BSEF 2013 invest Giorgi_Pertaia

458 views

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
458
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
6
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • I
  • გაუგებარიაო
  • ???
  • რუქებიო 
  • კონტექსტიდან ამოვარდნილი ფერებიაო
  • BSEF 2013 invest Giorgi_Pertaia

    1. 1. Investment Climate & Opportunities in Georgia Georgian National Investment Agency (GNIA) 2013
    2. 2. Advantages of Investment Climate in Georgia  Efficient, pro-business and corruption-free government  Enlargement of market size by FTAs  Entry gate in the region  Competitive cost of labor and energy  Solid sovereign balance sheet  Stable banking sector  Very low crime-rate BB- Stable www.investingeorgia.org BB- Stable Ba3 Stable 2
    3. 3. Doing Business in Georgia Country's impressive progress in improving business climate has been well documented in a number of international indices. Ease of Doing Business Singapore United States Index Of Economic Freedom Hong Kong 1 United States 4 United Kingdom GEORGIA Up from 112 in 2005 7 United Kingdom 9 Germany 1 10 14 Germany 19 GEORGIA 20 21 Armenia 32 Armenia France 34 France Kazakhstan Azerbaijan Turkey China Russia 38 62 Kazakhstan 67 68 Turkey 49 69 Azerbaijan 71 88 China 112 Source: World Bank, 2013 (Rank out of 183 countries) 137 136 Russia 91 Ukraine www.investingeorgia.org Up from 99 in 2005 139 Ukraine 161 Source: The Heritage Foundation, 2013 (Rank out of 183 countries) 3
    4. 4. Corruption Free Country Georgia is considered as essentially a corruption-free investment destination where rule of law have been given the right way. Global Corruption Barometer % of survyed who assess their current government's action as effective in the fight against corruption Denmark Norway 3% Canada 11% 3% Korea (South) 54% 3% GEORGIA UK % of survyed who claim that the level of corruption has decreased in the past two years Percentage of users paying a bribe in the past 12 months 1% 4% 5% United States 70% 7% Switzerland 7% Romania 18% Armenia Turkey Georgia World Ukraine 17% 18% 21% 37% Source: Transparency International 2013 (GLOBAL CORRUPTION BAROMETER) www.investingeorgia.org 4
    5. 5. Economic Structure and Trends Rapidly growing GDP per capita GDP: Strong rebound after a relatively small contraction in 2009 Nominal GDP (US$bln) 16% 12.3% 9.6% 6.3% 12.8 10.2 6.4 3,231 12% 9.4% 5.9% 5.1 4,000 7.8 10.8 11.6 14.4 15.8 7.2% 6.1% 2.3% 4% -4% 2,000 2005 2006 2007 2008 2009 2010 2011 1,484 1,188 0 2012 2004 2005 2006 2007 2008 2009 Health and social work 6% Education 5% Total Public Debt to Nominal GDP (%) Financial intermediation 3% Transport and Communication 11% www.investingeorgia.org Hotels and restaurants 2% Trade 17% 2012 External Public Debt to Nominal GDP (%) 80% 63.2% 60% 40% Construction 7% 2011 Favorable public debt situation 50.5% 41.0% 42.4% 40.0% Public administration 11% 2010 Source: Geostat, MOF Broad-based and diversified nominal GDP structure in 2012 Agriculture, forestr y and fishing 8% Industry 17% 2,623 1,764 Source: Geostat, MOF Other sectors 13% 3519 1,000 -8% 2004 2,455 2,315 8% 0% -3.8% 2,921 3,000 US$ 20 18 16 14 12 10 8 6 4 2 0 GDP per capita Real GDP growth, y-o-y (%) 32.0% 44.9% 25.5% 31.2% 34.5% 20% 26.8% 21.1% 16.8% 23.5% 36.5% 34.9% 31.7% 33.6% 28.8% 27.6% 0% 2003 Source: Geostat, MOF 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: Geostat, MOF 5
    6. 6. Liberal Trade Regimes Opportunity/Market Size • Very simple and service oriented customs policy and administration – customs clearance in 15 minutes • ~90% of goods free from import tariffs • No quantitative restrictions Preferential Trade Regimes: • FTA with Turkey and CIS countries • DCFTA (Deep and Comprehensive Free Trade Agreement ) with EU - negotiations concluded • GSP+ with EU - 7200 products to the EU market duty free or with lower tariffs • GSP agreement with USA, Norway, Switzerland, Canada, Japan • Member of WTO Import Tax-Free access to the 0,9 billion market provided by FTAs and DCFTA www.investingeorgia.org 6
