{"id":1449,"date":"2005-09-11T13:50:25","date_gmt":"2005-09-11T09:50:25","guid":{"rendered":"http:\/\/geoeconomics.ge\/en\/?p=1449"},"modified":"2013-03-11T13:50:51","modified_gmt":"2013-03-11T09:50:51","slug":"september-business-calendar","status":"publish","type":"post","link":"http:\/\/geoeconomics.ge\/en\/?p=1449","title":{"rendered":"September Business Calendar"},"content":{"rendered":"

FROM THE REDACTION <\/strong><\/p>\n

On August 23, the presentation of representative office of Kazakh \u201cTuran Alem Bank\u201d took place at \u201cCourtyard Marriott Hotel\u201d. According to the statement of the bank\u2019s management, among the main objectives of the representation office will be the expansion of business relations between Georgia and Kazakhstan, monitoring of the development of Georgian financial services sphere, promotion of small business, the issue of hypothecary loans, etc. <\/p>\n

The activities of \u201cTuran Alem Bank\u201d in Georgia began several months ago with purchasing of 49% of \u201cSilk Road Bank\u2019s\u201d shares. The above-mentioned bank is carrying out the project on rehabilitation works in \u201cIveria\u201d hotel. As it is known, the construction of ultra modern hotel and business center is envisaged in the territory of \u201cIveria\u201d.
\n The assets of Kazakh \u201cTuran Alem Bank\u201d exceed 5 billion USD, while its capital is more than 600 million USD.
\n The bank has 22 subsidiaries and 191 brunches in different countries of the word. It has 4 subsidiaries in the CIS countries and 10 representative offices in the CIS and China.
\n \u201cTuran Alem Bank\u201d is the sixth largest bank in the CIS, and according to its management\u2019s program, by the year 2008 it will become the leading bank in the CIS.
\n On August 30, one more auction was held in Ajara. The total sum obtained from the sold units made up 1 060 700 USD. Among them there was \u201cBatumi\u201d pension which was bought by \u201cInvesti\u201d Ltd. for 970 thousand USD.
\n August 31. According to the on-line information of the Treasury Department of the Finance Ministry of Georgia, in accordance with the 8 months\u2019 results the volume of the state budget\u2019s returns and the grants exceeded the predicted indicator by 10%, and made up 1562,23 million GEL. In August the state budget obtained 157,99 million GEL. The returns made up 105,15 million GEL, which exceeds the planned indicator by 4%.
\n The tax revenues made up 134,06 million GEL. The non-tax revenues exceeded 45% of the volume of the actual revenues. 12% excess indicator was fixed in capital revenues.
\n During the 8 months of 2005 33.32 million GEL was received as grants, which exceeds the predicted indicator by 42%.
\n On August 31, in the Finance Ministry, an agreement between Georgia and the EU was concluded, according to which the EU during the period of 2 years allocates to Georgia 20 million Euro as aid. The agreement was signed by the Finance Minister of Georgia \u2013 Alexi Alexishvili and the EU\u2019s representative in Georgia \u2013 Torben Holz.
\n Within the framework of the EU\u2019s \u201cFood Security Program\u201d out of 20 million Euro Georgia will receive 19 million as money sum and 1 million \u2013 as technical assistance.
\n As information: since 1992 the EU has allocated to Georgia more than 400 million Euro, from which 70 million was spent on food security programs.
\n On August 31, after the government\u2019s session the Minister of Economic Development \u2013 Irakli Chogovadze said that starting from September the privatization of agricultural lands will begin.
\n In1992-1998, 55% of agricultural lands was privatized, and with the privatization of the remaining 45% the state budget will obtain approximately 80 million GEL.
\n Now 360 thousand hectares of agricultural lands is owned by the state.
\n After the government\u2019s session the State Minister \u2013 Kakha Bendukidze said in his interview with the press that according to the bill worked out by the government, the reform will be carried out in the national regulative organizations. That is, out of the existing 5 regulative organizations only 2 bodies will remain \u2013 the National Energy Regulative Commission and the National Communications Regulative Commission.
