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April 15, 2019 - www.cbw.ge



p.4 4.6% Economic Growth recorded in February

p.6 Economy – International Tendency and Reality in Georgian Football

Radisson Collection, Tsinandali Estate hosts the Grand Opening Ceremony

Your guide in business

Business Partner


p.7 Interview with Mrs. Maia Kukava, the Deputy CEO of Weiss LLC


A Major Association of Georgian Businessmen on the Brink of Major changes

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Number of Companies Exporting to EU increased by 37% Deputy Minister of Economy and Sustainable Development, Genadi Arveladze introduced the report on the Implementation of the National Action Plan 2018 of the Deep and the Comprehensive Free Trade Area Agreement (DCFTA) between Georgia and EU Member States and the Action Plan 2019.

Energy Transition Dialogue 2019 held in Berlin Deputy Minister of Economy and Sustainable Development, Natia Turnava, participated in Energy Transition Dialogue 2019 held in Berlin, Germany, where she delivered a speech on Energy Diversification and New Technologies as Preconditions for Stability and Peace in Country.

Tbilisi-Kars Railway will give New Impetus to Development of Tourism The start of passenger transportation through the Baku-Tbilisi-Kars (BTK) transport corridor will give new impetus to the development of tourism in Azerbaijan, national secretary of Azerbaijan in TRACECA and expert in transport and logistics Akif Mustafayev told Trend.az.

Agreement on Direct Flights between Grozny and Tbilisi reached Airport management of the Chechen capital officially has already expressed the desire to start flights between the sides. General Director of Grozny Airport Sultan Gambulatov says direct flights between Grozny and Tbilisi will start from May.

Quarterly reports on Tourism Sector Performance as New Instrument for Sector Development George Kobulia met with ITB Berlin Representatives Minister of Economy and Sustainable Development of Georgia, George Kobulia held a meeting with the management of the world’s leading travel trade show – the ITB Berlin, who are having a working visit in Georgia.

Georgian Railway handled Record Volume of Containers in 1Q19 Georgian Railway transported 18 000 containers in the first quarter of 2019 and this is a record volume, up 31% compared to the first quarter of 2018.

‘We have started using a new instrument – keeping quarterly reports on tourism indicators.

Airbnb No Longer plans to remove Listings from Abkhazia and South Ossetia Home-sharing platform Airbnb announced it will back off a plan to remove homes in the disputed territories, including West Bank, Abkhazia and South Ossetia.

Tbilisi hosted Young Leaders Forum of World Economic Forum On April 12, Rooms hotel in Tbilisi hosted a forum of young leaders of World Economic Forum (WEF).

Georgian Railway – Dry Wagons and Container Turnover increase According to the data of the first quarter of 2019, the total cargo shipment of Georgian Railways amounted to 2.5 million tons, which is 105 000 tons more compared to the same period of the previous year and revenues from shipments exceeding $ 3.2 million in the first quarter of 2018.

The Editorial Board Follows Press Freedom Principles Publisher: LLC Caucasian Business Week - CBW Director: Levan Beglarishvili WWW.CBW.GE Address: Aleksidze Street 1 Sales: Mob: +995 591 01 39 36 Email: caucasianbusiness@gmail.com Editor: Nutsa Galumashvili. Mobile phone: 595 380382 Copy Editor: Ellie Rambo Reporters: Nina Gomarteli; Mariam Kopaliani; Merab Janiashvili, Economic columnist: Andria Gvidiani; Technical Assistant: Giorgi Kheladze;

Radisson Collection, Tsinandali Estate hosts the Grand Opening Ceremony “Radisson Collection, Tsinandali Estate” hosted the Grand Opening Ceremony. The event was attended by the official representatives of brand, as well as partners and special guests. Moreover, the representatives of international and local media were invited too. Besides the tour around the new hotel, the guests were offered to enjoy the wine degustation, media lunch with the representatives of Brand and gala dinner. The newest addition to the group’s premium lifestyle collection – reserved for its most outstanding properties – Radisson Collection, Tsinandali Estate is set in the heart of the country’s most popular wine district, ‘Kakheti’, and offers a truly unique Georgian guest experience. The property features an onsite wine yard and its own historical winery, whilst additional features include a spa on the top floor, an outside swimming pool, indoor and open-air ballrooms and a neighboring historic 18-hectare park. A Radisson Collection Hotel, Tsinandali Estate features 141 stylish rooms and suits and a range of exceptional hotel facilities. Every room features the elegance to perfectly complement the hotel's stunning location. The concept is incorporated into the winery and the stunning result is a seamless blend

