huge strides in how we measure comprehensive wealth,” said Kristalina Georgieva. CEO at the World Bank. “For the first time, we have a sound estimate of human capital, drawing from a unique database of more than 1,500 household surveys maintained by the World Bank. New data has greatly improved our estimates of natural capital as well.” The main findings of the new edition show that world is still unequal when seen through the lens of wealth. High-income OECD countries hold 52 times more wealth per capita, measured at market exchange rates, than low-income countries.
Armenia Looks to Boost Investment With Swiss Business Forum
Southern Gas Corridor serves interests of EU, Azerbaijan - Mogherini
International conference on TransCaspian International East-West Trade and Transit Corridor was hosted in Beijing
Southern Gas Corridor serves interests both of the European Union and Azerbaijan, being a part of Azerbaijan’s diversifying economy, said the EU High Representative Federica Mogherini at a joint news conference with Azerbaijani Foreign Minister Elmar Mammadyarov, following the meeting of the EU-Azerbaijan Cooperation Council on Feb. 9. She added that the Southern Gas Corridor is just one example of AzerbaijanEU strategic relationship in the field of energy that serves the interests of both sides. “The inauguration of Baku-Tbilisi-Kars railroad last year was also a significant step in expansion of transport connections between European Union, Turkey, Georgia, Azerbaijan, and Central Asia,” said Mogherini. She stressed, that the aviation agreement that Azerbaijan and the EU are negotiating on, should also contribute to the connection of Azerbaijan and Europe. “The ability of people from Azerbaijan and the countries of the European Union to travel, meet each other, visit each other’s country are of high strategic value in terms of geopolitics,” said Mogherini. According to Azerbaijan’s State Customs Committee, trade turnover with the EU member countries amounted to $9.4 billion in 2017, 52.35 percent more than in 2016.
February 6, 2018, in Beijing, China, a conference was held on the theme “The role of the Trans-Caspian East-West trade and transit corridor in the realization of the “Belt & Road” initiative”. The event was organized by the Embassy of Azerbaijan in China. Within the framework of the conference, the modern infrastructure, advantages and prospects of the New Silk Road, which passes through China, then logistics infrastructure of Kazakhstan, Azerbaijan, Georgia, Turkey and further to Europe, as well as in the reversed direction was overviewed in details. The conference brought together more than 200 representatives of governmental authorities, trade, transport and logistics companies of TITR (Middle Corridor), the Chinese business and scientific communities. Representatives of the railway and maritime administrations of Azerbaijan, Kazakhstan, Georgia and Turkey – Javid Gurbanov, Chairman of “Azerbaijan Railways” CJSC, David Peradze, General Director of “Georgian Railway” JSC, Sanzhar Yelyubayev, Vice President for Logistics of “NC “Kazakhstan Railways” JSC, Taleh Ziyadov, General Director of “Baku International Sea Trade Port”
CJSC, Veysi Kurt, General Director of “TCDD” Transportation JSC (Turkish Railways), Leila Batyrbekova, Chief Marketing Officer of the International Association “TITR” acted as the speakers at the conference. Roman Sklyar, First Vice Minister of Investments and Development of Kazakhstan, Wang Shouwen, Deputy Minister of the Ministry of Commerce of the People’s Republic of China, Shahin Mustafayev, Minister of Economy and Chairman of Transit Council of Azerbaijan, Giorgi Cherkezishvili, Deputy Minister of Economy and Sustainable Development of Georgia, Yuksel Joskunyurek, Deputy Minister of Transport, Maritime and Communications of Turkey participated in the part of governmental authorities of the countries of TITR (Middle Corridor). Further within the framework of the conference an Agreement on the joining of Lianyungang Port Holding Group (China) to the International Association “TITR” was signed. Earlier on November 15, 2017 in Baku (Azerbaijan) by the decision of the General Meeting of the Association Lianyungang Port Holding Group was admitted to the Association as a new associate member.