\n According to the new bill, transport regulative bodies will be amalgamated and a single transport administration will be formed, and starting from the next year oil and gas regulative bodies will be subordinated to the public administration.
\n According to the State Minister\u2019s explanation, after the reorganization the regulative bodies will be financed by the state, and for this purpose it is planned to spend about 2-3 million. In accordance with Mr. Bendeliani\u2019s information, the keeping of the regulative bodies annually costs the state 15 million GEL.
\n From September 1 the amendment to \u201cthe law on private enterprise\u201d became effective. The new order related to the enterprise register and the state registration was put into effect. According to it, entrepreneurs will deal with the procedures related to the state registration in just one body \u2013 the Tax Inspection. If under the old order registration of an enterprise in the court took about 15 days, and another 5 days in the Tax Inspection, now, according to the new rules, this process will be completed within 3 days\u2019 period.
\n September 1. According to the information of the Statistics Department, in the period of 7 months of 2005 price increase is observed. Compared to the data of August\u2019s last week, the price of tobacco has increased by 30%, meat and meat products \u2013 by 13-14%, fuel \u2013 by 9-10%, etc. They state in the Statistics Department that under the influence of the seasonal factor, the deflation rate in the 7 months\u2019 period made up 1,3%.
\n On September 1, \u201dGeorgian union of young wine-makers\u201d was formed. Protection of Georgian wine\u2019s authority, its selling outside the country, development of the legal base in the wine-making field, inculcation of wine culture in the society, raising of the professionalism level of the field\u2019s specialist\u2019s \u2013 these are the main tasks of the newly formed organization.
\n The presentation of \u201dGeorgian union of young wine-makers\u201d took place at the Institute of Horticulture, Viticulture and Wine-making within the framework of German TZ organization\u2019s program.
\n According to the information given by the Statistics Department on September 1, consumer price index from August 26 to September 1 made up 100,5%. This index includes the prices of 51 different goods and services. The prices for food products has increased: for tomatoes \u2013 by 14%, for meat \u2013 by 11,8%, etc. The prices for non food products has increased as well: for liquefied gas \u2013 by 10%, for diesel fuel \u2013 by 1,5%, etc. During this period the price for \u201cNormal\u201d petrol has decreased by 0,8%.
\n According to the data for September 1, the reserve monetary aggregates made up 922 million GEL. In accordance with the information of the National Bank\u2019s President \u2013 Roman Gotsiridze, the increase of the reserve money\u2019s volume takes place within the framework of the IMF\u2019s program parameters.
\n On September 1, at the auction held at the Ministry of Economic Development of Georgia, 3 items were sold out of 6 put up ones. Among them \u201cArial 2000\u201d Ltd \u2013 for 155 thousand USD, \u201cLelo 1\u201d Ltd \u2013 for 2120 thousand USD, restaurant \u201cTetri Gedi\u201d (in Kobuleti) \u2013 for 210 thousand USD.
\n As a result of this auction the state budget has obtained the sum in GEL equivalent to 2 485 thousand USD.
\n A famous footballer Kakha Kaladze became the owner \u201cKolkheti\u201d hotel in Kobuleti. The initial price of the hotel was 1 300 thousand USD. Accounts receivable of \u201cKolkheti\u201d make up 2. 184 GEL, and accounts payable \u2013 208 148 GEL. The hotel can accommodate 591 persons, the total area of its constructions of buildings exceeds 15 thousand m2, and of the land \u2013 about 20 thousand m2.
\n On September 1, a regular 65th auction was held at the Georgian Stock Exchange. 97 493 GEL worth of securities were sold. Out of the shares presented for the auction, a deal was made on the shares of \u201cThe Georgian Bank\u201d and \u201cSaktransproekt\u201d.
\n At the auction 14 230 securities were sold, and the total volume of the deals made up 97.493 GEL.
\n According to the financial account of Georgian commercial banks, during the 7 months of 2005 all assets of the banking system has increased by 16%. In July, compared to June\u2019s indicator, the assets has increased by 3%. Loans make up about 60% of the total volume of the assets in the banking sector.
