Georgia’s wine, spirits exports reached “record” high

The deposit portfolio decreased by 100 million GEL to 1.476 billion GEL (2023 – 1.575 billion, -6.3%Y.Y).More than 1/2 of Cartu's deposit portfolio is current accounts, of which more than 80% is in foreign currency. Term deposits also have a high dollarization rate (80%).Cartu Bank serves more legal entities than individuals, although the share of companies in deposits has decreased. It reached 900 million GEL a year ago and has decreased to 750 million GEL. As of 01.01.2025, deposits of legal entities have increased to 800 million GEL (2023 - 675 million).

1737369668

The digital bank has violated client identification/verification requirements with 3 companies, as well as in the part of document verification, which is required by the Financial Monitoring Service.The NBG President's Order No. 48/04 on the implementation of preventive measures against clients electronically has been ignored (the client's electronic identification/verification condition has been violated).The details of the transaction, information about the parties, and the client's risk level have not been properly studied. The client identification procedure has been violated.There is an additional violation in relation to 2 clients, regarding improper implementation of enhanced preventive measures. The origin of property and funds has not been studied during monitoring of business relations.In the case of the first client, the requirements of the National Bank of Georgia for assessing the risk of legalization of illegal income and financing of terrorism were violated.In the case of the 2nd client, who falls into the high risk category, is not accompanied by additional permission from the management. The law requires permission to establish or continue a business relationship (Article 18 d).

1737368950

“We have a very important and ambitious task in the direction of university reform. We are creating a government commission that will work on university reform. In a 4-year perspective, we must qualitatively transform the university system of higher education in our country. Today, as you know, the quality of higher education in our country is not satisfactory.The resources in this direction are very large. We must maximize all resources so that, in 4 years, we can get a qualitatively updated system. It is quite possible that, in 4 years, a Georgian student in Georgia will receive exactly the same quality of higher education as he receives in European countries. A plan must be drawn up for this, and a government commission will work on this. The deputy head of the governmental commission will be the Minister of Education, Aleksandre Tsuladze.The secretary of this commission will be Levan Izoria, who is the Advisor to the Prime Minister on Education and Science. We should not waste a single day or week. We will need intensive work in order to achieve the set goal in 4 years,” Irakli Kobakhidze said at the government meeting.

1737368651

As of the document, in 2024 the share of the top ten trading partners by domestic exports in the total domestic exports of Georgia amounted to 72.9 percent. The top partners were Russia (USD 653.4 million), Türkiye (USD 402.5 million) and China (USD 273.4 million).In 2024 ferro-alloys reclaimed the first place in the list of top export items, equaling USD 321.9 million, or 10.7 percent of total exports. The exports of wine of fresh grapes totaled USD 274.7 million and their share in the total exports amounted to 9.1 percent. The exports of spirituous beverages, occupied the third place, standing at USD 250.2 million and constituting 8.3 percent of the total exports.

1737368504

According to the document, the exports equaled 6 560.4 million (7.8 percent higher), while the imports stood at USD 16 874.9 million (8.1 percent higher).The negative trade balance was USD 10 314.5 million in 2024 and its share in external trade turnover constituted 44%.

1737368243

The Georgian Government Administration said Kobakhidze thanked the Azerbaijani Government for hosting the Georgian delegation, underscoring the significance of the meeting in further strengthening bilateral relations.“Georgia and Azerbaijan firmly support each other’s sovereignty and territorial integrity [...] In today’s rapidly changing and complex geopolitical landscape, the importance of peace and stability has become even more crucial for regional development and sustainable prosperity. I believe through our united efforts, we can not only overcome challenges but also seize existing opportunities for more effective cooperation”, Kobakhidze said.During the session, he introduced a tripartite cooperation initiative aiming to include all three South Caucasus countries - Armenia, Azerbaijan and Georgia - in various sectors, stressing the importance of energy and transport route functionality and regional security.The Prime Minister noted Azerbaijan had been among Georgia’s top five trade partners in recent years, asserting its status as “one of the most important strategic partners”.“We are collaboratively implementing several significant regional projects, including the Baku-Tbilisi-Ceyhan pipeline, the Baku–Tbilisi–Erzurum gas pipeline, the Baku-Tbilisi-Kars railway, the Southern Gas Corridor, the Middle Corridor project, and the Black Sea submarine cable project. It is essential to focus our efforts on ensuring and promoting energy security and independence”, he said.Asadov congratulated Kobakhidze on his re-election following the recent parliamentary elections in Georgia. He noted 2024 was a “significant year” for both countries, marking the first presidential and parliamentary elections held on Azerbaijani sovereign territory.“Presidential and parliamentary elections were held in Georgia as well. The results of these elections in both countries reflect the will of the Azerbaijani and Georgian peoples. I am confident that our governments will continue to work together constructively, contributing to the development and prosperity of our nations”, he said.“Strengthening relations with Georgia is one of the priorities in Azerbaijan’s foreign policy. Recently, our strategic partnership has reached a new level of cooperation that encompasses all important areas. We consistently support each other during challenging times. I would like to highlight our mutual backing regarding territorial integrity. Our economic and trade collaboration is always important. Georgia is one of the most important trading partners of Azerbaijan”, Asadov added.

