FDI In Georgia Down By 55.2% In 3Q24

Songulashvili highlighted the importance of the share of agriculture in development of the Georgian economy, and expressed interest in sharing Turkey's experience, while also emphasising that existing “friendly and partnership relations” between the two countries were a “basis for effective cooperation”.The Minister also pointed out the importance of diversifying Georgia's markets, with the parties also discussing deepening of the cooperation in fisheries, livestock, irrigation, forestry and waste management, and agricultural mechanisation.On his part, Orbai noted the countries were “connected by historical friendship and partnership”, which he said represented an “important prerequisite for deepening cooperation in various directions”.The meeting also noted the importance of increasing exports of Georgian products to Turkey, as well as deepening cooperation between Georgian wine producers and the HoReCa, hotels, restaurants and cafés sector of Turkey.

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As of the document, in November, the volume of term deposits increased by 655.88 million GEL (by 2.53%; exchange rate effect volume of term deposits increased by 2.14%). Demand deposits decreased by 216.29 million GEL.The larization ratio of total non-bank deposits constituted 48.32% by the end of November 2024 and decreased by 0.98 percentage point (exchange rate effect excluded decreased by 0.83 percentage point) compared to the end of October 2024.The market interest rate on term deposits constituted 6.61%. In particular, the market interest rate for national currency denominated deposits was 9.47% and the market interest rate for foreign currency denominated deposits was 2.75%.The share of the US dollar in the total volume of foreign currency denominated deposits equals 78.85% and the share of the Euro equals 19.48%.

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International currency reserves are an important guarantor of the country’s macroeconomic stability. Accordingly, NBG is always focused on replenishing reserves, which is confirmed by the bank’s stated policy: at a given moment, when the market allows it, the National Bank increases the country’s international reserves.In addition, the foreign exchange interventions carried out by the NBG in the 11 months of 2024 as follows:• January - Net purchase through Bmatch $8.1 million• February - Net purchase through Bmatch $77.5 million• March - Net purchase through Bmatch $127.9 million• April - Net purchase through Bmatch $73.1 million• May - Sale through foreign exchange auction of $108.7 million and net sale through Bmatch of $9.1 million• June - Sale through foreign exchange auction of $60 million and net sale through Bmatch of $42 million• July - Net purchase through Bmatch $1.9 million• August - Net purchase through Bmatch $41 million• September - Net sale through Bmatch $106.5• October - Sale of $213.4 million via foreign exchange auction and net sale via Bmatch of $377.7• November - Net purchase via Bmatch of $124.5The National Bank of Georgia will publish updated data on operations carried out in the foreign exchange market on January 25, 2025.

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In its report on the October 26 parliamentary elections, published on November 28, PACE stated that “an unacceptable incident occurred on election day near a polling station in the village of Bodbe, Sighnaghi district.”“We would like to respond to the information spread through various media based on the report of the Parliamentary Assembly of the Council of Europe (PACE), according to which, on the day of the Parliamentary elections, on October 26, 2024, the vehicle tires of PACE observation mission were deliberately damaged and crashed in Kakheti region, Sighnaghi Municipality.We would like to clarify that as soon as the notification on traffic accident was received at Public Safety Command Center 112, a patrol police crew was dispatched to the scene for appropriate legal actions.In order to determine the cause of the incident, law enforcement officers inspected the surrounding area, after interviewing the initiator of the report, the appropriate documentation was prepared.It should be noted that the driver of the mentioned vehicle was parked on the side of the road.The driver explained to patrol police officers who arrived on the spot that an unidentified vehicle supposedly damaged his vehicle while driving on the highway and asked the incident to be officially recorded.Herewith, the law enforcement officers asked the driver about assumptions that the mentioned vehicle could be damaged on purpose, although he did not have such doubts.Administrative proceedings have been initiated on the incident in order to identify the violator for further, appropriate actions”, - MIA stated.|