\n According to the National Bank\u2019s information, the growth rate of the loans given out in the national currency has by 93,3% exceeded the growth rate of the loans given out in foreign currency (23,3%), while the loans dollariization index has decreased from the beginning of the year by 6,4%, that is from 85,7% to 79,3%. According to the official information, foreign currency crediting rate has decreased by 3,2%, that is to 16,7%.
\n In August 2005, 20 banks were operating in Georgia, but in spite of it 83% of the bank sector\u2019s total assets and 85% of deposits were concentrated in so called large banks group (banks which possess 5% of the banking sector\u2019s assets each).
\n According to the experts\u2019 opinion, the growth of the banking sector\u2019s quantitative and qualitative indicators during the 7 months of 2005 was stipulated by the factor of large banks.
\n On September 5, the President of Georgia \u2013 Mikhail Saakashvili and the Parliament\u2019s Chairwoman \u2013 Nino Burdzhanadze met the leadership of Georgian diplomatic service.
\n The President of Georgia stated to the diplomatic corps that attraction of foreign investments is the country\u2019s main economic task and that it is one of the main priorities of the embassies\u2019 work. According to the president\u2019s statement, the work of the ambassadors will be assessed according to the amount of the investments attracted in the country. \u201cNone of the ambassadors will work longer than a year if he does not contribute to the attraction of investments in Georgia\u201d \u2013 the Georgian President said.
\n According to the information of the Georgian Ministry of Economic Development, during the 6 months of the current year the volume of Georgian import from the CIS countries made up 381,9 million USD, while export 172,8 million USD. Among the CIS countries, Russia is the largest trade partner of Georgia. During the 6 months 159,4 million USD worth of produce was exported from Russia, and 63,1 million worth of produce was exported to it. Among the five largest trade partners of Georgia in the CIS, except Russia, are Azerbaijan, Turkmenistan, Ukraine, and Armenia.
\n As to the trade relations with Europe, during the accounting period 266,6 million USD worth of produce was imported from there, and 56,9 million worth of produce was exported.
\n As to the export, Great Britain occupies the first place among the European countries – 13,4 million USD worth of produce has been exported, and as to the import \u2013 Germany is leading \u2013 82,2 million worth of produce has been exported.
\n On September 5, the Minister of Economic Relations \u2013 Irakli Chogovadze said at the press conference that the construction of Tbilisi international airport is being carried out by the Turkish companies \u2013 \u201cTavi\u201d and \u201cUrbani\u201d. 62 million USD has been invested in the project. Besides, according to Mr. Chogovadze, the Turkish investors will pay 15 million USD for designing Batumi airport, and during 10 years they will invest additional 10 million USD in the Georgian economy.
\n As to Turkish \u201cCheleb\u201d company, on September 2, the Ministry of Economic Development has cancelled the agreement with it because it has failed to provide financial guaranties.
\n September 6. According to the statement of the Deputy Finance Minister of Georgia \u2013 the financing of the social security fund has increased by 13 482 million GEL, which was stipulated by more exact defining of the number of pensioners. The growth of the number of pensioners was stipulated by the dismissal from public offices of the persons who has reached the pension age. According to Gotsiridze\u2019s information, the number of handicapped pensioners has increased by 3 thousand.
\n On September 6, at the Georgian Businessmen Federation there took place a presentation of the \u201cMillenium Challenge \u2013 Georgia\u201d fund\u2019s \u201cMillennium Development Program\u201d. According to the statement of the fund\u2019s executive director \u2013 Lasha Shanidze, the US government has allocated to Georgia a 300 million USD grant within the framework of the \u201cMillennium Development Program\u201d. The project will be signed by the representatives of Georgian and American governments in the US in September.
\n The grant envisages financing of 4 projects, including rehabilitation of roads in Samtskhe-Dzhavakheti region, rehabilitation of the gas-main pipeline, creation of infrastructure and development funds. Mastering of the grant by the Georgian side will start at the end of 2005 and will be completed within 5 years\u2019 period.