of Georgian style with modern elegance, and rooms that form the ultimate template for contemporary living. The Tsinandali Estate has a rich history of winemaking, the first bottled wine in Georgia was produced on the estate. For wine lovers seeking an insider journey into the heritage of Georgian wine production, the property features on-site vineyards, a unique vinotheque, a wine-tasting bar and Prince Alexander Chavchavadze’s personal wine cellar collection. Radisson Collection Hotel, Tsinandali Estate offers a number of outstanding gastronomy experiences. Its three restaurants range from Prince Alexander, an all-day, internationallyinfluenced option with a courtyard terrace, French Le Bistro to Kakheti Restaurant with its authentic Georgian cuisine. In addition, a wellness floor allows guests to take a break from the various immersive experiences on offer. Complete with a fitness room, sauna, jacuzzi, a full spa service area and an outdoor infinity pool with breathtaking views of the Caucasus Mountains, it truly is a space for total relaxation. The hotel is also the ideal place for meetings and events, boasting private facilities that total over 2350 square meters. Internationally well-known architects John Fotiadis, Christina

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Gabas and Damien Figueras worked on the project. Hotel features stunning interior design by world-renowned industrial designer Ingo Maurer and Georgian artist and sculptor Tamara Kvesitadze. The signature area is an open amphitheater designed by Xavier Fabre. Featuring a retractable roof, it can accommodate up to 1,200 people, providing a flexible space that can host concerts, weddings, gala dinners, theatres and fashion shows. The Radisson Collection, Tsinandali Estate will be operated by Radisson Hospitality AB under an international management agreement. The project is developed by Silk Road Group with a financial support of Partnership Fund and TBC Bank.

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4.6% Economic Growth recorded in February IMF and WB Forecast a 4.6% Upturn in Georgia’s 2019 GDP According to Geostat, the national statistics service of Georgia, in February 2019, compared to the same period of 2018, the pace of GDP growth was at 4.6%. At the same time, according to Geostat, the average real growth in January-February constituted 4.1%. In February 2019, as compared to the same period in 2018, an upturn was recorded in the processing industry, trade, real estate transactions and various services. At the same time, a downturn was recorded in the housing sector. According to government forecasts, economic growth at the end of 2018 was expected to constitute 4.5%. “In the processing industry, the growth is mainly determined by the volume of food products and beverages, as well as by a growth in the chemical industry. This consideration is proven by the fact that, for instance, exports of natural wines rose by 31%, exports of mineral and spring waters increased by 36%, and exports of nitric fertilizers climbed up by 24%. At the same time, developments in the metallurgical industries influences the processing industry. In this respect, we should mention that the export of ferrosilicon manganese rose by 57%. As for real estate transactions, the growth was reported as a result of growing demand for services in this field, especially growth from the preparation of sales in real estate, and an upturn in the turnover of companies providing leasing services. In the field of trading, growth tendencies were mainly determined by growth in the import of natural gas, oil, and oil products. It should be noted that the re-exports indicator has increased by 35%. The quantity of tourist visits has increased by 5%, and this factor ensures a high turnover, as indicated in the

trading sector. As for a downward trend in the housing sector, and this is related to a declining number of construction projects, especially, main pipelines, communications, and electricity transmission lines”, Geostat Director Gogita Todradze noted. In February 2019, as compared to the same period in 2018, the number of new registered enterprises rose by 2.5% to 4357, while the turnover of VAT-paying companies rose by 9.8%. It should be noted that the International Monetary Fund (IMF) does not expect that the Georgian economy’s pace of growth will accelerate in 2019. The IMF maintained their forecast at 4.6%. In its new report of World Economic Outlook, IMF indicates that the country will be able to regain 5% growth in 2020. It is worth noting that the IMF mission forecast a 4.6% upturn in February 2019, when the IMF’s official estimation was 4.8%. 4.6% growth is also forecast by the World Bank (WB). Its report suggests that GDP growth pace is decelerated by narrowing external demand, and the National Bank’s decision to tighten regulations aimed at promoting creditors with a sense of responsibility. It is also noted that these regulations will weaken crediting volume, but strengthen the banking sector. The World Bank (WB) has lowered Georgia’s GDP growth forecast. Under the new report, the WB forecasts 4.6% economic upturn in Georgia, down 0.4% compared to the initial prognosis. Under the revised forecasts, in 2020 the economy will grow by 4.8% in 2020 and by 5% in 2021. As for previous years, the Georgian economy grew by 4.7% in 2018, 5% in 2017, 3.4% in 2013, 4.6% in 2014, 2.9% in 2015 and 2.8% in 2016. By Merab Janiashvili

