Dimitry Kumsishvili Met Chinese Company TCC Management

Published in Economics
Thursday, 29 September 2016 17:30
First Vice Prime Minister of Georgia, Minister of Economy and Sustainable Development Dimitry Kumsishvili held a meeting with the management of the Chinese state company TCC, which is implementing construction projects in the energy sector.
The construction of the Gardabani #2 Thermal Power Station of combined cycle, which will be implemented by the TCC was discussed during the meeting. Construction works will be financed by the Chinese financial sector. The project is scheduled to be accomplished by 2019 and Georgia will receive additional 240MW power capacity. 
The parties also discussed the future plans of the TCC in Georgia and it was stated that the  company is to open a branch in the country.   Director General of the Georgian Oil and Gas Corporation, Davit Tvalabeishvili also attended the meeting.

I can say that Georgia is more attractive today-Dimitri Kumsishvili

Published in Economics
Thursday, 29 September 2016 14:50

I can say that Georgia is more attractive today, in 2016 than it was in 2012 –this statement was made by the First Vice-Prime Minister and the Minister of Economy and Sustainable Development of Georgia Dimitri Kumsishvili during speaking about global competition index.
According to him, this is an index which shows us how attractive and competitive is any county in the world.
“This is not region, this is not closed circle. This is about competitiveness on the world stage. We made progress in this index from 2012 and this is our progress. This is confirmed by the investments we had in the two quarters of 2016,”-Dimitri Kumsishvili said.  

The innovative ideas create additional values in Georgia-Dimitri Kumsishvili

Published in Economics
Thursday, 22 September 2016 15:04

The innovative ideas create additional values in our county- this statement was made by the First Vice-Prime Minister and the Minister of Economy and Sustainable Development of Georgia Dimitri Kumsishvili at the hotel Biltmore in the frames of Forum “Non-standard and innovative marketing and packaging.
According to Kumsishvili, forum is very important because innovative ideas create additional values in any country. Marketing is the direction for market and people to have a will to spend money.
“I wish success this forum and think that very important experiences is shared here,”- the Minister of Economy and Sustainable Development of Georgia said. 

Minister Cabinet list has not yet formed-Dimitri Kumsishvili

Published in Politics
Tuesday, 20 September 2016 16:38

Minister Cabinet list has not yet formed – said the First Vice-Prime Minister and the Minister of Economy of Georgia Dimitri Kumsishvili.
Kumsishvili talked about the appeal of non-governmental coalition “For Euro Atlantic Georgia” to the political parties. They demand the names of candidates of ministers.
As Kumsishvili said, the Prime Minister will decide who will be minister after the elections.

There are more than 1 200 hotels in Georgia-Dimitri Kumsishvili

Published in Economics
Monday, 19 September 2016 14:40

There are more than 1 200 hotels in Georgia and 41% of them have been exploited the last 3 years –this statement was made by the First Vice-Prime Minister and the Minister of Economy Dimitri Kumsishvili in Tbilisi, during the ceremony of new hotel called Museum.
The hotel Musem was opened at Atoneli Street in the former palace of Maiko Orbeliani. There are 46 rooms and 3 restaurants in the hotel.
“100 persons will employ here. 8 ml of investments have been implemented. I want to highlight that 508 hotels have been exploited since 2013,”-Dimitri Kumsishvili said. 

Dimitri Kumsishvili met with Taleb Rifai -UN World Tourism Secretary General

Published in Politics
Wednesday, 07 September 2016 17:26

The First Vice-Prime Minister and the Minister of Economy and Sustainable Development of Georgia Dimitri Kumsishvili met with the Secretary General of the United Nations’ World Tourism Organization Taleb Rifai who visited Georgia to attend Wine Tourism global conference.
According to Ministry, conference is holding in 7-9 September. Dimitri Kumsishvili presented economical processes in Georgia and discussed positive trends in tourism sector of Georgia. Tourism development strategy of Georgia was highlighted at the meetin. 

Dimitri Kumsishvili met with the Economy Minister of Lithuania Evaldas Gustas

Published in Economics
Tuesday, 06 September 2016 15:41

The Vice Prime Minister, the Minister of Economy and Sustainable Development of Georgia Dimitri Kumsishvili met with the Economy Minister of Lithuania Evaldas Gustas.
According to reports, the meeting was hold in Hotel Tbilisi Marriot. Trade-economy relations and deepening cooperation was discussed at the meeting. The sides also talked about future plans.
The Economy Minister of Lithuania visits Georgia to attend Georgia-Lithuania Intergovernmental commission session.

Dimitri Kumsishvili met with the Vice-Prime Minister of Belarus

Published in Economics
Thursday, 01 September 2016 14:34

The Trade-Economical relations and future cooperation plans of Belarus-Georgia were discussed at the meeting of the First Vice-Prime Minister of Georgia Dimitri Kumsishvili and Vice PM of Belarus, Mikhail Russ. The meeting was held at State Chancellery.
The sides discussed economical cooperation between the countries which will be also discussed at the third session of the Intergovernmental Commission. The commission from Georgia is lead by Dimitri Kumsishvili. A lot of main economical and trade issues will be discussed. 