\n According to the information of the Statistics Department, the inflation rate in August, against the July\u2019s indicator, made up 0,6%. Increasing of prices is mainly stipulated by the growth of oil prices. The price of petrol has increased by 6,4%, and of diesel fuel \u2013 by 6%. Food products prices has increased as well: for milk, cheese, eggs \u2013 by 6,8%, for meat \u2013 by 2,5%. Alcoholic drinks and tobacco rose in price by 17,6%, soft drinks \u2013 by 9,9%.
\n During the 8 months of 2005, the general inflation rate made up 7,2% against the last year\u2019s indicator.
\n September 6. At the meeting held in the regional administration office the representatives of Spanish \u201cUnio\u201d company declared that they want to open a brunch office in Samegrelo region. \u201cUnio\u201d is a large fruit processing company which has about 80 office brunches in Spain. Its annual turnover makes up 4,8 million Euro. The company deals with nut and almond procession and vegetable oil production.
\n According to the statement of Spanish businessmen, the company will conclude individual contracts with peasants residing in Samegrelo on purchasing nuts. As it was stated, the company uses modern equipment for collecting nuts. This method implies collection of nuts in trees directly, without their falling to the ground.
\n According to the Spanish businessmen, the purchase price of a kilo of nuts will be determined according to the demands of the Georgian market.
\n September 6. According to the data for the 8 months, budget liabilities have increased by 60 million GEL. In accordance with the calculations made by the Georgian Ministry of Finance, the liabilities accumulated before 2003 turned out to be larger than it was expected, and as the Deputy Finance Minister \u2013 Lasha Gotsiridze has stated, the amount of arrears of wages for the past period and of other old liabilities before 2003 make up 202 million GEL.
\n In 2004 the state paid 255 million GEL of these liabilities, and in 2005 \u2013 56 million GEL. According to Lasha Gotsiridze\u2019s information, the remaining part of liabilities will be paid gradually.
\n According to the statement of the Deputy Economic Development Minister \u2013 Kakha Damenia, by the end of September Georgian \u201cEnergy Invest\u201d company will completely purchase \u201cAzot\u201d joint stock company for 20 million USD. The part of the sum has already been paid by the company.
\n According to the preliminary information, till 2007 \u201cEnergy Invest\u201d will invest 18 million USD in \u201cAzot\u201d. Besides, the work places will be retained and the wages fund will increase by 10% within 3 years period. New production output is also planned, for which there envisaged investments in the amount of 400-500 million USD.
\n As information: according to the statement Economic Development Ministry, the term for filing applications concerning \u201cAzot\u2019s\u201d privatization expired on June 2, 2005. Besides \u201cEnergy Invest\u201d, the wish of buying \u201cAzot\u201d was also expressed by another 6 companies: British \u201cFrankoil\u201d, Kazakh \u201cDal Trans\u201d, Russian \u201cSeledma\u201d, Georgian \u201cMukhti Sakartvelo\u201d, Russian \u201cItera\u201d, and the initiative group \u201cRetain \u201cAzot\u201d for Georgia\u201d.
\n In the annual report of the UN\u2019s \u201cHuman Development Program\u201d, according to the index of human resourse development in Georgia, the country holds the 100th place among the 177 studied countries, Russia holds the 62nd place, Ukraine \u2013 78th place, Kazakhstan \u2013 80 place, Armenia \u2013 83rd place, Turkmenistan \u2013 97th place, Azerbaijan \u2013 the 101st place, Uzbekistan \u2013 111th place, Tajikistan \u2013 122nd place, etc. According to the current year\u2019s data, the best indicators belong to Norway, Iceland, Austria, Luxemburg, Canada. The US and Japan hold the 10th and the11th places respectively.
\n Among the criteria of the study were: physical health of the nation, social protectability, GDP volume per person, education, cultural level, environmental situation, etc.
