Levan Davitashvili at Professional Insurance Day Celebration Event

Published in Economics
Wednesday, 11 May 2022 17:13

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili participated in the event dedicated to the Professional Insurance Day.

According to the administration of the Ministry of Economics, Levan Davitashvili addressed the audience focusing on important issues in the field, prospects of its development and the need for cooperation between the state and the private sectors in this process. The Minister stressed the importance of raising public awareness about the insurance, which will contribute to the development of the insurance culture in the country.

“Development of the insurance sector in Georgia is crucial. We understand that it is impossible to develop many sectors of the economy without proper, quality products and services, which, of course, must develop in the private sector. Achieving the desired pace of development, in turn, largely depends on the relevant economic policy decisions and policy-making as well as the coordination between the parties involved,” – Vice Prime Minister highlighted. 

Insurance Professional Day was initiated by the Insurance Supervision Service of Georgia and has been celebrated for the first time. Representatives of government and private business, specialists operating in various fields attended the event.

Readout of Ambassador Tai’s Meeting with Georgian Vice Prime Minister and Minister of Economy and Sustainable Development

Published in Politics
Tuesday, 10 May 2022 16:45

WASHINGTON – United States Trade Representative Katherine Tai today met with Georgia’s Vice Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili.  Ambassador Tai and Vice Prime Minister Davitashvili discussed U.S. support for Georgia in this time of crisis in the region. They also discussed how the United States and Georgia can work together on joint initiatives to further deepen the U.S.-Georgia trade relationship.

Ambassador Tai and Vice Prime Minister Davitashvili agreed to stay in communication on these, and other priorities, in the future.

By  

Levan Davitashvili Met with Special Representative of Kazakhstan President, Erzhan Kazykhanov

Published in Economics
Tuesday, 03 May 2022 17:06

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili held a meeting with the Special Representative of the President of the Republic of Kazakhstan for International Affairs, Erzhan Kazykhanov and his associates.

According to the administration of the Ministry of Economics, deputy Ministers of Economy and Sustainable Development, Guram Guramishvili and Genadi Arveladze as well as General Director of JSC Georgian Railway, Davit Peradze also attended the meeting.

Trade, economic, transport and logistical cooperation between Georgia and Kazakhstan were discussed at the meeting. It was noted that the economic relations between the countries are characterized by growing dynamics, although the potential for expansion of cooperation is much larger.

When discussing transport and logistics links, the parties stressed the need for coordinated work to attract cargo flows through the transport corridor to Kazakhstan and Georgia. It was noted that Georgia’s transport infrastructure is as ready as possible to transport cargo to Kazakhstan and Central Asia, in general.

The Kazakh side expressed interest in increasing the cargo turnover in the corridor to Georgia. It was noted that in 2022 Kazakhstan plans to transport 2-3 million tons of oil through the Georgian corridor, while in the coming years it is planned to further increase this figure.

The parties agreed to make joint efforts to attract and serve the transportation of goods in the transport corridors through Georgia and Kazakhstan in the long run.

Levan Davitashvili Met with Minister of Transport, Communications and High Technologies of Azerbaijan

Published in Economics
Tuesday, 12 April 2022 14:17

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili met with Minister of Transport, Communications and High Technologies of Azerbaijan, Rashad Nabiyev, being on a working visit to Georgia.

Deputy Ministers Guram Guramishvili and Genadi Arveladze, General Director of JSC Georgian Railway, Davit Peradze and General Director of Marabda - Kartsakhi Railway, Levan Kankava also attended the meeting.

The Ministers discussed the priority areas of bilateral cooperation in the various transport sectors. It was noted that the coordinated cooperation between the countries facilitates the process of attracting cargo in the Europe-Asia transport corridor, which ultimately has a positive effect on the economies of both countries. In particular, there is talk of holding joint presentations on various regional and international platforms, participating in profile exhibitions and carrying out other activities.

Special emphasis was placed on the Baku-Tbilisi-Kars railway, on which Georgia, Azerbaijan, Turkey and Kazakhstan signed a protocol, underlining the efforts by each country for the joint development of the transport corridor. It was also noted that the number of containers transported via the Baku-Tbilisi-Kars railway is constantly increasing.

Prospect of cooperation in the fields of communication, information technologies and other important sectors were also discussed at the meeting.

MINISTRY OF ECONOMY

 

Natia Turnava Examianed Ongoing Restoration Works in Rustavi Azot

Published in Economics
Friday, 05 November 2021 12:13

Minister of Economy and Sustainable Development, Natia Turnava visited the Rustavi Azot factory and personally got acquainted with the ongoing restoration working process in the enterprise.