    7. 7. Taxation - simple, low, efficient and fair Before Number of Taxes Current Change year  No payroll tax or social insurance tax  No capital gains tax 21 6 2005-2007 VAT 20% 18% 2005 Personal Income Tax 1220% 20% Social Tax 33% - Corporate Profit Tax 20% 15% 2004 - 2009  Personal income tax for interest, dividend, royalty – 5%  Foreign-source income of individuals fully exempted  Accelerated depreciation on capital assets 2008 Customs/ import Tax 0%, 5% or 12% Excise Tax Depends on goods Property Tax Up to 1% www.investingeorgia.org  No wealth tax and inheritance tax  Loss carry forward for corporate profit tax purposes (10 years)  No restrictions on currency convertibility or repatriation of capital & profit  Double taxation avoidance treaties with 44 countries 7
    8. 8. Leader in Forbes rating (Tax Misery & Reform Index) According to the latest Tax Misery & Reform Index, released by Forbes Business & Financial News, Georgia is the fourth least tax burden country after Qatar, UAE and Hong Kong www.investingeorgia.org 8
    9. 9. Labor Availability • Unemployment rate – 15% • Young labor – 50% -of unemployed population are aged between 20-34 • Average monthly salary in 2012 – 450 USD • Flexible Labor Code • According to Heritage Foundation, Labor Freedom Index in Georgia is 91.1 out of 100 score • All ILO core conventions are ratified by Georgia • Vocational Education Training Centers around Georgia provide professional courses in different types of practical subjects and most of the course’s fees are financed by the Government of Georgia. www.investingeorgia.org 9
    10. 10. Foreign Direct Investment • Georgia has Bilateral Investment Treaties (BIT’s) with the 32 countries (negotiations launched with 24 countries) and is member of ICSID Convention (since 1992). FDI Breakdown by sectors 2012 Other sectors, 25% FDI by years Energy sector, 20% FDI FDI as % of Nominal GDP 2500 25.0% 19.8% Agriculture, fishing, 2% 2000 20.0% 15.3% 1500 1000 Transports and communicat ions, 8% 8.5% 9.7% 1190 500 340 www.investingeorgia.org 2015 7.0% Manufacturi ng, 18% Real estate and construction , 9% 15.0% 12.2% 499 450 1564 6.1% 7.0% 658 814 7.7% 10.0% 5.8% 1117 912 0 Financial sector, 18% 5.0% 0.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 10
    11. 11. Investment Opportunities in Georgia HYDRO POWER HUB TOURISM MANUFACTURING AGRICULTURE REGIONAL LOGISTICS CORRIDOR REGIONAL SERVICES HUB www.investingeorgia.org 11
    12. 12. Hydro Power Hub Significant Hydro Power Potential  Installed capacity of > 2,700 MW  Additional potential > 4,500 MW • Generation cost among the lowest in the region, ~50% lower than target market Turkey Export Capacity • The only net electricity exporter in the region, with rapidly growing consumption rates • Construction of new 400 kV power transmission line from Georgia to Turkey was completed in 2013 Opportunities • Several large scale projects (> 100 MW) • ~ 70 small/medium projects (< 100 MW) www.investingeorgia.org 12
    13. 13. Hydro Power Sector Overview • Domestic: Demand growth and increasing share of renewables requires an Strong demand growth prospects Importance of the sector low in terms of GDP and employment Power sector with strong focus on cost competitive HPP Large projects have been placed and pipeline is filled www.investingeorgia.org • extension of hydropower generation by around 65% until 2020 Export: Georgia is surrounded by countries with a projected structural power deficit (e.g. Turkey, Russia South) or expensive power generation, opening up attractive export opportunities • Power generation accounts for 3% of GDP and ~ 1% of employment but is of • high strategic importance to Georgia ~ 10% of power production are exported, but Georgia still needs to import power during winter • Georgia boosts significant and economically viable HPP potential – already today • • 75% of power generated via HPP (2,700 MW) – 25% via thermal (mainly gas) All new HPPs operate in a liberalized market Cost of hydropower generation is very competitive in the region • FDI inflows amounted to USD 180 million in 2012 and are growing • 65% of economically viable potential not yet exploited • Projects of up to USD 750 million have been concessioned to investors from • e.g. India, Turkey, Czech Republic and other counties. Pipeline well filled with several large scale projects (100-702 MW) as well as ~70 smaller projects 13