\n September 8. According to the statement of Georgian Prime Minister \u2013 Zurab Nogaideli, Kakheti wine grower will not get state subsidies. As Nogaideli has explained, \u201ceverything has been done in the country for creation of favorable conditions for viticulture\u2019s development in Georgia\u201d.
\n September 8. Georgian-Russian negotiations concerning rising in price of natural gas has ended with the following result: as \u201cGazexport\u2019s\u201d Director General \u2013 Alexandr Medvedev stated to the Georgian Energy Minister, starting from 2006 Georgia will receive natural gas at the increased price.
\n \u201cGazprom\u201d also demands paying of the current debt in the amount of 12 million USD till January 2006.
\n Presently Georgia pays to Russia 60 USD per 1000m3 of natural gas. In Europe the price exceeds 100 USD. If Russia decides to deliver natural gas to Georgia at the price that corresponds to European standards, by the year 2006 purchasing of 1000m3 will cost us 110 USD.
\n According to the statement of the Georgian Prime Minister \u2013 Zurab Nogaideli, the talk of rising the price of natural gas is still untimely. He said that the Russian side has not submitted any concrete proposals on this subject yet.
\n September 9. According to the on-line data of the Finance Ministry\u2019s Treasury Department, in September the budget incomes made up 30,23 thousand GEL, tax proceeds \u2013 24,99 thousand GEL, non-tax proceeds \u2013 4,96 thousand GEL. The volume of capital earnings made up 280 thousand GEL. In September, 2 million 317 thousand GEL was spent on various kinds of services. Including: 27,3 thousand USD was spend on labour remuneration of budgetary organizations, 75,5 thousand USD \u2013 on the single state social insurance fund, 82,3 thousand GEL \u2013 on food expenditures of budgetary organizations. During the accounting period the Ministry of Refugees Affairs spent 38,9 thousand GEL, the subsidies to the budgetary organizations and the current transfers made up 827,9 thousand GEL, travel and other expenses 1 155,3 thousand GEL, and 37,1 thousand GEL was spent on the regional budgetary organizations.
\n September 12. As the Finance Minister of Georgia \u2013 Alexi Alexishvili said at the session of the Finance and Budget Committee of the parliament, mobilization of additional sums to the state budget is being carried out, and that is why at this stage there is no need to use Treasury obligations for covering the budget deficit. The Ministry of Finance stopped to issue Treasure obligations in June 2005. For 2005, 20 million GEL worth of Treasury obligations was envisaged for financing the budget deficit.
\n From September 12 the Union of Georgian oil products\u2019 producers, importers and consumers started to implement monitoring of filling stations. According to the information of the Union\u2019s chairman \u2013 Vano Mtvralashvili, the monitoring will be carried out in connection with prices to rule out an artificial fuel price increase. According to Mtvralashvili\u2019s explanation, regulation of fuel prices can already be observedin Georgian trading network. By September 12, the price of 1 liter of petrol decreased by 5-10 tetri.
\n By the results of the study carried out by the International Sociological Center, Georgia holds the 66th place according to the quality of economic freedom. Georgia received 6,4 points in the 10 point system. Out of former Soviet republics the following countries took part in the sociological study: Russia \u2013 the 115th place, Ukraine \u2013 the 103rd place, Lithonia and Latvia \u2013 44th place, etc. And Estonia is among the first ten countries. According to the rating, Hong Kong, Singapore, New Zealand, Switzerland, the US are at the top of the list.
\n September 13. During the visit of the Georgian President \u2013 Mikhail Saakashvili to the US an agreement on handing over to Georgia of 300 thousand USD within the \u201cMillennium Challenge\u201d program was signed.
\n The following programs will be financed by the \u201cMillennium Challenge\u201d program: rehabilitation of roads in Samtskhe-Dzhavakheti region \u2013 102 million USD, development of the energy system \u2013 about 50 million USD, reconstruction of the regional infrastructure \u2013 60 million USD, creation of the regional development fund \u2013 32 millon USD, agro business development \u2013 15 million USD.
