Page 50 - GEORptMar21

set for failing to meet the deadline was equally symbolic, though: 550 lari ($18) per day.
Turnava said that the coronavirus pandemic prevented the investor from starting production and that the company would be given extra time to fulfil its obligations.
“It is so important for us to develop a green economy and at the same time strengthen Kutaisi as an industrial centre. We will support the investor to fulfil this task", Turnava said.
“Big Service Ltd was given land and buildings located on it worth [Georgian lari] GEL68.23mn ($23mn) for GEL1 in 2019 with investment commitments to set up an electric car manufacturing factory within no more than two years (no later than 27.05.2021) and then produce at least 5,000 units of electric cars within no more than 18 months,” Agenda.ge recapped.
In addition, the company was obliged to employ at least 300 people for at least 18 months within a period of not more than one year after fulfilling the obligation to launch the factory.
9.1.5 Tourism sector news
Georgia loses $700mn in tourism revenues in Aug-Sep alone
Foreign visitors in Georgia spent only $15.6mn in September, some 95% less than in the same month last year, according to a report released by the National Bank of Georgia (NBG).
Across August and September, Georgia's tourism revenue shrunk by $700mn compared to the same period of last year.
The decline in tourism revenues in September amounted to $303mn, on top of the $397mn drop in August. The central bank attempted to maintain balance in the foreign exchange market by selling FX from reserves it built up to be robust, but it is hard to offset such a deep drop in inflows.
In 2019, Georgia received a record number of visits from international travellers, some 9.36mn, of which 5mn visits were tourists. The tourists spent more than $3bn in the country. Georgia expects to receive $1.5bn in external financing this year, part of which will be used by the central bank to try to maintain a satisfactory nominal exchange rate.
A total of 50,499 international visitors crossed into Georgia in September.
The number was 94% down year on year.
A very small number of this year's international visitors in September were classified as tourists.
In September, the largest number of visitors, namely 18,540, came to Georgia from Turkey. On an annual comparison, the number of Turkish visitors dropped by 80%.
9.1.6 Infrastructure and construction sector news
Georgian developer Blox to build shopping mall in Zugdidi
Georgian developer Blox is to invest $6mn in developing the first shopping mall in Zugdidi, Georgia.
Real estate consultancy firm Cushman & Wakefield was recently assigned to manage the leasing campaign for what will be the first such retail complex built according to international standards in Samegrelo-Zemo Svaneti region. According to the firm, the construction process would start this month with a finish envisaged by the end of 2021. The total area of the multifunctional shopping center is to be 15,000 square metres. Blox said the shopping centre would employ locals in an effort that would contribute to the region's economic development.
"Cushman & Wakefield was recently assigned to manage the leasing
50 GEORGIA Country Report March 2021 www.intellinews.com