The Rustavi Azot, the largest producer of mineral fertilizers and industrial chemicals in the South Caucasus region, employs about 2 000 people and 99% of its employees are locals.

As it was mentioned during the meeting with the Minister, the administration of the enterprise is actively working to improve the social conditions of the employees. First, it concerns the payroll, which has grown by an average of 25% this year.

Natia Turnava also visited one of the central tunnels of the factory, which was re-equipped recently. Consequently, the working conditions of the employees have been significantly improved. An automatic loader has been installed to replace the need of the heavy mechanical labor and people no longer have to carry loaded sacks. According to the Minister, similar improvements are being made throughout the enterprise.

As Natia Turnava noted, it is important that the enterprise becomes more environmentally friendly - new filters and new catalysts are being installed within the framework of the German government supporting program, which, in fact, will minimize the emission of harmful substances into the atmosphere.

Within the visit to the enterprise, Natia Turnava thanked the employees of the factory for their outstanding civil responsibility during the Covid-19 pandemic and handed over certificates of appreciation to them. It should be noted that the Rustavi Azot is one of the few companies that started the production of medical oxygen in Georgia and thus provided the medical sector and, consequently, the population with this essential component in the fight against the disease. The Minister presented letters of gratitude to the plant staff for their active cooperation during the pandemic and provision of medical oxygen to the medical facilities.

Natia Turnava Met with Chinese Dongfang Electric International Corporation President

Published in CHINA
Tuesday, 20 July 2021 14:20

Minister of Economy and Sustainable Development of Georgia, Natia Turnava discussed the current situation in the energy sector and the liberal investment environment in Georgia with the President of the Dongfang Electric Corporation, Si Zefu. The administration of the Ministry of Economy told "News Day Georgia" about it.

Giorgi Chikovani, Director of the Georgian Energy Development Fund and Levan Vepkhvadze, Executive Director of the Georgian Business Association also participated in the meeting.

Natia Turnava provided Si Zefu with the detailed information on the current situation in the energy sector of Georgia, country’s energy potential and the liberal environment for investment and business. According to the Minister, Georgia will soon overcome the economic challenges caused by the pandemic and will be able to fix the forecast growth rate by the end of this year. The Minister noted that it is important for the country to receive new international investments, for which the Georgian Government is actively working.

Dongfang Electric Corporation President, Si Zefu noted that the Corporation is considering opening a regional representation in Georgia. It was said that Dongfang, one of the three largest manufacturers of the machinery for power plants in China, plans to invest in Georgia’s energy sector, especially in renewable energy, as well as cooperate in major energy projects planned in the country.

China State Corporation Dongfang was founded in 1984. It manufactures hydropower, thermal and renewable power plant machinery and equipment. The corporation has offices in a number of countries in the Asian region, including India, Pakistan, Vietnam, etc.

Georgian Prime Minister meets with CEO of OMV Petrom SA which will explore oil and gas in Georgia

Published in Economics
Thursday, 11 March 2021 13:01

Today, Georgian Prime Minister Irakli Garibashvili, together with Minister of Economy and Sustainable Development Natia Turnava, held a meeting with the leaders of OMV Petrom SA, a company that will explore oil and gas in Georgia.

The meeting at the Administration of the Government emphasized the importance of this project. The relevant agreement places Georgia among the countries with oil and gas shelf exploration.

The project involves extraction, and collection, acquisition, and processing of geological and geophysical data for oil and gas extraction in the course of 25 years on the Black Sea's continental shelf.
The Prim Minister emphasized that the Georgian Government welcomes cooperation with OMV Petrom-a subsidiary of OMV, which ranks among Europe's top 10 oil companies-and is ready to provide support toward the project's successful implementation.

According to the Head of Government, the entry of such a large company reaffirms that Georgia's business environment, including in the area of oil and gas extraction, is transparent and appealing to world-class oil giants.

During the meeting, OMV Petrom was represented by CEO Christina Verchere, Exploration and Appraisal Director Bernhard Krainer, and Business Development and Commercial Director Jose Rafael Duque-Ramirez.

After the meeting with the Prime Minister, the relevant agreement was signed, at the Government Administration, by Giorgi Tatishvili, Head of the State Agency for Oil and Gas at the Ministry of Economy and Sustainable Development, on one hand, and by Jose Rafael Duque-Ramirez and Bernhard Krainer, on the other, as representatives of OMV Petrom SA.

