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$50 Million Project by “Rekan Group” will be continued

by Business SupportInvestment Opportunities

“Rekan Group Georgia’s” construction project of a multifunctional complex in Adjara will be continued after long interruption.The government of Adjara decided to write off the company’s fines for failing to fulfil its liabilities. In return, the “Rekan Group” will renew its commitment to fulfilling all its liabilities and pay the equivalent of USD 1 million into the Adjaran government’s budget.

The complex is being built in the Kakhaberi settlement in Batumi. The company purchased the property for USD 3 million, and must repay that sum in instalments by the end of 2017. Construction shall include a hotel, apartments, commercial properties and a car park, to be completed within 51 months.

A total of USD 50 million will be invested in the project.

At present, the company has partially paid the property purchase price to the equivalent of USD 500 000 in local currency, and has begun construction. As of 25 August 2016, the company has accumulated fines totalling GEL 504 000 and USD 161 451.

The project has been delayed by legal disputes over the building plot. A court session is due to be held on 6 September, but the “Rekan Group” has stated that it wishes to continue with the project, and has already accumulated the funds for investment on an account at Ziraat Bank

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20 Winners of Start-Up Georgia are already known!

by Business SupportTechnological environment

Start-up Georgia, a Government-initiated competition to find the best new business ideas, has selected 20 winners who will each receive 100,000 GEL to bring their idea to life.

Business experts from Silicon Valley in the United States (US) and local representatives revealed the 20 finalists as the best of the best who had entered the competition.

All of the 20 finalists will receive 100,000 GEL to launch their innovative businesses in Georgia.

The competition attracted 726 applications of new business ideas. Of this 580 proposals were submitted as innovative ideas while 146 were regarded as high technology businesses.

Among the winners are: Bubblestack, Cnick, David OS, Edvex, Hand4help, Health Hub, Innophage, Laser Combat, Lingwing, LuckStock, OptioAIl, PawwwN, Production of Verm Protein, Qolga, QuickQash, Styx, Surgical OR Simulator, Triplay, VRex, WiseKettle

With the help of the experts from successful businesses in Silicon Valley, the best 51 business ideas were selected in the first stage of the competition and those behind these 51 ideas took part in a five-day training program led by the US Silicon Valley experts.

The Government established an initial fund of 11 million GEL (about $5 million/€4.19 million*) that will be shared between chosen business projects, however the amount of funds available is set to increase to 35 million GEL.

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GIG: HPP Mtkvari will be used for implementation of strategic projects

by Business MediaBusiness SupportLatest PostsNews
Tbilisi (GBC) – “Georgian Industrial Group” is among the new holders of LLC “Mtkvari Energy” .
 
According to the Group, affiliated international company has acquired company’s share, founded by “Mtkvari Energy” within the frame of Inventors’ Consortium.
 
The Group declares, that the purchased assets are planned to be used for maintenance the existing capacities, as well as for implementation of future strategic projects by Georgian Industrial Group jointly with Chinese partners.
 
The group acquired HPP “Mtkvari”, locating in Gardabni as an asset, which consists of two energy blocks: 9th and 10th , each installed capacity totals to 300 mgwt.
 
“InterRao” announced about the sale of hydro power plant on Thursday.
 
In addition, “InterRao” notes, that they do not plant to suspend works in Georgia, as the company has other assets, including 75%-share in “TELASI” and hydrogenation assets.
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LARGEST INVESTOR’S PUBLIC REPORT TO GOVERNMENT

by Business EnvironmentBusiness in TerritoriesBusiness MarketBusiness OffersBusiness SupportInvestment OpportunitiesLatest PostsNewsTechnological environment

Vice Prime Minister and Minister of Energy Kakha Kaladze, Vice Prime Minister and Minister of Economy and Sustainable Development Dimitri Kumsishvili, Minister of Regional Development and Infrastructure Nodar Javakjishvili, Minister of Finance Nodar Khaduri, and Minister of Environment and Natural Resources Giga Agulashvili attended a report by Adjaristsqali Georgia LLC (AGL), the country’s largest investor. The event was also attended by representatives of international finance institutions (IFC, EBRD, ADB,) and experts working in the energy sector.Wonder Woman 2017 film

This event was jointly organized by the Ministry of Energy and Adjaristsqali Georgia.

Speeches were delivered by the Vice Prime Minister and Minister of Energy Kakha Kaladze, Chairman of Advisor’s Board of Adjaristsqali Georgia Kyrre Olaf Johansen, and the company’s CEO Ronny Solberg.

AGL is implementing one of the largest infrastructure investments in Georgia, the Shuakhevi Hydro Power Plant (HPP) project. AGL is a joint venture between India’s Tata Power and Norway’s Clean Energy Invest (40 percent each), and IFC, a member of the World Bank Group (20 percent). AGL is investing a total of USD 416 million and employing 730 Georgian citizens on this project.

Source: Ministry Of Energy Of Georgia

Implementation of the European Convention on Human Rights in Georgia

by business climateBusiness EnvironmentBusiness SupportEconomic EnvironmentInternational EnvironmentLatest PostsLegal EnvironmentNews

An international conference will look at the impact that the European Court of Human Rights has on the life of ordinary citizens, discuss the execution of the European Court’s judgments in Council of Europe member States, including Georgia.

Moreover, it will highlight the role that national institutions in Georgia play in ensuring the effective enjoyment of the Convention rights in the country, preventing and rectifying violations, in line with the principles of subsidiarity and of shared responsibility underpinning the whole Convention system.

In particular, Georgian and international speakers will look at existing domestic remedies, the way draft legislation is assessed vis-à-vis their compatibility with European standards, and how the Convention is integrated in the training of legal professionals. The respective roles of state institutions and civil society will also be discussed.

The Conference in Tbilisi will involve the Ministry of Justice and the judiciary, training institutions, civil society, as well as international experts. Mr Philippe Boillat, Director General of Human Rights and Rule of Law (DG1) will participate in the Conference on behalf of the Council of Europe.

The conference organised under the joint programme between the European Union and the Council of Europe “Application of the European Convention on Human Rights and harmonisation of national legislation and judicial practice in Georgia in line with European standards” is to take place in Tbilisi.

Source: pjp-eu.coe.int