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Issue #614

25.05.12 - 31.05.12

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Commerzbank opens representative Office in Tbilisi

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Author:  By Ia Natsvlishvili

A high ranking delegation from the Commerzbank AG main office, headed by Christof Gabriel Maetze, a member of the Executive Management  Board and Global Head of Financial Institutions, toured Georgia on May 21- 22.

The delegation attended the official opening of the Representative Office of Commerzbank at the Metekhi Sheraton Palace Hotel, on May 22. In addition, they met with officials from Georgia’s political and economic ranks.

Apart from Maetze, the delegation also included Per Fischer, the Senior Managing Director and Head of Financial Institutions CEE/Turkey, Russia/Belarus, CIS, Baltics and Mongolia; Axel Bommersheim, Managing Director and Senior Relationship manager for Ukraine, Caucasus, Central Asia and Mongolia; Dirk Schulze, the Managing Director and Head of Financial Institutions Group Risk; Lusine Terjan - Relationship Manager CIS Baltics and Marco Graff, Director and Senior Representative.

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Georgian Industrial Parade on Rustaveli Avenue

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More than 250 local companies will present their products on Rustaveli Avenue on May 26 at an event entitled Georgian Industrial Parade - Made in Georgia. The event will be dedicated to Georgia’s Independence Day.

The goal of the event is to popularize the Georgia’s local production and its export which will help to strengthen the Georgian economy, create additional jobs and diversify local production. Construction materials, computer equipment, textiles, alcoholic and non-alcoholic beverages, tea and various other goods will be presented.

The Tbilisi Municipality is organizing this industrial parade in the capital.

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TBC Bank was Awarded for Exceptional Quality Service in Georgia

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Author:  By Ia Natsvlishvili

Deutsche Bank presented TBC Bank with the 2011 STP Excellence Award for the exceptional quality service in Georgia for both Euro and US Dollar transactions.

This is a certificate of special importance for TBC Bank as we were honored to receive this award for the high quality of transfers in both currencies – Euro, as well as the US Dollar. For the latter, TBC Bank receives the award for the sixth time from Deutsche Bank. Our consistent performance indicates that TBC Bank retains a leading position on the Georgian banking market both in terms of the high quality of our service and the total number of transactions.

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Tbilisi to host the 4th ICC Regional Meeting

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Author:  By Ia Natsvlishvili

The International Chamber of Commerce Georgia (ICC-Georgia) will host the 4th ICC Regional Meeting for the Broader Middle East and North Africa on May 28. The delegation will include the Chairmen and Secretary Generals of the following National Committees: Austria, Bahrain, Egypt, Iran, Jordan, Lebanon, Pakistan, Qatar, Saudi Arabia, Syria, UAE, as well as high-ranking executives from ICC Head Quarters in Paris and London.

Fady Asly, Chairman of ICC-Georgia, will open the meeting. Another key speakers will be Hamad Buamim, the Vice Chairman of the World Chambers Federation and Tarig Rangoonwala, the Regional Coordinator of RCG B-Mena, and Prime Minister of Georgia, Nika Gilauri.

“This regional event holds great importance for Georgia; all attendees are leading business people in their respective countries and will have a chance to see for themselves the incredible changes that have happened in our country,” Asly said, adding that “Georgia has a unique and friendly investment climate.”

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ProCredit Bank receives quality recognition award

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Author:  By Ia Natsvlishvili

For demonstrating its exceptional quality in processing USD STP (Straight-Through Processing) payments, ProCredit Bank Georgia was awarded the STP Excellence Award by Deutsche Bank (DB).

According to ProCredit Bank’s management, this is the seventh time the bank has received the award for their high-quality service.

Selecting a few international banks each year, Deutsche Bank gives The Straight Through Processing (STP) awards to leading financial institutions to highlight their achievements in processing outgoing payments. It recognizes financial institutions that demonstrate payment efficiency rates of 97.0% or higher. According to 2011 data, ProCredit Bank Georgia’s quality index is 99.74%.

According to Deutsche Bank, the STP initiative is used by companies in the financial world to optimize the speed at which transactions are processed. This is performed by allowing information that has been electronically entered, to be transferred from one party to another in the settlement process, without manually re-entering the same pieces of information repeatedly.

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Goodwill President shares secret to success

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Author:  By Ia Natsvlishvili

Goodwill, one of the leading supermarkets on the Georgian retail market, was named as the best Georgian Investor Company of the Year at the Mercury 2012 Awards, Georgia’s national business competition. Georgia Today sat down with President of Goodwill, Nina Shevardnadze, to learn how the supermarket achieved this success.

Q: Your company was named as the best Georgian Investor Company. How hard was the selection process?

A: On May 11 Goodwill received recognition in the form of the much sought-after award at the largest and one of the most prestigious business awards ceremony of the year - Mercury 2012. About 250 companies competed for the 18 nominations of the Georgian National Business Awards. To guarantee maximum objectivity and transparency, representatives of the American magazine Forbes and the BCG Research Institute were involved in the evaluation process.