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Currently, the portal has 161 indicators, providing at the municipal level. These indicators include various information on population and demography, health, education, culture, construction, tourism, business register, business sector and other sectors. The portal allows user to compare key indicators at both municipal and regional level.The regional and municipal statistics portal was developed within the framework of the project supported by the European Union, Denmark and the United Nations Development Program (UNDP). The objective is to enhance statistical capacities at the municipal level, improve the production of statistics and increase the information accessibility which will contribute to the planning and monitoring of development measures at the local level.Increasing the capacity for producing statistical data at the municipal level is one of the priority determined by the 2020-2023 National Strategy for the Development of Official Statistics of Georgia and the 2020-2025 strategies for decentralization. Within the framework of the above-mentioned strategies, the Ministry of Regional Development and Infrastructure of Georgia, the National Statistics Office of Georgia and the United Nations Development Program (UNDP), with funding from the European Union and the Danish government, are collaborating to improve the production of needs-based statistics at the local level.New indicators are available at the link: https://regions.geostat.ge/regions/

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“In Adjara, the process of storing citrus is actively and smoothly proceeding, which I learned on the spot [...] With coordinated work, the crop will be fully stored”, Songulashvili said after visiting the Kobuleti municipality to observe the ongoing efforts with Tornike Rizhvadze, the Chair of the Adjara Regional Government.The Minister highlighted the regional Government's initiatives aimed at supporting farmers.“The Government of Adjara has implemented several programmes to support farmers, promoting both the production and processing of agricultural products. We visited a processing plant that had just opened. The operation of such enterprises is crucial for the region. We will continue to provide maximum support to farmers and entrepreneurs”, Songulashvili said.The Ministry said the officials visited Iberia Orbis Citrus, a processing enterprise that currently employs around 200 people. The body added the facility was capable of receiving, sorting, and paraffinising 120 tonnes of citrus fruits daily, with plans to handle and export up to 1,000 tonnes of standard citrus this year, alongside non-standard tangerines.The officials also inspected a non-standard citrus reception and processing facility operated by Georgian Industrial Asset Management Group.To ensure smooth execution and sale during the citrus season, Adjara authorities have established a  coordination headquarters that will be operational until February 1, the Ministry said.Over 20 enterprises receiving and sorting citrus in the region are equipped to handle export of tangerines, while two processing factories in Kobuleti municipality are dedicated to managing non-standard fruits, the body added.This year, in response to local agricultural needs, the Adjara Government has increased the state subsidy for industrial processing of non-standard mandarins to 35 tetri per kilogram, a 10-tetri increase compared to last year. Consequently, the price for tangerines selected for processing is now set at 40 tetri, of which farmers receive five tetri, the Ministry said.The body also said 5,400 tonnes of non-standard fruits had been processed in the region, with a subsidy of ₾1.9 million ($680mln) granted to support the efforts.

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"The capital is facing an increased budget in 2025. The Tbilisi government has submitted a new budget to the City Council, which amounts to GEL 2 billion. In addition to its own revenues, Tbilisi Municipality will receive GEL 580 million in aid from the central government, which is unprecedentedly high.A transitional balance will also be added to the 2-billion-USD budget, which will be approximately GEL 150 million. Projects to be implemented within the framework of funding received from donors, the volume of which will be GEL 100 million, are important.In total, the projects to be implemented in Tbilisi Municipality amount to GEL 2.45 billion, which will be used in various directions.In particular, the expenses for infrastructure are as follows: GEL 700 million, for healthcare and social services - GEL 535 million,” the information released by the Tbilisi Mayor says.Members of the “Coalition for Change” did not attend the presentation of the Tbilisi 2025 budget by the Mayor of the capital, Kakha Kaladze, to the City Council. The coalition believes that “entering into a false discussion with Kakha Kaladze would be a betrayal of the passionate, patriotic Tbilisi population who are fighting every day.”

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The former MFO, whose owners announced the successful completion of 1-year negotiations to acquire a 16.8% stake in Gojo & Company, closes 2024 with a profit of more than 50 million.Gojo & Company, with a consolidated loan portfolio of JPY 123.7 billion, is a leading institutional investor (head office: Tokyo). MSME/microbusiness support In particular, in Asian and African countries, including Cambodia, Sri Lanka and Tajikistan from the region.The bank's credit portfolio has increased by 18.6% since the beginning of the year and exceeds 2.4 billion GEL (2023 – 2.024 billion). The market share is up to 4% (2023 – 3.76%).However, at the same time, the volume of problem loans has also increased, annually, by 10 million, to 24 million GEL (L/Y - 14 million), although it is within 1% of the total portfolio.The number of loans has increased by 16.5% and exceeds 566,000 (L/Y – 585,430).

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