IN INVEST GEORGIA. Investment Climate &

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1 IN INVEST GEORGIA Investment Climate & Opportunities in Georgia Georgian National Investment Agency 2014

2 k Ter e RUSSIA Mestia Zugdidi Anaklia Poti SEA Senaki Kutaisi Rioni Kobuleti Batumi Gonio GEORGIA Goderdzi Gudauri Tskhinvali Mtkvari Bakuriani Akhaltsikhe Gori Telavi TBILISI Akhalkalaki TURKEY IN IN GEO Soulak Sokhumi BLACK Daguestan Georgia - Country Overview ARMENIA AZERBAIJAN Area: 69,700 sq km Population: 4.5 mln Life expectancy: 75 years Area: 69,700 sq km Official language: GDP 2013: GDP 2013: Population: 4.5 mln Literacy: GDP real GDP growth realrate growth 2013: rate 2013:100% 3.2% 3.2% Life expectancy: 75 years Capital: GDP CAGR GDP CAGR(USD) (USD) Tbilisi 5% 5% Official language: Georgian Currency (code): GDP per capita GDP per 2013: capita 2013: Lari (GEL) US$ 3,597 US$ 3,597 Literacy: 100% Capital: Tbilisi Inflation Inflation rate 2013: rate 2013: -0.5% -0.5% Currency (code): Lari (GEL) Total Public Total Debt Public to Nominal Debt to Nominal 34.5% GDP (%) 2013: GDP (%) 2013: 34.5% 1 Georgian USD 16.1USD bln 16.1 bln

3 2 Advantages of Georgia» A politically stable investment destination VEST» Efficient, pro-business and corruption-free government» Enlargement of market size by Free Trade Agreements» Competitive cost of labor and energy» Entry gate in the region» Solid sovereign balance sheet» Stable and conservatively managed banking sector» Very low crime-rate RGIA Georgia - Sovereign Credit Ratings BB- Stable BB- Positive Ba3 Positive

4 Doing Business in Georgia Country s impressive progress in improving business climate has been well documented in a number of international indices. Ease of Doing Business IN Index Of Economic Freedom IN GEO Up from 112 in 2005 Up from 99 in 2005 Source: World Bank, 2015 (Rank out of 189 countries) Source: The Heritage Foundation, 2014 (Rank out of 178 countries) 3

5 4 Corruption Free Country where Rule of Law prevails Georgia is considered as essentially a corruption-free investment destination where rule of law has been given the right way. VEST Percentage of users Global Corruption Barometer paying a bribe in the past year RGIA The World Justice Project Georgia Ranks #1 in region in WJP s Rule of Law Index Source: Transparency International 2013 (GLOBAL CORRUPTION BAROMETER) Source: The World Justice Project (Rule of Law Index) Rank out of 99 countries

6 Economic Structure and Trends GDP: strong rebound after a relatively small contraction in 2009 Rapidly growing GDP per capita IN IN GEO Broad-based and diversified nominal GDP structure 2013 Source: Geostat, MOF Source: Geostat, MOF Favorable public debt situation Source: Geostat, MOF Source: Geostat, MOF 5

7 6 Liberal Trade Regimes Preferential Trade Regimes:» FTA with CIS countries: Ukraine, Belarus, Azerbaijan, Armenia, Russia, Moldova, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Turkmenistan VEST» FTA with Turkey» DCFTA (Deep and Comprehensive Free Trade Agreement ) with EU was singed on June 27, 2014» GSP agreement with USA, Norway, Switzerland, Canada, Japan» Member of WTO Customs» Very simple and service oriented customs policy and administration» Almost no custom duty - 80 percent of goods free from import tariffs» No quantitative restrictions Opportunity - Market Size RGIA Population of Georgia - 4,5 million Existing FTA +400 million DCFTA + 0,5billion Total ~ 0.9 billion Georgia Duty free access to ~ 0.9 billion market provided by FTAs and DCFTA

8 IN Taxation is simple, low, efficient and fair IN GEO» No payroll tax or social insurance tax» No capital gains tax» No wealth tax and inheritance tax» Personal income tax for interest, dividend, royalty 5%» Foreign-source income of individuals fully exempted» Accelerated depreciation on capital assets» Loss carry forward for corporate profit tax purposes (10 years)» No restrictions on currency convertibility or repatriation of capital & profit» Double taxation avoidance treaties with 44 countries 7