More than 35 businessmen from Armenia and Switzerland discussed Armenia’s business potential at an Armenian-Swiss conference which began in Yerevan on February 5. Among the participants were representatives of the pharmaceutical, IT, wine-making, financial, tourism and transport sectors. Heading up the Swiss delegation at the conference was Dominique de Buman, the president of the Swiss National Council. He met with Armenian Deputy Prime Minister Vache Gabrielyan, the CEO of the DFA, Avak Avakian and Mike Baronian, the chairman of the Armenian-Swiss Chamber of Commerce. “We met with the prime minister in Davos, where among many important issues we discussed agriculture, industrial equipment, and other economic sectors,” said Mr de Buman. “I was first in Armenia 10 years ago and I can see the economic movement and lberalisation that now exists here.” The Armenian-Swiss business forum focused on Armenia’s current priorities, including IT, tourism and winemaking. “We have a very interesting strategic location, and a number of free trade agreements which give our country unique advantages. We believe that these will be very interesting for Swiss businesses,” said Mr Gabrielyan. During the conference, Swiss businesses were introduced to Armenia’s business environment, including free economic zones and trading arrangements with other countries. Armenia presented its latest developments in winemaking, tourism and digital technologies. The government’s priority is to bring imcreased foreign investment and continue developing the country’s business potential. The Armenian-Swiss event is one of a number of events planned to take place both in Armenia and abroad.
February 12, 2018 #225
February 12, 2018 #225
Embassy United States of America Embassy 11 Balanchivadze St., Dighomi Dstr., Tbilisi Tel: 27-70-00, 53-23-34 E-mail: firstname.lastname@example.org; email@example.com United Kingdom of Great Britain and Northern Ireland Embassy 51 Krtsanisi Str., Tbilisi, Tel: 227-47-47 E-mail: firstname.lastname@example.org Republic of France Embassy 49, Krtsanisi Str. Tbilisi, Tel: 272 14 90 E-mail: email@example.com Web-site: www.ambafrance-ge.org Federal Republic of Germany Embassy 20 Telavi St. Tbilisi Tel: 44 73 00, Fax: 44 73 64 Italian RepublicEmbassy 3a Chitadze St, Tbilisi, Tel: 299-64-18, 292-14-62, 292-18-54 E-mail: firstname.lastname@example.org Republic of Estonia Embassy 4 Likhauri St., Tbilisi, Tel: 236-51-40 E-mail: email@example.com Republic of Lithuania Embassy 25 Tengiz Abuladze St, Tbilisi Tel: 291-29-33 E-mail: firstname.lastname@example.org Republic of Latvia Embassy 16 Akhmeta Str., Avlabari, 0144 Tbilisi. E-mail: email@example.com Greece Republic Embassy 37. Tabidze St. Tbilisi Tel: 91 49 70, 91 49 71, 91 49 72 Czech RepublicEmbassy 37 Chavchavadze St. Tbilisi ;Tel: 291-67-40/41/42 E-mail: firstname.lastname@example.org Web-sait: www.mzv.cz Japan Embassy 7 Krtsanisi St. Tbilisi Tel: +995 32 2 75 21 11, Fax: +995 32 2 75 21 20 Kingdom of Sweden Embassy 15 Kipshidze St. Tbilisi Tel: +995 32 2 55 03 20 , Fax: +995 32 2 22 48 90 Kingdom of the Netherlands Embassy 