On June 22, 2020, the State Agency for Oil and Gas LEPL at the Ministry of Economy and Sustainable Development announced an open international competition for the general oil and gas license encompassing the Black Sea's license blocks 2 and 3. OMV Petrom SA, a member of the large Austrian oil group OMV, won the license to operate in block 2.

The tender's wining company will carry out 2- and 3-dimensional seismic exploration works, and drilling will commence in the last phase of the project. The value of the drilling phase will depend on exploration results.

The value of a similar project involving the exploration of the Domino well by Austrian OMV in Romania's territorial waters is 1.5 billion USD. Exploration work on the Black Sea is underway in Turkey, Russia, Bulgaria, Romania, and Ukraine. Exploration work has resulted in the discovery of large hydrocarbon wells in Romania and Ukraine. Bulgaria, where the company also operates, is close to a similar commercial discovery.

Press Service of the Government Administration

Dimitry Kumsishvili: “State economic policy is fully supported by the International Monetary Fund”

Published in Economics
Wednesday, 13 December 2017 16:46

“Our state economic policy is fully supported by the International Monetary Fund,” - the First Vice Prime Minister of Georgia, Minister of Economy and Sustainable Development Dimitry Kumsishvili stated at today’s press conference.

Dimitry Kumsishvili highlighted that the board of the International Monetary Fund made a decision to approve the first assessment of Georgia and support the economic policy of our country. Besides, the Minister added that the program of the International Monetary Fund itself is built on the 4-point plan thus supporting the development plan of the Government of Georgia.

As Dimitry Kumsishvili commented, the survey of the International Monetary Fund confirms that Georgia will keep up the economic growth under the conditions of the fall of inflation from the following year.

“It is obvious that Georgia’s foreign position will be improved. The annual budget envisages both fiscal consolidation, as well as all budget parameters for macroeconomic growth,”- the First Vice Minister noted.

Giorgi Gakharia Met Shanghai Vice Mayor

Published in Politics
Thursday, 21 September 2017 11:15

Minister of Economy and Sustainable Development of Georgia, Giorgi Gakharia, within the framework of the visit to the People’s Republic of China, had a meeting with the Vice Mayor of Shanghai, Zhou Bo. Further enhancing of bilateral trade and economic relations and the Free Trade Agreement signed between Georgia and China were the main topics of the conversation. The Minister and the Vice Mayor also discussed the upcoming Silk Road Forum to be held in November in Tbilisi.

“The interest of the Chinese side towards Georgia is clear and it became even more obvious when several days ago, an Agreement was signed between the largest Chinese company CEFC and the Georgian Government. We examined the Free Trade Zone in Shanghai, which was very impressive and we believe their experience can well serve us. China is a huge market for our export, its share is increasing and we should pay even more attention to the related issues. I believe such meetings are of mutual benefit since we establish relevant working groups, just like today, which aim to further develop the certain issues” – Giorgi Gakharia stated.

Deputy Minister of Economy and Sustainable Development, Giorgi Cherkezishvili and the Ambassador Extraordinary and Plenipotentiary of Georgia to the People’s Republic of China, Davit Aptsiauri, also attended the meeting.

Chinese-Georgian Business Forum Held in Xiamen

Published in Economics
Tuesday, 19 September 2017 16:57

Georgian delegation, headed by the Minister of Economy and Sustainable Development of Georgia Giorgi Gakharia, introduced the Georgian investment environment at the Chinese-Georgian Business Forum held in Xiamen. Deputy Ministers of Economy and Sustainable Development – Nino Javakhishvili and Giorgi Cherkezishvili delivered speeches at the Forum. The importance of the Forum in terms of further development of the trade relations between the two countries was specially emphasized. 

Within the framework of the visit, a Memorandum of Understanding was signed between the Georgian Government and one of the largest Chinese company CEFC. The Minister of Economy and Sustainable Development of Georgia, Giorgi Gakharia also signed an Agreement on handling 75% share of the Poti Industrial Zone to the Chinese conglomerate CEFC.

“The Agreement envisages handling of the 75% share, which belonged to the state, and the management right of the Poti Industrial Zone to the CEFC. The Poti Industrial Zone is a very important asset for the economy of the country and its vital to reorganize and actively develop it. We believe that the Chinese company will bring success to the Zone since they have the ability, the power andthe knowledge to manage such a complex and large project. We will start cooperation on this project in the nearest future” – Giorgi Gakharia stated.

“This really is a fact to welcome, as it will facilitate additional cargo inflow through Georgia” – the CEO of the Georgian Railways, Mamuka Bakhtadze noted.

Approximately two hundred Georgian and Chinese private companies participated in the Business Forum.

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