9 8 Leader in Forbes rating (Tax Misery & Reform Index) According to the latest Tax Misery & Reform Index, released by Forbes Business & Financial News, Georgia is the fourth least tax VEST burden country after Qatar, UAE and Hong Kong RGIA

10 Transport Network in Georgia Poti seaport 15 berths, 8-11m draft Container(450k TEU) oil products /bulk (7 mln. t/year) APM terminals New ICT Batumi seaport 8 berths, 1 offshore, 9-12m draft Oil/prodcuts (15mln. t/year), bulk (2mln. t/year), containers (100k TEU) JSC KazTransOil Kuhlevi oil terminal Crude oil, petroleum, and l ubricants (6mln. t/year) State Oil Company of Azerbaijan Supsa oil terminal Crude oil and petroleum Deep-sea port 18-20m natural draft First phase: Dry bulk (1.5mln tons) and containers (350k TEU/year) USD 0.5 bln investment volume Main Road Network: km international roads ( km all roads) 150 km new Highway constructed 9 IN IN Deep Seaport GEO Kulevi Poti Supsa Batumi Turkey Mestia Kutaisi Railway: Infrastructure: km (95% electrified); modernization in progress (30mln t/year) Rolling Stock: existing ~8 000; planned ~2 500 Baku-Tbilisi-Kars(2015): link with Turkish railway networks (5 mln t/year) Tbilisi international airport ~1 million passengers /capacity: 3 million passengers Serving 28 destinations Batumi international airport 100,000 passengers Kutaisi international airport Passenger, incl. low-cost airlines Russia Armenia Tbilisi Azerbaijan Mestia national airport Oil/Gas Pipelines Baku-Supsa (7 mln t/year) Baku-Ceyhan (45mln t/year)

11 10 Labor Availability» Unemployment rate 14.6% VEST» Young labor 50% of unemployed population are aged between 20-34» Average monthly salary in USD (including white and blue-collar workers)» Flexible Labor Code» According to Heritage Foundation, Labor Freedom Index in Georgia is 91.2 out of 100 score» All ILO core conventions are ratified by Georgia» Vocational Education Training Centers around Georgia provide professional courses in different types of practical subjects and most of the course s fees are financed by the RGIA Government of Georgia.

12 foreign direct Investment» Georgia has Bilateral Investment Treaties (BIT s) with the 29 countries (negotiations launched with 2 countries) and is member of ICSID Convention (since 1992). IN» FDI in I-III Q of 2014 amounted to USD 923 million. fdi BreakdOwn By sectors 2013 fdi By years IN GEO 11

13 12 Investment Opportunities in Georgia VEST Hospitality & Real Estate Manufacturing RGIA Hydro Power Hub Agriculture Regional Logistics Corridor REGIONAL Service HUB

14 hydro power hub significant hydro power potential» Installed capacity of > 3,300 MW» Additional potential > 4,500 MW IN» The only net electricity exporter in the region, with rapidly growing consumption rates Generation cost among the lowest in the region ( USD), ~50% lower than target market Turkey export CapaCIty» Construction of new 400 kv power transmission line from Georgia to Turkey was completed in 2013 OppOrtunItIes» Several large scale projects (> 100 MW)» ~ 70 small/medium projects (< 100 MW) IN GEO 13

15 14 Overview of Georgia s (hydro-) power sector Domestic: Demand growth and increasing share of renewables requires an extension of hydropower generation by around 65% until 2020 VEST ~ 10% of power production are exported, but Georgia still needs to Strong demand growth prospects Importance of the sector low in terms of GDP and employment Export: Georgia is surrounded by countries with a projected structural power deficit (e.g. Turkey, Russia South) or expensive power generation, opening up attractive export opportunities Power generation accounts for 3% of GDP and ~ 1% of employment but is of high strategic importance to Georgia import power during winter (~4% of total demand) RGIA All new HPPs operate in a liberalized market Power sector with strong focus on cost competitive HPP Georgia boosts significant and economically viable HPP potential already today 82% of power generated via HPP (~8,300 MWH/year) 14% via thermal (mainly gas) Cost of hydropower generation is very competitive in the region Large projects have been placed and pipeline is filled FDI inflows amounted to ~USD 200 million in 2013 (22% / FDI) and are growing 75% of economically viable potential not yet exploited 20HPP Projects of up to USD 1.5 billion have been conceded to/ under construction by investors from e.g. India, Norway, Turkey, Czech Republic and other counties. Pipeline well filled with several potential large scale (>100 MW) and 70 HPP small projects with total installed capacity of 2500MW

