Page 56 - GEORptJun22

Armenian border.
Tbilisi starts construction of new Algeti-Sadakhlo road postponed due to the Covid-19 pandemic. The road will halve the time needed to reach Russia.
It will bypass Marneuli and other surrounding settlements, becoming a new transit route for cargo transportation from Armenia to Russia. It will join the project of the century, the East-West Highway (E-60), which is the second largest European transit corridor.
“There will be a modern road in the territory of Georgia from the border with Armenia to the border with Russia. The project is unprecedented for both Georgia and Armenia,” says Paata Tsagareishvili, Director of the Transport Corridor Research Center. He believes it will facilitate the cargo transportation and contribute to the development of tourism in Georgia.
In Georgia, the construction of both the East-West highway and the North-South road is under way. According to political scientist Giorgi Gobridze, Georgia will try to maintain its transit role in the conditions of new realities in the region.
9.1.7 Property sector news
9.1.8 Healthcare sector news
Tbilisi residential property index up 4.2% q/q and 3.4% y/y
The Tbilisi residential property price index was up 4.2% q/q and 3.4% y/y (+1.2% y/y in previous quarter), according to Geostat. Compared to the 2020 average, the index was up 13.1% in 1Q22. On a quarterly basis, prices increased in both flats (+5.4% q/q) and detached houses (+2.0% q/q) segments. Prices were also up on an annual basis, up 4.5% y/y for flats and up 1.0% y/y for detached houses.
Georgian healthcare workers prepare to strike
Georgian insurance market grows by 19% in H1
Several hundred Georgian healthcare workers are planning to strike over poor pay, Georgian media reports.
A total of 390 employees of the Social Service Agency of the Ministry of Health are preparing to go on strike on January 17 if their salaries are not increased by 100%, lawyer of the professional union Solidarity Network Davit Tomsarashvili said on January 14.
Tomsarashvili said salaries of social workers have been GEL200 for about 12 years and have never been increased. They also don’t have health insurance and often have to cover transportation costs themselves.
“These people [social workers] have been demanding decent working conditions and salaries for years, however, the negotiation process with the Social Service Agency has failed. Since the agency doesn’t take their demands seriously, they decided to go on strike”, Tomsarashvili said. Tomsarashvili said both the Social Service Agency and the Ministry of Health have already been informed about the strike.
The Georgian insurance market ended H1 with an expansion of 19% y/y, while gross written premiums (GWPs) reached GEL 448.64mn (€119.29mn), according to data published by the Georgian Insurance Supervision Service.
Life and non-life insurance had almost the same growth rates, also at 19%, while the market remained non-life oriented - non-life insurance occupies over 93% of the portfolio.
Of the largest market segments, the most impressive growth was recorded by Motor Hull, with GWP increased to GEL 74.49mn, while property insurance also grew by more than 25%, as well as accident insurance and health
56 GEORGIA Country Report June 2022 www.intellinews.com