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A Major Association of Georgian Businessmen on the Brink of Major Changes


he position of the president of Business Association of Georgia (BAG) became vacant after Giorgi Chirakadze left the position. Currently, BAG’s first vice president, Soso Pkhakadze, will fulfill the BAG President’s duties. How do BAG members, businessmen, appraise the BAG President’s 10-year performance? Will they back Soso Pkhakadze to become BAG president. and should BAG revise or change approaches? BAG Vice President Lasha Papashvili explains that, according to BAG statutes, when the BAG president resigns, they are to be replaced by the BAG first Vice President, and Soso Pkhakadze is this person, who was elected by general assembly members for a period of 4 years, in 2017. Therefore, Papashvili explains that Pkhakadze will fulfill the duties of a new president. In response to the question of whether the supervisory board was convened, and when the new President will officially be approved, Papashvili noted that this was unclear, because Soso Pkhakadze has been elected, not appointed. “He was elected as the first Vice President, and we have an elected president, not an appointed one”, Papashvili said. The Lukoil Deputy Director General, Shavleg Mishveladze, noted that the BAG formation started 10 years ago, and this process was related to Giorgi Chirakadze and Soso Pkhakadze. ‘As for outcomes, it will not be an

exaggeration to say that the structure that we have shaped unites more than 70 companies, and they make a huge contribution to the financial stability of this country”, Mishveladze said. In response to the question of whether other candidates may also be discussed regarding the BAG president’s position apart from Soso Pkhakadze, Mishveladze explains that this will be decided together with the supervisory board members. However, this issue has not been discussed, in essence, until today, he said. Giorgi Kvaratskhelia, Lilo Mall Director General and member of the BAG supervisory board says that it is unclear whether Soso Pkhakadze will be the next president of BAG. He expects that the BAG supervisory board will be convened to discuss this issue. As for the 10-year performance of Chirakadze, Lilo Mall Director General Giorgi Kvaratskhelia appraised this positively, and pointed out that the former President places his focus on legislative amendments, and this is the right way. “It is not of crucial importance, who is chosen. Pkhakadze is an excellent person, too. All of our members are important. If another candidate is put forward, we will back him”, Kvarastkhelia noted. Rati Abuladze, a PhD in economics, is the founder of a research academy on electronic governance, and says that BAG should be perceived as an association of successful business organizations, uniting more than 70

companies. The activities of BAG members deserves some description. They have thus far made a worthy contribution to economic development, public employment, the budget, the development of innovations and technologies, initiating economic and legal reforms, growing investment attractiveness and drawing in investments. “Modern business world strives to influence government and political life through various mechanisms, including lobbying, contributions to political parties, the involvement of former representatives of executive power with businesses, ownership of media agencies, cooperation with nongovernmental organizations, taking into account the interests of political groups, partnerships with international investors, and their involvement in management. All these factors have an influence on state policy. The political environment strives to gain support of business world. Therefore, based on the principle of mutual benefit, both government and business circles try to obtain mutual support. It is evident that the country requires radical changes in the current political reality, and it is natural that each association is perceived as a force. Therefore, following developments in the Georgian business space, it may be said that, through replacing the BAG president and electing a new one, the political reality is moving towards:

•Enable bodies integrated into the political model to hold leverages on management; •Ensure a diversified environment in the business climate; •Gain benefits from interaction with business; •Maintain and strengthen the business sector’s support. I would like to stress that, amid the current political and economic realities, all market players, jointly with public and academic sectors, should take tactical steps towards fixing political and economic problems, and prevent fundemental challenges from arising. Finally, I would like to note that private and international organizations will expand their opportunities through shaping a new political reality in the country. As a result, all parties will benefit: the private, civil and government sector”, Rati Abuladze noted. The position of BAG president became vacant after Giorgi Chirakadze resigned. The letter sent to BAG members as well as the BAG official statement indicated that the BAG Vice President Soso Pkhakadze was to replace Giorgi Chirakadze in the position of BAG President. In turn, the heads of several companies in BAG declared that they are waiting for snap elections.