    14. 14. Georgia surrounded by countries with a structural power deficit or expensive power generation Structural deficit by 2020 2020 Ad hoc deficits projected No deficit, but current tariffs > Georgia's generation cost No deficit, but subsidized tariffs Ukraine Kazakhstan • South Russia Romania Bulgaria Uzbekistan Georgia • Azerbaijan Greece Armenia Turkey Turkmenistan • Lebanon Iraq Israel Iran Turkey expected to have deficit of up to 80-120 TWh by 2020, with seasonality of its demand matching Georgia's supply Russia’s Southern districts will also experience a structural deficit of up to 40 TWh by 20201 In other markets, Georgia’s hydropower is very costcompetitive compared to local tariffs2 1 Assuming current consumption and supply pattern 2 This does not even include countries with heavily subsidized electricity generation (e.g. Azerbaijan, Kazakhstan) www.investingeorgia.org 14
    15. 15. Hydropower pipeline boosts several new megaprojects above 100 MW capacity Potential Hydropower Projects Installed Capacity (MW) Forecast Invest. Volume (USD millions) Namakhvani Cascade 450 926 Khaishi HPP 400 620 Oni Cascade 270 599 Nenskra HPP 210 491 Tobari HPP 200 310 Fari HPP 180 297 Lentekhi HPP 120 Ready to invest? 189  Additional potential of about 70 small/medium projects (<100 MW capacity) www.investingeorgia.org 15
    16. 16. Tourism Fast growing sector • Tourism contributed 6.4% of GDP in 2012 • Number of visitors increased by 38% reaching • • • 2.8 million in 2011 and by 56% in 2012 reaching 4.4 million. Georgia had 26% more tourists so far in 2013 Majority of visitors come from: Turkey (34.9%), Azerbaijan (21.2%), Armenia (20.5%), Russia (11.6%), Europe (9.4%). Tourist number from Europe in the first six months of 2013 increased by 30 %. Average duration of stay - 5 nights, average spend - USD 650 Already operating international hotels - Sheraton, Radisson, Marriot, Holliday Inn, (under construction Kempinski, Hilton, Rixos) etc. Potential • Youth Olympics in 2015 • Free tourism zones – summer resorts • Availability of gambling business – gaming is partially or completely banned in Russia, Ukraine, Azerbaijan, • • Kazakhstan, Turkey, Israel 8 national parks 2400 springs of mineral waters www.investingeorgia.org 16
    17. 17. Georgia is expecting significant growth trajectory in tourist arrivals Number of international visitors has been growing rapidly 5.5 +56% p.a. 4.4 +38% p.a. +29% p.a. 0.6 2005 1 2006 www.investingeorgia.org 2.8 2.0 1.1 1.3 2007 2008 2009 2.8 1.5 2010 2011 2012 2013 7 months 17
    18. 18. More international luxury hotel chains are coming to the market… Existing Hotels Hotelier’s assessment of performance “We have seen 7-8% more guests in our hotels every year. Business and leisure travelers are our two biggest client group and they come from all over the world. Best occupancy period is summer from May to September” Upcoming international hotel brands before 2015 Batumi – Alexander Kvaratskhelia Marketing Manager “ We are very optimistic as demand has been increasing rapidly. Hotel occupancy hovers around 85%. Our guests come from all around the world representing various sectors including business, sportspersons and tourists” – Oto Berishvili Sales & Marketing Manager “We have seen significant increases in occupancy rate and financials since 2010. This year [2012] high season has seen a very promising start. We have advance reservations booked for almost the whole summer” – Omer Subasi General Manager Tbilisi Batumi Tbilisi Batumi Tbilisi Likani www.investingeorgia.org 18
    19. 19. Investment opportunities in tourism sector “Sun-beach” resorts 1 Expansion of summer ”sun and beach” franchise focusing on highend segment Description All inclusive summer resorts New master resort development Potential location  Batumi  Anaklia  Kobuleti  Other Black Sea locations www.investingeorgia.org Winter ski resorts 2 Master development of winter resorts with unique profile equivalent to the Alps Government is fully committed to provision of basic infrastructure  Mestia  Gudauri  Bakuriani  Goderdzi Summer mountains resorts Spa Resorts 4 3 Four season resort value preposition Development of Spa Resorts Majestic landscapes allow for a wide range of tourism activities such as camping, climbing, raf ting, fishing, hunting etc. Include hotels, different types of clinics, fitness, outd oor activities Gambling 5 Development of large-scale integrated casino complex to Serve regional markets. Include hotels, casino entertainment, family Services and shopping Fiscal incentives available  Mestia  Gudauri  Bakuriani  Goderdzi  Kazbegi  Other locations  Tskhaltubo  Akhtala  Other locations  Batumi  Tbilisi  Other locations 19