Q: Goodwill is an established player on the Georgian market. What does this award mean for you?

A: It is a great honor and responsibility for Goodwill to be awarded the status of Best Investor by such a large and prestigious contest as the Mercury Awards. The winning nominees were selected by leading Georgian and foreign specialists and their recognition provides us great incentive to pursue our strategy and offer our country even more large-scale and innovative projects.

Q: Why did you deserve this award, in your opinion? What distinguishes Goodwill from other businesses?

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West Travel offers comfortable transportation services

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Author:  By Lika Moshiashvili

The transportation company West Travel offers a full range of transportation services: VIP class and economy class transportation services with drivers, airport transfer/shuttle service, excursions and short tours across Georgia, as well as high-profile delegation services.

“It is most important for us to offer our customers such products that are fully-tailored to their demands,” said Temur Gabelia, the Deputy Director of West Travel.

According to Gabelia, West Travel owns several varieties of vehicles- sedans, jeeps, buses and mini buses – each equipped with interior safety belts, and designed to provide maximum comfort to the passengers. “This makes the trip more pleasant and secure,” he said, and added “the safety of our passengers is our company’s top priority. West Travel’s vehicles pass through a regular maintenance. This allows us to avoid any kind of delays and obstacles.”

West Travel has experience providing transportation services for many high-profile delegations, tours and excursions. The company provided a service for U.S. Billionaire Donald Trump; the Security Council delegation of Poland; Lithuanian Prime Minister Andrius Kubilius; and musician Robert Glasper, who was a participant of the Spring Jazz Festival, among others.

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IMF Institute holds training course in Tbilisi

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Author:  By Tamar Khurtsia

The International Monetary Fund (IMF) Institute, an international organization that provides training in economic management to officials of the IMF’s member countries, is holding its leading training course: Macroeconomic Management and Fiscal Policy Issues, in Tbilisi on May 20-31.

The training, a first of its kind in the region, will be delivered at the Academy of the Ministry of Finance of Georgia, an educational subsidiary of the ministry.

The course – held in the English language - is attended by 30 delegates of the Ministry of Finance from Azerbaijan, Armenia, Turkey, Tajikistan, Kazakhstan and Kirgizstan, as well as representatives of several Georgian governmental agencies including the Ministry of Economy and Sustainable Development, the National Bank of Georgia, and the National Statistics Office of Georgia. The course was offered by invitation and candidates were nominated by government agencies. The participants will be granted certificates from the IMF.

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Radisson Blu Hotel Batumi welcomes new general manager

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Author:  By Ia Natsvlishvili

Torbjorn Bodin is replacing Fikret Yuksel as general manager at the Radisson Blu Hotel Batumi. Bodin, a Swedish national, has a solid background in the hospitality industry. During the past 18 years, he has worked in general manager positions in Sweden, Estonia, Oman, Croatia, Romania, as well as the United Arab Emirates. Bodin joined The Rezidor Hotel Group in 1994 as General Manager for the Radisson SAS Royal Viking Hotel in Stockholm. In 1998 he was promoted to City General Manager for Radisson SAS Hotels & Resorts in Stockholm, Sweden and led five other hotels for 2 years.

From 2009 to May 2012, Bodin was the General Manager of the Radisson Blu Hotel and Park Inn by Radisson, Abu Dhabi on Yas Island. He also served as the President of the Swedish Business Council during his time in UAE.

Outgoing General Manager, Fikret Yuksel, served as the General Manager of Radisson Blu Hotel Batumi from the pre-opening of the hotel, and has taken up a new General Manager’s position at the Radisson Hotel, Alushta, in the Ukraine. Yuksel has a strong background in business and has worked in various managerial positions throughout his career.

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MobiPay and local partners discuss acquisition of the MobiPay service in Georgia

Q&A with Allen Gilstrap, CEO of JSC OpenRevolution Georgia

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Author:  By Tamar Khurtsia

MobiPay, Georgia’s first fully-fledged mobile payment system, backed by OpenRevolution, a US-based company, suspended their operations in Georgia on May 20. The company is currently in discussions with a number of Georgian partners about becoming potential operators of MobiPay in Georgia, Allen Gilstrap, the CEO of JSC OpenRevolution Georgia announced.

“We look forward to the continuation of MobiPay service in Georgia with our new partners in the future and we hope to make this MobiPay Georgian service interoperable with other MobiPay networks in other countries,” Gilstrap told Georgia Today. The hosted transactional services that power MobiPay will continue to be provided by OpenRevolution.

Moreover, Gilstrap explained that there are several groups that they think have the right capabilities for these operations. “We hope that there will be some announcements soon about MobiPay continuing on in Georgia,” he said.

Georgia Today interviewed Gilstrap via email to ask about the reasons behind suspending the operation in Georgia, as well as what he thinks about the invested money.

Q: MobiPay has been functioning in Georgia for two years. Why did you suspend the operation in Georgia? Did it take OpenRevolution long to make the decision or was it a quick decision?

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