1737116073

Telasi says that the projects were focused on improving the quality and reliability of Tbilisi's electricity supply.Within the framework of the investment program, work was carried out to reconstruct and modernize the main equipment of high and low-voltage substations and cable power transmission lines 110/35/10/6/04 network. Preparatory work for the SCADA system implementation and the construction of the new substation “Krtsanisi” is underway.Reconstruction and modernization of the main equipment were carried out at the substations “Makhata”, “Sanapiro”, “Dighomi-2”, “Airport”, “Navtlughi-2”, “Saburtalo-1”. Power transformers T1 and T2 were replaced at the substation “Dighomi-2”. Complete reconstruction and modernization of four central distribution points was completed: TsGP-0417, TsGP-0080, TsGP-5060 and TsGP-3614. Reconstruction and modernization works were also carried out on the 35-kV power transmission lines “Lilo-1-2”, the 110-kV power transmission lines “Dighomi-102”, “Dighomi-103” and cable power transmission lines with a total length of 136 km.In 2024, Telasi distributed 3.757 billion kWh of electricity, which is 8.5% (293 million kWh) more than the volume of electricity distributed in 2023. The company attributes this increase to the increase in economic activity in the country and the number of new subscribers.The number of subscribers of JSC Telasi at the end of last year increased by 4% (29.8 thousand subscribers) y.y and amounted to 780.7 thousand subscribers, of which 699.1 thousand are individuals, and 81.6 thousand are legal entities.According to 2024 data, the total length of the company's power transmission lines amounted to 7,153 km, which is 4.4% (299 km) more than the figure for 2023 (6,854 km). The total length of the company's power transmission lines increased as a result of network development, reconstruction and modernization works.

1737115859

Kobakhidze was met by Vice Prime Minister of the Republic of Azerbaijan Samir Sharifov at the Heydar Aliyev International Airport in Baku.Within the framework of the visit, Irakli Kobakhidze will hold face-to-face meetings with President of the Republic of Azerbaijan Ilham Aliyev and Prime Minister Ali Asadov.In addition, the 10th session of the Intergovernmental Commission for Economic Cooperation between Georgia and Azerbaijan will be held.Kobakhidze visited the Azerbaijani capital with a delegation, which includes Levan Davitashvili, the First Vice Prime Minister and Minister of Economy and Sustainable Development appointed by the Georgian Dream party; Maka Bochorishvili, the Minister of Foreign Affairs appointed by the "Dream" government; Davit Songulashvili, the Minister of Environment and Agriculture appointed by the "Georgian Dream", Tinatin Rukhadze, the Minister of Culture, and Levan Zhorzholiani, the Head of the "Dream" government's Administration.Earlier, on January 15, the media reported that Irakli Kobakhidze's official visit to the United Arab Emirates had been canceled. The visit was postponed by the host country.Kobakhidze's administration has not confirmed the cancellation of the visit, saying that the visit is at the end of the month and its date will be announced later.In addition, Georgia will not participate in the Davos World Economic Forum and the Munich Security Conference in 2025, as he has not been invited.“Kobakhidze has not received an invitation to any of the events so far,” the administration of the “Dream” government states.The Davos World Economic Forum is being held in Davos, Switzerland, on January 20-24. 60 heads of state and 130 countries are participating in it.The Munich Security Conference is scheduled for February 14-16 this year.

1737115667