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Soccer Economy – International Tendency and Reality in Georgian Football Football has stopped being only a sport. It has become an inseparable part of economy and business, where huge financial resources result in turnover. Today’s football represents a commercial activity, with a focus on bringing profits to the clubs and its stakeholders. In the 1990s, for the purpose of receiving more financial benefits, football clubs started placing their shares on stock exchanges. The first clubs which held an IPO (Initial Public Offering), that is, became public companies, were Manchester United, Dortmund Borussia, Juventus and Arsenal. Other football clubs also took their example and the so-called monetization process started in the football world. According to Deloitte and the Swiss Ramble, the world’s most expensive club is Manchester United, and its capitalization exceeds 4,123 billion USD. In the 2016-2017 season, the revenues of Manchester United exceeded 737 million USD. The club’s budget from commercial activities, as part of its contracts with Adidas and General Motors, increased the club’s budget by 325 million USD. The financial indicators of other leading football clubs are also impressive: Real Madrid Capitalization – 4.088 billion USD Broadcasting of Football Matches – 237 million USD Other commercial activities – 301 million USD Barcelona Capitalization – 4.064 billion USD Broadcasting of Football Matches – 215 million USD Other commercial activities – 296 million USD Munich Bavaria Capitalization – 3.063 billion USD Broadcasting of Football Matches – 147 million USD Other commercial activities – 343 million USD According to the 2017 indicators, the top 30 European clubs (due to revenues), 13 clubs are from the Premier League, 3 ones from the LA League, 6 ones from Bundesliga, 5 ones from Serie A and 2 from France. The English Premier League is a leading league in terms of revenues from the broadcasting of matches. In 2015, the Premier League clubs received revenues of 6.573 billion USD under contracts with Sky Sports and BT Sport. In whole, revenues from various contractors exceeded 10 billion USD. The BBC is also among

the contractors of the Premier League, which has paid 261 million USD to the league. It is interesting that revenues only from one match were at 92 million USD, for Arsenal. Chelsea is second with 90 million USD, Real – 73 million USD, Liverpool – 73 million USD, Bevaria – 72 million USD, Manchester United – 70 million USD and Barcelona – 68 million USD. Champions League is considered to be the most profitable tournament in the world. Clubs have collected 2.2 billion USD from participation in the 2018-2019 season. It is interesting the tournament’s organizers paid only 1.06 billion USD to the clubs in the 20122013 season. Who are the world’s highest-paid soccer players, and how much do they earn a year? The top 10 soccer players, according to the France Football, are as follows: •Messi – 130 •Cristiano Ronaldo – 113 •Neymar – 91.5 •Antoine Griezmann - 44 •Gareth Bale – 40.2 •Philippe Coutinho – 40 •Andres Iniesta – 33 •Alexis Sanchez – 30.7 •Ezequiel Lavezzi – 28.3 •Luis Suarez – 28 What situation do we have in Georgia in this respect? In Georgia, football clubs receive no revenues in practice. Tickets cannot be sold, TV channels don’t pay a penny for broadcasting football matches, advertisements do not work, and the Georgian business sector shows no interest in Georgian football. The Georgian Football Federation tries to draw interested investors through budgetary funds, but these efforts do not suffice. Namely, these efforts suffice to hold only the Georgian championship. And this is our reality today. According to the Georgian Football Development fund, in 2017, the average salary in the National League was 2,306 GEL. Only 85 soccer players of 342 receive more than 3,000 GEL a month in all clubs of Georgia. A worse situation is reported in the Second League, where the average salary is under 1000 GEL, and 33 succor players receive only 500 GEL a month. By Zurab Khachapuridze