    20. 20. Manufacturing Sector Overview: • Georgia`s natural advantage as a gateway between the Europe and Asia provides many benefits to investors in manufacturing sector. Specifically, Georgia offers competitive labor and energy costs, logistics network and business friendly environment for serving the region, as well as many raw materials. • Average monthly nominal salary in the manufacturing sector is 400 USD. Furthermore, salaries can be expected to remain competitively low given the high level of unemployment in Georgia. • Manufacturing account for around 11% of GDP and ~ 5% of employment • 2 Free Industrial Zones - In FIZ, businesses are exempted from all tax charges except Personal Income Tax Russia Mestia Kulevi Black Sea FIZ FIZ Poti Kutaisi Tbilisi Batumi Turkey MRN Railway Azerbaijan Armenia Opportunities: • Large import overhang of goods that are not usually traded extensively between the countries provides regional import substitution potential in food processing, construction materials, household goods etc • Georgia’s current advantages in terms of handling large transshipment flows, business stability, low cost of power generation and existing raw materials/intermediate products provide opportunities for large industrial bets, like production of iron and steel products, aluminum etc www.investingeorgia.org 20
    21. 21. Several highly attractive import substitution opportunities • Preparations of fruits and vegetables Food processing Plastics ConstructionBuilding materials • • oils, juices, jams, pickles, pasta, sauces etc. Dairy - milk, cheese, butter, yogurt Meat - poultry, beef, pork • Packaging materials • Tubes, pipes and hoses • Other articles of plastics • Articles of stone, plaster, cement, asbestos, concrete • • and similar materials Articles of iron and steel - structures, tubes, pipes etc. Articles of wood - plywood and laminated wood ConstructionFinishing elements • Ceramic products - tiles, sanitary ware • Glass - windows and glassware • Furniture Chemicals • Cleaning materials • Coloring materials www.investingeorgia.org 21
    22. 22. Opportunities arising from Georgia’s trans-shipment flows and resources Opportunity Aluminium industry Current advantages to be leveraged Potential for Georgia • Large transshipment flows of raw • Value chain integration • Iron and steel production • Georgia mines Manganese ore • Georgia produces ferro alloys, largely for export • Copper (USD ~260 mln) Large imports of iron and steel products to Georgia (USD ~320 mln) and neighboring countries • Georgia and Armenia export copper • Polymers & other plastics materials/input (Bauxite) and aluminium cross Georgia to/from Tajikistan (largest aluminium plant in Central Asia) A lot of water recourses and large hydropower plants in the pipeline • • www.investingeorgia.org – Production of aluminium – Production of aluminium products (fabricated or end products) • Vertical integration of value chain • • Production of copper alloys and ores, copper waste and scrap Import overhang of copper products (alloys and final products e.g. wire, tubes, pipes) amounts to USD ~200 mln in the region Import overhang of plastic products amounts to 250 mln in Georgia and 8 bln in the region Georgia transships large flows of petroleum products by adding production of iron and steel and related end products Regional import substitution end products (regional import substitution) • Plastics and petrochemicals production (regional import substitution for plastics/rubber) 22