20 Telavi St. Tbilisi Tel: 27 62 00, Fax: 27 62 32 People’s Republic of China Embassy 52 Barnov St. Tbilisi Tel: 225-22-86, 225-21-75, 225-26-70 E-mail: email@example.com Republic of Bulgaria Embassy 15 Gorgasali Exit, 0105 Tbilisi, Georgia Tel: +995 32 291 01 94; +995 32 291 01 95 Fax: +99 532 291 02 70 Republic of Hungary Embassy 83 Lvovi Street, Tbilisi Tel: 39 90 08; E-mail: firstname.lastname@example.org State of Israel Embassy 61 Agmashenebeli Ave. Tbilisi Tel: 95 17 09, 94 27 05 Embassy of Swiss Confederation’s Russian Federation Interests Section Embassy 51 Chavchavadze Av., Tbilisi Tel: 291-26-45, 291-24-06, 225-28-03 E-mail: RussianEmbassy@Caucasus.net Ukraine Embassy 76-g Chavchavadze Ave., Tbilisi Tel: 231-11-61, 231-14-54 E-mail: email@example.com Consular Agency: 71, Melikishvili St., Batumi Tel: (8-88-222) 3-16-00/ 3-14-78 Republic of Turkey Embassy 35 Chavchavadze Ave., Tbilisi Tel: 225-20-72/73/74/76 firstname.lastname@example.org Consulate General in Batumi 9 Ninoshvili Street, Batumi Tel: 422 25 58 00 email@example.com Republic of Azerbaijan Embassy Kipshidze II-bl . N1., Tbilisi Tel: 225-26-39, 225-35-26/27/28 E-mail: firstname.lastname@example.org Address: Dumbadze str. 14, Batumi Tel: 222-7-67-00; Fax: 222-7-34-43 Republic of Armenia Embassy 4 Tetelashvili St. Tbilisi Tel: 95-94-43, 95-17-23, 95-44-08 Kingdom of Spain Embassy Rustaveli Ave. 24, I floor, Tbilisi Tel: 230-54-64 E-mail: email@example.comRomania Embassy 7 Kushitashvili St., Tbilisi Tel: 38-53-10; 25-00-98/97 E-mail: firstname.lastname@example.org Republic of Poland Embassy
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Freedom Square 0114 Tbilisi, Georgia Tel: +995 32 225 06 19 e-mail: firstname.lastname@example.org; Web-site: www.adb.org World Bank Office Address : 5a Chavchavadze Av., lane-I, Tbilisi, Georgia ; Tel: 291-30-96, 291-26-89/59 Web-site: www.worldbank.org.ge Regional Office of European Bank for Reconstruction and Development Address: 6 Marjanishvili St. Tbilisi Tel: 244 74 00, 292 05 13, 292 05 14 Web-site: www.ebrd.com Representation of the Council of Europe in Georgia Address : 26 Br. Kakabadze, Tbilisi Tel: 995 32 291 38 70/71/72/73 Fax: 995 32 291 38 74 Web-site: www.coe.ge Embassy of the Slovak Republic Address: Chancery: 85 Irakli Abashidze St. Tbilisi, 0162 Georgia Consular Office: 38 Nino Chkheidze St. Tbilisi, 0102 Georgia Phone: 2 222 4437, 2 296 1913 e-mail: email@example.com European Investment Bank Regional Representation for the South Caucasus Address: 1,G.Tabidze Street, Freedom Square Phone: +995 322 006284
Hotels in Georgia TBILISI MARRIOTT Tbilisi , 13 Rustaveli Ave. Tel: 77 92 00, www.marriott.com COURTYARD MARRIOTT Tbilisi , 4 Freedom Sq. Tel: 77 91 00 www.marriott.com RADISSON BLU HOTEL, TBILISI Rose Revolution Square 1 0108, Tbilisi Tel: +995 32 402200 radissonblu.com/hotel-tbilisi RADISSON BLU HOTEL, BATUMI Ninoshvili Str. 1, 6000 Bat’umi, Georgia Tel: 8 422255555 http://radissonblu.com/hotel-batumi SHERATON METECHI PALACE Tbilisi , 20 Telavi St. Tel: 77 20 20, www.starwoodhotels.com SHERATON BATUMI 28 Rustaveli Street • Batumi Tel: (995)(422) 229000 www.sheratonbatumi.com Holiday Inn Tbilisi Business hotel Addr: 1, 26 May Square Tel: +995 32 230 00 99 E-mail: firstname.lastname@example.org Website: http://www.hi-tbilisi.com River Side Hotel With incredible service and views Addr: Mari Brosse street turn, Old Tbilisi. Tel: +995 32 2242244; +995 32 2242288 Fax: +995 32 2 242277 Email: email@example.com Website: www.riverside.ge