\n The agreement was signed by the vice president of \u201cMillennium Challenge\u201d corporation \u2013 Charles Setnes, and Georgian Foreign Minister \u2013 Salome Zurabishvili. The US Secretary of State \u2013 Condoleezza Rice was present at the meeting.
\n September 13. At the meeting with Japanese partners in Batumi city administration it was noted that Japanese \u201cShimidzi\u201d corporation is interested in implementation of reconstruction works at the main water supply point in Mejini village, Khelvachauri region. The Japanese government will allocate 10 million USD for the implementation of this project.
\n On September 13-14, a two-day Georgian-Turkish business forum opened in \u201cCourtyard Marriott\u201d hotel. There were more than 50 businessmen in 160 member Turkish delegation. According to the joint statement of the Prime Minister \u2013 Zurab Nogaideli and the State Minister of Turkey \u2013 Kurshad Tuzmani, the trade turnover between Georgia and Turkey will increase from half a million to two million by 2008. To be more convincing, the Minister of Economic Development of Georgia \u2013 Irakli Chgovadze gave ten reasons why Turkish investors should invest money in Georgia:
\n 1. liberal economic policy; 2. attractive economic environment; 3. competitive trade regulations; 4. liberal tax regulations; 5. aggressive privatization policy, that envisages transfer of the state property to the private sector; 6. modernized \u201cone window\u201d system of business licensing; 7. strategic location of Georgia; 8. the ongoing reform of technical regulation; 9. robust banking sector; 10. political and institutional reforms, the main purpose of which is eradication of corruption.
\n Agreements on intensification of inter-state business relations, assistance to civil aviation, avoidance of double taxation, reorganization of custom houses, introduction of free trade regime, etc. were reached within the framework of the forum\u2019s program. As Georgian Prime Minister \u2013 Nogaideli stressed, \u201cwith the creation of a free trade zone Georgia will gain more than the Turkish side, since it will be easier for Georgian companies to export deliver goods to Turkey, which will increase our export and bring us additional sums\u201d. The agreements will be signed in October, during Prime Minister Nogaideli\u2019s visit to Turkey. Turkey is Georgia\u2019s second largest trade partner after Russia. Georgia established trade relations with Turkey in the period of the civil war, when the local population provided itself by individually imported Turkish goods. That is why Georgian market was mainly overfilled with low-quality and cheap products. This tendency stipulated ousting of the local produce from the market. Now a number of Turkish companies are operating in Georgia. Including \u201cGeocell\u201d \u2013 the first GSM operator in Georgia, which became the owner of \u201cGT\u201d company\u2019s shares in 2001; \u201cDelta Petroleum\u201d company, which owns 75% of shares of Poti \u201cChallenger\u201d terminal. \u201cDelta Petroleum\u201d is one of the largest oil companies in the world, which owns a big network of filling stations in Turkey, and delivers liquefied gas to Iraq.
\n Now metal scrap, timber, horned cattle skins, electrical energy and crude oil prevail in Georgian export to Turkey. As to Georgia\u2019s debts to Turkey: according to the agreement reached in Ankara in 1993, the Georgian part received 41 million from Turkey on rather hard terms. The credit intended for importing of Turkish goods by Georgian importers was distributed among eight subjects: the state bread-producing corporation received 11 million 800 thousand USD, the Ministry of Trade and Material Resources \u2013 8,5 million, the Ministry of Communication and Post, \u201cCoca-Cola Cavkasioni\u201d company, \u201cRustavcement\u201d \u2013 4,9 million each, \u201cGeva\u201d \u2013 4 million 750 thousand, Shulaveri wool processing factory \u2013 2,5 million, \u201cAragvi\u201d joint stock company \u2013 1 million 700 thousand. According to the latest data, none of the above mentioned debtors paid the debt, as a result of which Georgia\u2019s debt to Turkey has reached 54 million USD.