Maia Kukava: “Prerequisite for Success is Transparency” Interview with Mrs. Maia Kukava, the Deputy CEO of Weiss LLC Please tell us about your company, about it’s mission and goals and the reason you are member of this company? Company Weiss entered the market in 2016. It is the subsidiary company of one of the largest holding BLOCK LLC. The Company managed to become the biggest Brokerage & Financial Services Company in Georgia in shortest time and recruited employees with many years experience in this field. We have big team of Accountants and Licensed Auditors as well as the largest sale staff on the market. I joined Weiss team in 2017 and the main reason why I choose Weiss LLC, along with my 12 years’ experience in finance field in various international and local organisations was those core values and principles Weiss is following on local market. Weiss is focused on customer satisfaction and its mission and goals are based on clearly defined principles such as: •Right Solutions; •Transparency; •Responsibility; •Professionalism •Communication and fast reaction •Flexibility

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What are main services your company offer to business sector? The main Services we offer are: •Accounting Service •Financial Audit •Tax Audit •Consulting Services •Customs Operations; •Insurance Services ; •Call-Center Outsourcing; Do you have any special offers for start-up companies in field of financial Services and what’s the main aspects you are oriented to? Definitely, we have special offers for start-up companies. Our aim is to give possibility to new businesses begin their operations in right way and with minimum expenses, bit I have to add that low price doesn’t mean low quality. Our company and its highly qualified staff are oriented to: •Assist the start-up as well as existing business sector in Georgia; •Assist the start-up as well as existing business sector in Georgia in effective time management; •Assist the start-up as well as existing business sector in Georgia to minimize financial expenses; •Assist the start-up as well as existing business sector in Georgia to have safe financial environment and be risk protected; What’s the main niche company has positioned on market? Our team is oriented to assist different organizations to manage direct tax policy. The most important niche that the company took over is Responsibility –with direct meaning of this word. Our contractor companies are protected 100% in terms of Tax risks. You stated above Insurance as one of your Services. Can you describe more specifically what kind of Service you provide? We cooperate with all of existing Insurance companies in Georgia. We are an intermediate between Insurance companies and Private Companies as well as physical entities. Instead to move to all of insurance companies existing on local market, companies can reach us by email, inform us about their request and in shortest time we will provide the best offer for them. And the main point is that this service is free of charge for companies. They save time, resources and money for the same time. Can you describe in few words what do you offer under Call-Center Outsourcing? It’s a new direction which was added to our main services list from 2018. Our segment are large companies who need call-center services. They don’t need additional space, technical equipment, software systems and all related routine connected with call-center services. Among this we also recruit dedicated staff for each contractor company based on their requirements. What are you future plans? In the nearest future we will introduce new direction under the name of Weiss Academy. Our company will cooperate with several Insurance companies exclusively. This will be training platform for future Insurance sale staff. More specifically people who will pass announced sale trainings in field of insurance will be 100% employed in Insurance companies as Sales Managers. Overall our aim is to become the most desired and reliable Brokerage &Financial Services Company on the local market. The name (Weiss) in German means pure (transparent). This is our main value. We are totally open for both our customers and those companies we cooperate with. Transparency leads trust between us and our partners, which is a prerequisite for success. To be continued….. Maia Kukava Deputy CEO