    23. 23. Agriculture • Over 21 micro-climates - a wide range of grain, vegetables, hard and soft fruits, meat and dairy could be produced • Agriculture accounts for 8.4% of GDP. It contributes ~53% of employment mostly in subsistence farming (average farm size of 1.55 ha) • Traditionally Georgia has strengths in wine, nuts, fruits which account for more than 60% of agriculture exports Opportunities: • Import substitution opportunities - meat, dairy products, vegetables, fruits, etc • Export opportunities wine, walnuts, hazelnuts, citruses, fruits, sheep meat, etc • Productivity gain opportunities – tomatoes, apples, cucumbers, potatoes, stone fruits, citrus etc www.investingeorgia.org 23
    24. 24. 14 potential priorities crops/livestock to focus development efforts High potential projects Georgia’s competitiveness Distinctive varieties and growing conditions, traditional strong industry, access to CIS market, large base of experienced and low-cost labor in the sector • Top 5 global exporters of nuts, ideal growing conditions, commitment from Ferrero Lamb (husbandry and meat production) • Well-reputed for lamb quality, significant export potentials to Middle Eastern markets Tomato (cultivation and canned) • Import overhang, low investment needed in greenhouse and irrigation, quicker to realize quality and yield improvements Cucumber (cultivation and canned) • Low investment needed in greenhouse and irrigation, quicker to realize quality and yield improvements • Low investment needed, quicker to realize quality and yield improvements • Ideal growing conditions, multiple investors already establishing fruit, processing operation, large base of experienced and low-cost labor • Ideal growing conditions, multiple investors already establishing fruit, processing operation, large base of experienced and low-cost labor • Import overhang, sizeable and fast growing domestic demand, good natural conditions for rearing Beef/dairy (milk and cattle meat production) • Big import overhang, sizeable and fast growing domestic demand, good natural conditions for rearing Poultry (chicken meat and egg production) • Big import overhang, sizeable and fast growing domestic demand, commercial farms with intensive operations already in place Apple (cultivation and canned) • Ideal growing conditions, multiple investors already establishing fruit, processing operation, large base of experienced and low-cost labor Olive oil (cultivation and processing) • Large demand for oil-related products, good growing condition, access to CIS markets Tobacco (plantation and processing) Export-led • • Sizable demand for tobacco and tobacco-related products, well-reputed for tobacco quality Grapes (cultivation and winemaking) Nuts (cultivation and processing) Onion (cultivation) Domestic Stone fruits (cultivation and juices) Citrus (cultivation and juices) Pork (meat production) www.investingeorgia.org 24
    25. 25. Regional competitiveness and potentials map Crop potentials by region Based on regional specialization (natural endowments, cu ltivation history), product ivity and seasonality www.investingeorgia.org 25
    26. 26. Regional Logistics Corridor Trans-Caucasian route • Strategic location: Georgia serves as an entry gate to the Caucasus and Central Asia as well as a stepping stone to the region • Around 80% of port cargo and 60% of freight rail are transits • Great potential of better integration and development of the Region Transport Infrastructure • Rapidly developing road infrastructure • Ports are cost-competitive vs. alternative routes • FDI inflows in the logistics sector have primarily targeted transport infrastructure Opportunities • Deep-sea port (PanaMax) • Containerization and logistical centers • Direct connection with European and Central Asian railway networks (BTK project) www.investingeorgia.org 26
    27. 27. Georgia is in a highly strategic location for transshipment Russia China www.investingeorgia.org 27