\n September 14. After the government\u2019s session Georgian Finance Minister \u2013 Alexi Alexishvili spoke of the state budget for 2006. According to his explanation, the supply of the state budget for the next year makes up 3 149 million GEL. According to the draft budget, the parameters of incomes and grants make up 3 billion 90 million GEL, social needs expenditures will be increased to 150 million GEL. Presumably, by 2006 the budget of the Defense Ministry will make up 392 million, of the Ministry of Internal Affairs \u2013 197 million GEL, of judicial system \u2013 25 million GEL, etc.
\n The Minister of Finance expressed hope that next year tax proceeds will increase by 30%, and GDP \u2013 up to 7,9%.
\n On September 14, the presentation of the model of the new Tbilisi international airport took place. According to the project presented by Turkish companies \u201cTavi\u201d and \u201cUrbani\u201d the building of the new airport will have a right-angled shape with wave-like roof. The airport situated on the area of 20 thousand m2 will meet all international standards, there will be one landing strip, one central terminal, three exits for international flights. In case of need, the airport equipped with modern infrastructure can cater for 2 thousand passengers per hour.
\n Presumably, the construction of the new airport will be completed in November 2006. At the initial stage the Turkish companies \u201cTavi\u201d and \u201cUrbani\u201d will invest 62 million USD.
\n On September 14, a presentation of the \u201cprivate and public sector concept\u2019s\u201c took place in Georgian Businessmen Federation. The concept was presented to Georgian businessmen by the expert of \u201cEU\u2019s partnership and cooperation assistance project\u201d \u2013 Hans Urgen Zahorva. The concept\u2019s objective is rendering assistance to private and public circles in partnership and cooperation.
\n According to the information of Georgian Statistics Department, during the period of September 9 \u2013 15, the general price level has increased by 0,74%. Including: for non-food products \u2013 0,23%, for food products \u2013 1,46%. The service tariffs have not changed. During the accounting period kerosene has risen in price by 12%, onion \u2013 14,3%, tomatoes \u2013 12,5%, haricot \u2013 11,1%, pork \u2013 6,7%, beef \u2013 6,7%.
\n During the accounting period the consumer prices index made up 100,74%.
\n September 17. According to the annual report of the World Bank, from the viewpoint of implementation of the reforms Georgia holds the first in the CIS, and the second one in the world. Georgian Prime Minister \u2013 Zurab Nogaideli and the representative of the international financial corporation \u2013 Simon Javkov has held a joint press conference on this subject in \u201cCourtyard Marriott\u201d hotel. The analysis of the economic reforms (business, trade, taxation simplification, etc.) in 155 countries was used the World Bank\u2019s report.
\n The board of executive directors of the World Bank adopted the new strategy of cooperation with Georgia, according to which Georgia will receive 143 million USD in 2006 \u2013 2009.
\n The main objectives of the new strategy: development of business, creation of jobs, strengthening of budget procedures, etc.
\n The board of directors of the World Bank has adopted the first $20 million program on struggle against poverty.
\n On September 19, a meting of the heads of Georgian wine producing companies took place in \u201cTbilisi Marriott\u201d hotel. According to the statement of Georgian Minister of Agriculture \u2013 Mikhail Svimonishvili, a new method of exposure of falsified wines will be introduced starting from the next year. Special parameters will be set, and in case of discrepancy the products will be considered as falsified. According to the minister, up to three thousand wine samples will be checked by 2006.
\n About 600 samples of wine were checked this year, and up to 500 tons of falsified produce was destroyed.
\n The presentation of BP company\u2019s \u201cGeorgian regional development initiative\u201d program took place in renovated Borjomi park. \u201cGeorgian regional development initiative\u201d program envisages rendering assistance to small-scale business in Georgia, perfection of the energy sector, etc. The company implemented the pilot project of the program in Borjomi. BP allocated 4,5 million USD for the park\u2019s reconstruction. As it was noted at the presentation, it is not going to leave Georgia in the nearest 40 years, and will implement many interesting projects. For example the company will allocate 3,3 million USD for the implementation of the program in Samtskhe-Dzhavakheti region.