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Dimitri Abuladze: "Technological Changes have brought many Benefits to Marketing in Analytical Terms" Interview with Marketing Director of Development Company "Axis", Dimitri Abuladze. Tell us about how you got into the field of marketing, and what factors played an important role in choosing this profession? I am honest, and will reveal to you that I chose the direction of marketing at university by a method of exclusion, because other directions were much more boring to me. This is logical, because Georgian youth have to make a choice of a lifelong profession at an early age, when we have no experience, and we are going through the initial stages seeing the world. I realized that this was a matter of course, but I knew it was precisely that it was a great chance to change my profession in the future. With developments in my career, marketing was gradually emerging as the main, driving force in the business, and the organization's income depended on that and its future success. I realized that this direction was in line with my ambitious plans, and I just told myself - yes. Perhaps this is the decision, after which you start on the endless path success. In regards to technological changes, what challenges do you face as the head of a marketing service? New technologies have penetrated all areas, including communication. The challenge is to find the target audience for you, with the best possible behavior, behavior that is increasingly rapidly changing. Digital marketing developed with digital technologies. Why? Because the audience moved to the internet, and find themselves easier in the virtual space. Accordingly, today, it is necessary not only to own digital platforms, but also to, ideally, use the so-called content that is often created on this communication channel. In other ways, if we look at technological changes, we have brought many benefits to marketers in analytical terms. Achieving a high level of accuracy in any campaign was always a big problem for marketers. Evaluation and counting using innovative technologies became much simpler, and more accurate, as in the case of external advertising in digital media. This is one of the biggest internet pros. What has changed in the field in the last 5 years, and what changes are expected? It has changed in that communication does not work only for communication. Just the appearance and the message is no longer enough to attract the attention of your target audience. The user has refined their tastes, and no longer believes what they had previously believed. Previously, the marketers tried to work on the rational part of the consumer brain, without any emotional components, but everything changed, and today it is different. The macro-environment has had an influence, ie the country's current economic processes that are directly proportionate to the com-

pany's revenue and according to the annual marketing budget. 2014 was a remarkable year, when we looked into communications products, including outstanding Geocell and Alta/Huawei campaigns that the Alta marketing team contributed to. However, after 2014 we looked at the market, and saw that that companies are trying to get result with a smaller budget, and reach the target audience through digital channels. What important features should a marketing manager focus on, and what are their roles in an organization? I believe that a good marketing manager is a good project manager, and perfectly manages a given project, approves, perfectly distributes in various communications channels, etc. This adds experience, contacts and other personal qualities, which helps them to be advanced in career development. It’s a very interesting marketing role in different organizations. In many cases, you have to fight for the burden of marketing, in which situations a lot of people will fight with you. Marketing is a field in which everyone likes interference and participation, and in this area everyone thinks they’re wise, and that's right. That is why it is very difficult to listen to everyone with a calm face, to analyze, to consider, to argue on all sides and to do professional work.

What’s your organisation’s business model, in terms of marketing? "Axis" is a centralized system, though horizontal. Marketing managers are project managers who are fully responsible for their project. The horizontal system also means that any co-worker has the right to delegate to any other member of the department. One word that describes your job. Orchestra. The most useful advice you’ve ever received in life? I was told that you need to look at every single activity, even if it’s small, as a project, not only in marketing but in life, too. This perception makes things easier. Think of a person who inspires you professionally. Unfortunately, I can not say it because I am against of having authorities in my field. It only hinders new energy, and stamps out out a fire that can do an incredible job. I would like to say the same thing to beginners who believe that an energetic brain is much better than an experienced and not-so-motivated specialist. So everything is ahead of you for those who start today!

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Business News

Soso Pkhakadze to become President of Georgian Business Association

Same Group – Service that the Company provides for Hotel Owners

Giorgi Chirakadze, president of Business Assocaition of Georgia (BAG), plans to quit the position. He will be replaced by Soso Pkhakadze, the first vice President of BAG.

SAME Group is a company that unites hotels, apartments, guesthouses of various types and carries out their management.

Best Western Kutaisi – Best Place for Business Meetings The heart of Imereti and the cultural capital of Georgia – Kutaisi has been conquering hearts and pleasantly surprising its guests for a long time.

Georgia reports Rapid Growth in Wine Exports in Q1 Georgia exported some 19.4 million bottles of wine in the first quarter of this year to 37 countries, up 10 percent year on year, Georgia’s National Wine Agency said Tuesday.

Les Roches: 80% of Top Managers in Tourism Sector are Foreign Citizens – this Practice should be revised 80% of top managers in tourism sector are foreign citizens, Carlos Dies De La Lastra, executive director for LES ROCHES – Tourism and Hospitality Swiss School told the Business Course in his interview.

Georgia launches Electric Car Manufacturing Plant

SES Reach grows to 355 Million Homes Worldwide

From 2020 we will be able to supply the market with electric cars. Kutaisi is a city, which has great industrial experience, which every Georgian loves and admires.

SES strengthens its position as the world’s leading video distributor via satellite as the number of TV households it serves increased by more than 4 million to over 355 million in 2018. Museum of Recipes opens in Tbilisi Museum of Recipes has opened in Tbilisi, on Ingorokva Street. Maia Kavtaradze is one of the founders. Objective of the museum is to preserve original recipes and describe their origins.

