Category: Business

On June 17, 2024, the Government of Georgia implemented significant amendments to Resolution N556, enhancing the Support Scheme for the Production and Use of Energy from Renewable Sources. This initiative aims to bolster the country’s renewable energy sector, aligning with the objectives outlined in the Law of Georgia on “Promoting the Generation and Consumption of Energy from Renewable Sources.” Overview of the Support Scheme Originally adopted on December 7, 2024,…

In a significant development for Georgia’s coastal landscape, the Technical and Construction Supervision Agency has issued a construction permit for two artificial peninsulas and one artificial island, collectively known as “Ambassadori Batumi Island.” This ambitious project will cover a total of 102 hectares along the picturesque Black Sea coast, marking a new chapter in the region’s urban development. Comprehensive Assessments Underpin the Project The decision to grant this construction permit…

The latest trading session in the U.S. stock market wrapped up with a blend of outcomes, reflecting a complex economic landscape. While the S&P 500 and Nasdaq showed positive movements, the Dow Jones faced a slight decline. This mixed performance comes as investors navigate various economic indicators and global market trends. U.S. Market Performance: A Closer Look In the most recent session, the S&P 500 rose by 0.21%, signaling a…

Food safety is a pressing concern in Georgia, with official data indicating around 40,000 cases of food poisoning or related diseases reported annually. However, the actual figures are likely much higher, as many foodborne illnesses go unreported. The European Union (EU) has been instrumental in supporting Georgia’s efforts to implement robust food safety reforms, ensuring that the country adheres to international standards. The “From Farm to Fork” Approach The foundation…

In a landmark announcement, Georgian Prime Minister Irakli Kobakhidze unveiled plans for the Kulevi Oil Refinery, a $700 million project poised to become the largest private investment in the nation’s history. Located on the picturesque Black Sea coast, this ambitious venture is spearheaded by Black Sea Petroleum, a Tbilisi-based company, and is expected to significantly impact Georgia’s economy. A Game-Changer for the Local Economy The Kulevi Oil Refinery is not…

In an exciting announcement for the region, Georgia’s First Vice Prime Minister Levan Davitashvili revealed plans for a new hotel and residence complex in Tsikhisdziri, Adjara. This project, developed by the Pullman brand under the Accor Group, is set to create a significant number of jobs and enhance the area’s appeal as a tourist destination. Investment and Economic Impact The ambitious project has already secured $80 million in investments, signaling…

Georgia’s National Statistics Service has revealed concerning figures regarding youth unemployment, indicating that 26.7% of the 576,400 individuals aged 15 to 29 are currently without jobs. This statistic highlights the challenges faced by young people in the labor market and underscores the need for targeted interventions. Labor Force Breakdown The report provides a detailed breakdown of the employment status among the youth demographic: Total Youth in Labor Force: 261.6 thousand Employed…

Visa, a global leader in digital payments, recently hosted its inaugural PR2Peer Empowered by Visa event in Tbilisi, Georgia. The event aimed to bring together Visa’s communications and marketing representatives with partner companies to share insights on ongoing projects, industry trends, and public relations strategies. This interactive seminar provided a platform for professionals to advance their skills, build partnerships, and exchange innovative ideas, reflecting Visa’s commitment to fostering growth and…

Max Mara, the iconic Italian fashion brand, has opened its first store in Tbilisi, Georgia. The grand opening event was attended by high-profile individuals, including the Italian Ambassador to Georgia, Massimiliano D’Antuono, and Nicola Gerber Maramotti, Max Mara’s Global Ambassador and Head of European Store Development. The store, located on Chavchavadze Avenue, showcases a diverse range of luxury clothing and accessories, bringing the brand’s trademark elegance to the Georgian market.…

Galt & Taggart has released its latest report on Georgian tourism revenue, revealing a substantial increase in earnings for 2024. Between January and September, Georgia’s tourism sector generated USD 3.6 billion, marking an 11.3% rise compared to the previous year. The month of September alone saw revenues of USD 470 million. The investment institution projects that total tourism earnings will reach USD 4.4 billion by the end of the year,…