Restaurants Corner House Tbilisi, I. Chavchavadze ave. 10, Tel: 0322 47 00 49; Email: firstname.lastname@example.org Restaurant Barakoni Restaurant with healthy food. Georgian-European Cuisine Agmashenebeli Alley 13th Phone: 555 77 33 77 www.barakoni.com CHARDIN 12 Tbilisi , 12 Chardin St. , Tel: 92 32 38 Cafe 78 Best of the East and the West Lado Asatiani 33, SOLOLAKI 032 2305785; 574736290 BREAD HOUSE Tbilisi , 7 Gorgasali St. , Tel: 30 30 30 BUFETTI - ITALIAN RESTAURANT Tbilisi , 31 I. Abashidze St. , Tel: 22 49 61 DZVELI SAKHLI Tbilisi , 3 Right embankment , Tel: 92 34 97, 36 53 65, Fax: 98 27 81 IN THE SHADOW OF METEKHI Tbilisi , 29a Tsamebuli Ave. , Tel: 77 93 83, Fax: 77 93 83 SAKURA - JAPANESE RESTAURANT Tbilisi , 29 I. Abashidze St. , Tel: 29 31 08, Fax: 29 31 08 SIANGAN - CHINESE RESTAURANT Tbilisi , 41 Peking St , Tel: 37 96 88 VERA STEAK HOUSE Tbilisi , 37a Kostava St , Tel: 98 37 67 BELLE DE JOUR 29 I. Abashidze str, Tbilisi; Tel: (+995 32) 230 30 30 VONG 31 I. Abashidze str, Tbilisi Tel: (+995 32) 230 30 30 BRASSERIE L’EXPRESS 14 Chardin str, Tbilisi Tel: (+995 32) 230 30 30 TWO SIDE PARTY CLUB 7 Bambis Rigi, Tbilisi Tel: (+995 32) 230 30 30
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15 SH. RUSTAVELI STATE THEATRE Tbilisi. 17 Rustaveli Ave. Tel: 93 65 83, Fax: 99 63 73 TBILISI STATE MARIONETTE THEATRE Tbilisi. 26 Shavteli St. Tel: 98 65 89, Fax: 98 65 89 Z. PALIASHVILI TBILISI STATE THEATRE OF OPERA AND BALLET Tbilisi. 25 Rustaveli Ave. Tel: 98 32 49, Fax: 98 32 50
Galleries ART GALLERY LINE Tbilisi. 44 Leselidze St. BAIA GALLERY Tbilisi. 10 Chardin St. Tel: 75 45 10 GALLERY Tbilisi. 12 Erekle II St. Tel: 93 12 89
75 Agmashenebeli Ave. Tbilisi Tel: 577 18 27 87 Email: email@example.com
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Theatres A. GRIBOEDOV RUSSIAN STATE DRAMA THEATRE Tbilisi. 2 Rustaveli Ave. Tel: 93 58 11, Fax: 93 31 15 INDEPENDENT THEATRE Tbilisi. 2 Rustaveli Ave. Tel: 98 58 21, Fax: 93 31 15 K. MARJANISHVILI STATE ACADEMIC THEATRE Tbilisi. 8 Marjanishvili St. Tel: 95 35 82, Fax: 95 40 01 M. TUMANISHVILI CINEMA ACTORS THEATRE Tbilisi. 164 Agmashenebeli Ave. Tel: 35 31 52, 34 28 99, Fax: 35 01 94 METEKHI – THEATRE OF GEORGIAN NATIONAL BALLET Tbilisi. 69 Balanchivadze St. Tel: (99) 20 22 10 MUSIC AND DRAMATIC STATE THEATRE Tbilisi. 182 Agmashenebeli Ave. Tel: 34 80 90, Fax: 34 80 90 NABADI - GEORGIAN FOLKLORE THEATRE Tbilisi. 19 Rustaveli Ave. Tel: 98 99 91 S. AKHMETELI STATE DRAMATIC THEATRE Tbilisi. 8 I. Vekua St. Tel: 62 59 73
The Best Georgian Honey of chestnuts,acacia and lime flowers from the very hart of Adjara Matchakhela gorge in the network of Goodwill, Nikora and smart
February 12, 2018 #225
Caucasus Business Week #225