Today:

- economics

* DRAFT TAX CODE TO BE SUBMITTED TO THE PARLIAMENT IN 2 WEEKS

Georgian Prime Minister Nika Gilauri announced that draft of new Tax Code would be submitted to the Parliament in 2 weeks. He noted that as it would not be final version, the government is open for discussion.

* GEORGIAN DIASPORA TO ESTABLISH INVESTMENT FUND IN THE END OF JUNE

Papuna Davitaia, Georgian State Minister for Diaspora Issues, announced that foreign businessmen of Georgian origin will establish so-called Diaspora Investment Fund. Davitaia reported today on the meeting of the Parliament’s committee on relations with compatriots abroad that Georgian diaspora would establish the fund on the meeting, which would held on June 25-27 in Slovakia.

* CHINESE GOVERNMENT TO ALLOT ADDITIONAL GRANT OF $3M

Chinese government have allotted additional grant of $3 million (20 million CNY) for technical re-equipment of Georgian Finance Ministry’s Revenue Service. The Ministry would purchase scanners for customs with the mentioned money.

* REVENUES FROM INTERNET SERVICE INCREASED BY 34.1% DURING 2009

According to National Communication Commission, revenues generated from internet service provision made up 94.82 million lari during 2009. This figure exceeds by 34.1% the same showing of 2008.

* BROADCASTERS’ REVENUES DECREASED BY 10.7% DURING 2009

National Communication Commission reported that revenues, generated by TV and radio broadcasting, made up 89.7 million lari in 2009. This figure decreased by 10.7% if compared to 2008.

* REHABILITATION OF ROAD TO DORMITION CHURCH IN GURJAANI COMES TO END

Motor-Road Department reported that main part of rehabilitation works on 2-km road section to Dormition Church in Gurjaani district (Kakheti region) is completed. Currently, laying of asphalt-concrete pavement is underway.

- business

* BUILDING OF HEAT POWER STATION ON TERRITORY OF TBILGRES TO COST 250M EUR

Natia Turnava, director general of International Energy Corporation of Georgia, reported to Sarke that building of heat power station on the territory of JSC TbilGRES would cost 250 million EUR. The matter concerns coal power station with output of 100-150 MW.

* VEGETABLE OIL PLANT MAY BE CONSTRUCTED IN POTI INDUSTRIAL ZONE

According to Papuna Davitaia, Georgian State Minister for Diaspora Issues, there is idea to build vegetable oil plant in Poti industrial zone. In case of positive decision, plant would be created through the Ukrainian investments.

* SAKARTVELOS BANKI OFFERS INVESTMENT DEPOSITS AGAIN

Sakartvelos Banki (Bank of Georgia) announced today about next stage in its so-called “investment deposit” offer. The matter concerns standard fixed deposit with additional income, depending on oil price market change.

* VIENNA INSURANCE GROUP TO ISSUE 35M LARI FOR HOSPITAL SECTOR PROJECT

Georgian Pension and Insurance Group (GPIH) reported that Vienna Insurance Group would issue 35 million lari to 2 Georgian insurance companies (GPIH and Irao) for clinics’ construction. The decision was made on GPIH’s shareholders meeting, held yesterday in Batumi.

* LLC NARINJI PLANS TO INVEST 200,000 LARI IN FOR JUICE-PRODUCING LINE

According to Merab Turmanidze, commercial director of LLC Narinji, the company plans to invest about 200,000 lari in line for juice production. The line would be launched in September, Turmanidze reported to Sarke.

For further information: Sarke