    28. 28. Transport Network in Georgia Poti seaport • 13 berths, 8-10m draft • Container and bulk (210k TEU) • APM terminals • New ICT Batumi seaport • 5 berths, 1 offshore, 11m draft • 90% petroleum/oil, 10% containers (44k TEU) • JSC KazTransOil Kuhlevi oil terminal • Crude oil, petroleum, and lubricants • State Oil Company of Azerbaijan Supsa oil terminal • Crude oil, petroleum, and lubricants Deep-sea port • 20m draft (PanaMax) • First phase: Dry bulk (10m tons) and containers (200k TEU) • USD 2 bln investment volume www.investingeorgia.org Main Road Network: • 1 500 km international roads (20 000 km all roads) • 100 km new Highway constructed Tbilisi international airport • ~1 million passengers /capacity: 3 million passengers • Serving 28 destinations Batumi international airport • 100,000 passengers Kutaisi international airport • Passenger, incl. low-cost airlines Mestia national airport Russia Mestia Deep Seaport Kulevi Kutaisi Poti Supsa Tbilisi Batumi Turkey Armenia Azerbaijan Railway: • Infrastructure: 1 500 km (mostly electrified); modernization in progress • Rolling Stock: existing ~7 000; planned ~2 500 • Baku-Tbilisi-Kars: link between EU & Caucasus railway networks Oil/Gas Pipelines • Baku-Supsa • Baku-Ceyhan 28
    29. 29. Cargo Turnover Transit flows through the Corridor (million tons per year) Approximately 80% are transit flows (2012) Europe+Turkey Sender - 2.6 Destination - 4.1 Total - 6.7 www.investingeorgia.org Central Asia Kazakhstan Uzbekistan Tajikistan Kirgizstan Turkmenistan Caucasus: Azerbaijan Armenia Central Asia+Caucasus Sender - 9.6 Destination - 4.7 Total - 14.3 29
    30. 30. Georgia serves as the entry gate to a landlocked region boosting significant resource reserves Oil 3% USD 100 bn Gas 14% USD 9 bn Coal 5% USD 28 bn ~126 million tons Addressable cargo flows from landlocked countries For comparison: region represents only ~1.6% of global population Iron ore 2% USD 4 bn www.investingeorgia.org Zinc 5% USD 1 bn Copper 3% USD 3 bn Other (bauxite, gold, ni ckel, PGMs) 30
    31. 31. Regional Services Hub    Leading ranks among regional economies in terms of value added and trade Services have major share of FDI inflow of ~45% in 2012 (USD ~380 million) • Financial services have grown at 19% p.a. since 2009 and is the leading service sub-sector for FDI attraction with 18% of total inflows in 2012 • Consultancy services attracted 4.3% of total FDI inflows in 2012 • Wholesale/retail trade accounts for 15% of GDP in 2012, • FDI inflows in healthcare/social work have grown at 146% p.a. since 2007, and accounts 2.6% of FDI in 2012 Opportunity to capitalize: • IT/BPO services • Regional headquarters • Retail hub as the destination-of-choice for shopping www.investingeorgia.org 31
    32. 32. Investment Funds PARTNERSHIP FUND • Established in 2011 • Equity of the Fund: USD 1.4. bn ; 100% state owned • Operating fields: Energy; Real Estate & Infrastructure; Manufacturing, Agribusiness • Provides equity and mezzanine (& senior financing in exceptional cases.) financing • Fitch ranking - BBU (Outlook Stable) in 2012 GEORGIAN CO-INVESTMENT FUND • Established in 2013 • Equity of the Fund: USD ~7 bn • Invests in business projects of total cost: USD ~ 20 mln • Operating fields: Energy; Logistics; Tourism & Real Estate; Manufacturing, Agribusiness • GCF Role in Project: 7+2 Formula: 7 years Investing/Development 2 years Exit RURAL & AGRICULTURAL DEVELOPMENT FUND • Established in 2013 as Npo. • Goal: to assist to rural and agricultural development in Georgia • Operating fields: Agribusiness • Provision of co-funding to profit-oriented agricultural projects Successful Cooperation with International Financial Institutions www.investingeorgia.org 32
    33. 33. GEORGIAN NATIONAL INVESTMENT AGENCY • STATE AGENCY – Promoting Georgia internationally Investors – Supporting foreign investments and investors before, during & after investment process • “One-stop-shop” for investors Local Companies GNIA Government • Moderator between Investors, Government and Local Companies Mission - Attracting Greenfield and M&A Investments www.investingeorgia.org 33
    34. 34. WHAT YOU CAN GET FROM GNIA • INFORMATION - General data, statistics, sector researches • COMMUNICATION - Access to Government at all levels/Local partners • Organization of site visits & Accompanying investors • AFTER CARE - Legal advising & Supporting services www.investingeorgia.org 34
    35. 35. www.investingeorgia.org GEORGIAN NATIONAL INVESTMENT AGENCY 8, Rustaveli avenue, 0118 Tbilisi, Georgia Tel: (+995 32) 2 281 196 E-mail: enquiry@investingeorgia.org 35

    ×