Georgian Business Ombudsman has New Deputy Georgian business ombudsman Irakli Lekvinadze has a new deputy. Guram Giorgadze replaced Zurab Dznelashvili who has been working as Deputy Head of the Revenue Service.

TBC Bank acquires leading Uzbek payment platform Payme TBC Bank Group PLC of Georgia has entered into an agreement to acquire a 51% stake in LLC Inspired, a leading payment platform in Uzbekistan trading under the Payme brand.

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Executive Directors of World Bank select David Malpass as President of World Bank Group The Executive Directors of the World Bank unanimously selected David R. Malpass as President of the World Bank Group for a five-year term beginning on Tuesday, April 9, 2019. The Board expressed its deep gratitude to Interim President Kristalina Georgieva for her dedication and leadership in recent months.

Azerbaijani Company talks Launch of Road Construction in Ukraine

World Economy facing Delicate Moment, IMF says

AzVirt, being one of the largest and reputable road construction contractors in Azerbaijan, will launch construction works in Ukraine in May 2019, a source at the company told Trend.

The global economy is at what the International Monetary Fund's chief economist calls a "delicate moment". Gita Gopinath says that while she does not predict a global recession, "there are are many downside risks".

US-Based Unicorn Startup opens an Office in Armenia ServiceTitan, a US-based all-in-one, cloudbased software for residential home service businesses, has opened an office in Armenia. Through this software, home service businesses can provide a much more compelling service experience for a homeowner and improve overall business performance.

Turkey promises Reforms to revive Economy The Turkish government has promised financial reforms to revive its ailing economy. In the past year, Turkey has faced high inflation and recession, while the national currency, the lira, has plunged nearly 30 percent in value.

A growing List of Companies from FedEx to BMW are warning about the World Economy Corporate giants doing business abroad are painting a dreary picture of the world’s economy. With an ongoing trade war between the U.S. and China, Brexit uncertainty weighing on Europe and the U.K., and new weakness out of Japan, some business leaders say it’s harder than ever to rake in profits.

The Black Hole Image came thanks to Student Katie Bouman Overnight on Wednesday, Australian time, a 200-strong team of scientists unveiled humanity's first proper portrait of a black hole. Katie Bouman, the computer scientist whose algorithm made the historic image possible. She was a PhD student at MIT when she created what she called CHIRP, or Continuous High-resolution Image Reconstruction using Patch priors.

World Bank Boss calls for more Transparent Lending to poor Nations

Exclusive: Toyota sees New Business Opportunity in Leveraging Hybrid Tech

The new head of the World Bank has told China that it needs to come clean about its lending to poor countries, as he warned that debt problems are once again on the increase. In his first public appearance as World Bank president, David Malpass said there were already 17 African countries at high risk of debt distress.

he head of Toyota Motor Corp's electric vehicle (EV) business told Reuters the automaker has received enquiries from more than 50 companies since announcing last week that it would offer free access to patents for EV motors and power control units.

11 April 15, 2019 #279 Embassy United States of America Embassy 11 Balanchivadze St., Dighomi Dstr., Tbilisi Tel: 27-70-00, 53-23-34 E-mail: tbilisivisa@state.gov; askconsultbilisi@state.gov United Kingdom of Great Britain and Northern Ireland Embassy 51 Krtsanisi Str., Tbilisi, Tel: 227-47-47 E-mail: british.embassy.tbilisi@fco.gov.uk Republic of France Embassy 49, Krtsanisi Str. Tbilisi, Tel: 272 14 90 E-mail: ambafrance@access.sanet.ge 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: embassy.tbilisi@esteri.it Republic of Estonia Embassy 4 Likhauri St., Tbilisi, Tel: 236-51-40 E-mail: tbilisisaatkond@mfa.ee Republic of Lithuania Embassy 25 Tengiz Abuladze St, Tbilisi Tel: 291-29-33 E-mail: amb.ge@urm.lt Republic of Latvia Embassy 16 Akhmeta Str., Avlabari, 0144 Tbilisi. E-mail: embassy.georgia@mfa.gov.lv Greece Republic Embassy 37. Tabidze St. Tbilisi Tel: 91 49 70, 91 49 71, 91 49 72 Czech RepublicEmbassy 37 Chavchavadze St. Tbilisi ;Tel: 29167-40/41/42 E-mail: czechembassy@gol.ge 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 Pixel Center, 34, Ilia Chavchavadze Ave. 3rd floor Tel: +995 32 227 62 00 People’s Republic of China Embassy 52 Barnov St. Tbilisi Tel: 225-22-86, 225-21-75, 225-26-70 E-mail: zhangling@access.sanet.ge 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: hunembtbs@gmail.com 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: emb_ge@mfa.gov.ua 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

