Diplomatic Economic Club^{® Since 1997}

Members of Diplomatic Economic Club on January 18 participated in a meeting with Ambassador of Georgia in Latvia Teimuraz Janjalia, who held a presentation on questions of commercial activity, investment environment and opportunities in Georgia „Doing business with Georgia“.

The Ambassador of Georgia Teimuraz Janjalia and assistant for Economic Affairs of the Embassy of Konstantin Ionatamishvili told the guests about the current development and economic environment in the country.
The Ambassador of Georgia answered the questions of participants.

The meeting was attended by club members, diplomats, entrepreneurs

Vice-President of the Club Oleg Butenko thanked the Ambassador for the useful information presentation and wished success and strengthening of business cooperation between entrepreneurs of the two countries.

In the photo:
The Ambassador of Georgia Teimuraz Janjalia, attaché for economic Affairs Konstantin Ionatamishvili, Deputy Director «Novikontas Marine College» Dmitry Semenov, the Director of the «Unimars Holding» Oleg Butenko, the adviser to the Latvian Chamber of Commerce and Industry, the Ambassador, Martins Perts

Olga Pavuk

« Georgia’s population is 3.7 million. GDP – 13.9 billion dollars, the growth in 2016 is 2.7% and the forecast for 2017 is 4.5%. GDP per capita is 3743 dollars. In the structure of GDP, the share of industry is 16.5%, trade of 16.6% transport and communication 10%, construction 8%.
The budget of the country is at 9.5 billion. Inflation is 4%. The unemployment rate is 12.4%, with 50% of the unemployed are young people aged 20 to 34 years.
Foreign direct investment (FDI) in the capital of enterprises are 1.35 billion. 44% of FDI is invested in transport and communications, 14% in finance sector, 9% in construction, 7% in energy and manufacturing.
Foreign trade turnover of Georgia amounts to 9.9 billion. 35% is export of wine and alcohol.
The average salary in 2015 reached $ 400. Creates a new pension system, based on the experience of Western Europe and the United States.

Latvia – Georgia
The trade turnover between Latvia and Georgia amounted to in 2015, $ 26.2 million, including exports of 6.3 million, the import of 19.9 million dollars. For the first three quarters of 2016, the turnover between the countries reached 25.2 million dollars, the export 4.1 million, imports of 20.1 million dollars. The main product of export in Latvia and Georgian wines.
Most of Latvia investors to invest in Georgia in real estate (65,7%) and financial sector (24.1 per cent).

Georgian tax system is modified. In the country, will be charged 6 tax types. The income tax rate is 20%, social tax currently does not exist (previously 33%). The Ambassador explained that it entered into income tax. Income tax of 15%, VAT 18%. The tax on dividends is 5%. Customs tax 0%, 5%, 12%.»