\n September 20. A special commission of the Georgian National Bank determined the winner of the international competition for creation of the best design of 200 GEL bank note. The first place \u2013 Nodar Malazonia (Georgia), award \u2013 3000 GEL; the second place \u2013 Robert Kalina (Austria), award \u2013 1500 GEL; the third place \u2013 a Swiss company, award \u2013 500 GEL.
\n On one side of 200 GEL bank note a portrait of Niko Nikoladze will be depicted, and on the other one \u2013 the view of Sukhumi.
\n On September 20, a joint conference of \u201cAldagi\u201d insurance company, \u201cSelbi\u201d insurance company, and \u201cRepublic\u201d bank was held. At the conference the leadership of the companies spoke of the changes that have taken place of late. In particular, \u201cRepublic\u201d bank invested a considerable sum in \u201cAldagi\u201d, as a result of which the bank has become the owner of the insurance company\u2019s 50% of shares. And \u201cAldagi\u201d took a decision to buy \u201cSelbi\u201d insurance company.
\n Announcements:
\n For October 20-21 an auction for \u201cMadneuli\u201d joint stock company is planned. The selling value of the unit is 32,5 million USD, account payable \u2013 10 million USD, accounts receivable \u2013 43 million GEL. The auction for \u201cMadneuli\u201d and its subsidiary companies (\u201cKvartsiti\u201d joint stock company, \u201cEkolog\u201d joint stock company, \u201cTransgeorgiaresori\u201d, etc) will be announced in a single batch.
\n On October 21-22, the 8th annual conference of American-Georgian business council will be held in Chicago.
\n On October 31, the 11th annual exhibition of the association of Canadian entrepreneurs and importers will be held in Toronto.
\n During three days Georgian entrepreneurs will have an opportunity to present their produce and investment abilities.<\/p>\n","protected":false},"excerpt":{"rendered":"

FROM THE REDACTION On August 23, the presentation of representative office of Kazakh \u201cTuran Alem Bank\u201d took place at \u201cCourtyard<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"yoast_head":"\nSeptember Business Calendar - Geoeconomics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/geoeconomics.ge\/en\/?p=1449\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"September Business Calendar - Geoeconomics\" \/>\n<meta name=\"twitter:description\" content=\"FROM THE REDACTION On August 23, the presentation of representative office of Kazakh \u201cTuran Alem Bank\u201d took place at \u201cCourtyard\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"18 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"http:\/\/geoeconomics.ge\/en\/#website\",\"url\":\"http:\/\/geoeconomics.ge\/en\/\",\"name\":\"Geoeconomics\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"http:\/\/geoeconomics.ge\/en\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/geoeconomics.ge\/en\/?p=1449#webpage\",\"url\":\"http:\/\/geoeconomics.ge\/en\/?p=1449\",\"name\":\"September Business Calendar - Geoeconomics\",\"isPartOf\":{\"@id\":\"http:\/\/geoeconomics.ge\/en\/#website\"},\"datePublished\":\"2005-09-11T09:50:25+00:00\",\"dateModified\":\"2013-03-11T09:50:51+00:00\",\"author\":{\"@id\":\"http:\/\/geoeconomics.ge\/en\/#\/schema\/person\/c8498c0ae03a66c87b59761fbd19b04c\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\/\/geoeconomics.ge\/en\/?p=1449\"]}]},{\"@type\":\"Person\",\"@id\":\"http:\/\/geoeconomics.ge\/en\/#\/schema\/person\/c8498c0ae03a66c87b59761fbd19b04c\",\"name\":\"Admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"http:\/\/geoeconomics.ge\/en\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"http:\/\/2.gravatar.com\/avatar\/bf2d8703d729f003d8905b57fcab5078?s=96&d=mm&r=g\",\"caption\":\"Admin\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/posts\/1449"}],"collection":[{"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1449"}],"version-history":[{"count":1,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/posts\/1449\/revisions"}],"predecessor-version":[{"id":1450,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=\/wp\/v2\/posts\/1449\/revisions\/1450"}],"wp:attachment":[{"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1449"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/geoeconomics.ge\/en\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}