embassy.tbilisi@mfa.gov.tr Consulate General in Batumi 9 Ninoshvili Street, Batumi Tel: 422 25 58 00 consulate.batumi@mfa.gov.tr Republic of Azerbaijan Embassy Kipshidze II-bl . N1., Tbilisi Tel: 225-26-39, 225-35-26/27/28 E-mail: tbilisi@mission.mfa.gov.az 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: emb.tiflis@maec.esRomania Embassy 7 Kushitashvili St., Tbilisi Tel: 38-53-10; 25-00-98/97 E-mail: ambasada@caucasus.net Republic of Poland Embassy Oniashvili str. 24, Tbilisi Tel.: +995322 920398; Fax: +995322 920397 Email:tbilisi.amb.sekretariat@msz.gov.pl Web-site: www.tbilisi.polemb.net Republic of Iraq Embassy Kobuleti str. 16, Tbilisi Tel: 291 35 96; 229 07 93 E-mail: iraqiageoemb@yahoo.com Federative Republic of Brazil Embassy Chanturia street 6/2, Tbilisi Tel.: +995-32-293-2419 Fax.: +995-32-293-2416 Islamic Republic of Iran Embassy 80, I.Chavchavadze St. Tbilisi, Tel: 291-36-56, 291-36-58, 291-36-59, 291-36-60; Fax: 291-36-28 E-mail: iranemb@geo.net.ge United Nations Office Address: 9 Eristavi St. Tbilisi Tel: 225-11-26/28, 225-11-29/31 Fax: 225-02-71/72 E-mail: registry.geo@undp.org Web-site: www.undp.org International Monetary Fund Office Address : 4 Freedom Sq., GMT Plaza, Tbilisi Tel: 292-04-32/33/34 E-mail: kdanelia@imf.org Web-site: www.imf.ge Asian Development Bank Georgian Resident Mission Address: 1, G. Tabidze Street Freedom Square 0114 Tbilisi, Georgia Tel: +995 32 225 06 19 E-mail: adbgrm@adb.org; Web-site: www.adb.org World Bank Office Address : 5a Chavchavadze Av., lane-I, Tbilisi, Georgia ; Tel: 291-30-96, 291-2689/59 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: emb.tbilisi@mzv.sk European Investment Bank Regional Representation for the South Caucasus Address: 1,G.Tabidze Street, Freedom Square

Phone: +995 322 006284 Embassy of The Republic of Korea 12, Titsian Tabidze Str. Tbilisi 0179, Geogia Tel: (995 32) 297 03 18; 297 03 20; Fax: (995 32) 242 74 40; Email: georgia@mofa.go.kr 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 HOLIDAY INN TBILISI Business hotel Addr: 1, 26 May Square Tel: +995 32 230 00 99 E-mail: info@hi-tbilisi.com 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: info@riverside.ge Website: www.riverside.ge Restaurants CORNER HOUSE Tbilisi, I. Chavchavadze ave. 10, Tel: 0322 47 00 49; Email: contact@cornerhouse.ge 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 Cinemas AKHMETELI Tbilisi. “Akhmeteli” Subway Station Tel: 58 66 69 AMIRANI Tbilisi. 36 Kostava St. Tel: 99 99 55, RUSTAVELI Tbilisi. 5 Rustaveli Ave. Tel: 92 03 57, 92 02 85, SAKARTVELO Tbilisi. 2/9 Guramishvili Ave. Tel: 8 322308080, 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 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

12 April 15, 2019 #279

Profile for Caucasian Business Week

Caucasus Business Week #279  

Caucasus Business Week #279