Economic Development Forum of Georgia

Published in Economics
Friday, 05 August 2016 10:10

There are no internationally recognized theories, hence each country is in need of the economic growth policy that meets its demands - Prime Minister of Georgia noted in his speech during the Economic Development Forum of Georgia. 
Pursuant to Giorgi Kvirikashvili, Georgia is a country with open economic system that is navigating quite well across the regional economies. Prime Minister recalled first steps taken by the ruling team in view of economic development of Georgia and outlined importance of Dani Rodrik's theory.
"Four years ago, when I took the position of Minister of Economy and Sustainable Development, as any other person who believes in market economy till today, I had outlined universally recognized theories as a blueprint for ensuring rapid economic development of the country. However, while taking practical steps, we indicated specific directions that required correct state intervention for the industry to start operating and ensure that the direction was viable. I addressed my old friend Nugzar Kakhuchashvili who graduated from Harvard University and asked him to join our team and create new direction of industrial development within the Ministry of Economy and Sustainable Development. 
Both of us had knowledge obtained at highly reputable business schools, however, it is a given fact that today some additional element is essential to ensure correct development. Hence, we demonstrated interest in Rodrik's development theory, according to which as a result of correct assistance, certain directions become increasingly important and unutilized capacities are fully used - thus, the whole chain of values becomes operative. Nugzar's team studied several directions and we elaborated serious plans for action and successfully implemented several projects," - Prime Minister noted.
According to Giorgi Kvirikashvili, a four-point framework has been developed by the Government to ensure rapid economic growth of the country. The directions of the said framework include reform of education system, economic reforms, spatial arrangement and reform of the governance system.
"First of all, this includes correct reforms in the area of the education system. It will ensure alignment of the education system with demands of the labor market to avoid spending 4 years by students on studying profession that may not be demanded in Georgia. This also includes correct reforms in the area of vocational education and we have shared German model that implies dual education system, when private sector engages in preparation of young and not only young people to acquire skills in the area that is highly demanded. 
The second most important direction is economic reforms. We consider that currently Georgia's economic growth is greatly depended on foreign direct investments and economic conditions in the region leave much room for improvement due to the decline of the oil prices and regional conflicts - particularly, conflict in Ukraine. Hence, we decided that mobilization of the investment resources will be crucial. Hence, we suggested abolition of the corporate income tax. Starting from January 1st of 2017 the corporate income tax will be abolished. We borrowed the Estonian model that envisages exemption of reinvested profit from taxation and taxing only distributed income. We kill two birds with one stone by increasing mobilization of internal investment resources and promotion of Georgia as an economically liberal state on the international arena," - Giorgi Kvirikashvili noted.
Prime Minister also outlined the importance of amending capital market and reforming pension system that will be based on mandatory payments - reforms will start next year. He also elaborated on the model of state that is concentrated on provision of services and emphasized the importance of creating unified front-office.
"At the same time, we are creating digital space, which ensures provision of services to all interested legal entities following the e-governance model. This highly ambitious project has been launched, the concept has been elaborated. By the end of the year and in the beginning of next year we will start its implementation. And important direction of the third bloc of governance reform covers the component of involvement, which implies that business community as well as NGO sector is engaged in the decision making process. We have taken certain steps in this direction by following the initiative of European Bank and setting up Council of Investors. We have gathered all international donors, ministers representing economic bloc and Prime Minister is the chair of the Council. The Council discusses all initiatives concerning legislative and institutional changes to eliminate any negative surprise for business and private sector. Fourth direction that concentrates on the spatial arrangement and rapid infrastructural modernization of the country is also important. We suggested putting more emphasis on engagement of the private sector in the implementation of the infrastructural projects - by achieving correct balance between the stakeholders, the quality of infrastructural projects will be improved while burden on sovereign balance of the country will be decreased," - head of the Government noted.
Economic Development Forum of Georgia is organized by the Ministry of Economy and Sustainable Development of Georgia. The first Vice Prime Minister, Minister of Economy and Sustainable Development Dimitri Kumsishvili delivered an opening speech. Famous economists Dani Rodrik from Harvard University and Charles Sabel from Columbia University in the City of New York participate in the Forum, They will present their visions and ideas regarding development of economic policies. Discussions with the participation of representatives of business, banking and academic sectors will take place.

Georgian Wine in China Wine House- introduce by Dimitri Kumsishvili

Published in Economics
Thursday, 28 July 2016 16:40

I want to introduce the most experienced Ambassador, the best negotiator and the eldest Ambassador, Georgian Wine – this address was given by the first Vice Prime Minister, the Minister of Economy and sustainable development Dimitri Kumsishvili. According to him, 8 000 years old Georgian wine has begun working in Georgian Wine House in China.
“I want to congratulate this day to you. Georgian Wine will be very successful in his diplomatic job,”-Kumsishvili said. 

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