16 Georgia surrounded by countries with a structural power deficit or expensive power generation IN Turkey expected to IN GEO 1 Assuming current consumption and supply pattern 2 This does not even include countries with heavily subsidized electricity generation (e.g. Azerbaijan, Kazakhstan) have deficit of up to TWh by 2020, with seasonality of its demand matching Georgia s supply Russia s Southern districts will also experience a structural deficit of up to 40 TWh by In other markets, Georgia s hydropower is very cost-competitive compared to local tariffs 2 Structural deficit by 2020 No deficit, but current tariffs > Ad hoc deficits projected Georgia s generation cost No deficit, but subsidized tariffs 15

17 16 Hydropower pipeline boosts several new megaprojects above 100 MW capacity that are currently open for investment VEST Project Capacity Forecast Invest. volume USD millions Namakhvani Cascade 450 mw 926 Ready to invest? Khaishi hpp 400 mw 620 Oni Cascade 270 mw 599 RGIA Nenskra hpp 210 mw 491 Tobari hpp 200 mw 310 Fari hpp 180 mw 297 Lentekhi hpp 120 mw 189 Hydropower pipeline also boosts ~70 small/medium projects (<100 MW capacity) that are currently open for investment

18 Hospitality & Real Estate IN Number of international visitors has been growing rapidly 0.6 IN GEO % p.a Source: Georgian National Tourism Administration 17

19 18 Hospitality/Tourism - Fast Growing Sector Fast growing sector Tourism contributed 6.5% of GDP in 2013 VEST Number of visitors increased by 38% reaching 2.8 million in 2011 and by 56% in 2012 reaching 4.4 million. Georgia had 22% more visitors in 2013 reaching 5.4 million. In six months of 2014 number of international arrivals reached 2,243,362 million. Majority of tourists come from: Turkey (29.4%) Azerbaijan (23.8%), Armenia (21.7.%), Russia (13.3%). Tourist number from Europe in 6 months of 2014 increased by 3 %, compared to the same period of the last year. Average duration of stay - 5 nights, average spend - USD 650 Potential RGIA European Youth Olympic Festival 2015; UEFA Super Cup UNESCO heritage sites; 8 national parks Curative climate; mineral waters; According the IUCN criteria there are 84 different categories of Protected Areas(Total area ha; 7,47% of the country s territory)

20 International luxury hotel chains doing well: more are coming to the market Existing Hotel Chains (8 pipeline hotel projects in Tbilisi) With the growth of tourists the demand for hotel rooms has been growing in the last years in Georgia, stimulating investments in the hotel industry. INBATUMI Upcoming international hotel brands in Georgia Average occupancy rate of international brand hotels in Tbilisi reached 80% in Tbilisi hotel market is expected to grow in 2014 to an estimated 83%; Tbilisi/ Likani IN GEO Tbilisi Supply of the rooms increased, but still there is a huge capacity for development of Hotel Industry. BATUMI TBILISI BATUMI Source:TBSC Consulting TBILISI 19

21 20 Investment opportunities in HOSPITALITY sector Sun-beach resorts VEST Winter ski resorts Summer mountains resorts Spa Resorts GAMBLING Description Expansion of summer sun and beach franchise focusing on highend segment RGIA Potential location All inclusive summer resorts New master resort development Batumi Anaklia Kobuleti Other Black Sea locations Master development of winter resorts with unique profile equivalent to the Alps Government is fully committed to provision of basic infrastructure Mestia Gudauri Bakuriani Goderdzi Four season resort value preposition Majestic landscapes allowing for a wide range of summer tourism activities such as trekking, horse riding, bird watching and river racing Mestia Gudauri Bakuriani Goderdzi Kazbegi Other locations Development of Spa Resorts Include hotels, Different types of Clinics, fitness,outdoor activities Tskaltubo Akhtala Other locations Development of large-scale integrated casino complex to Serve regional markets. Include hotels, casino entertainment, family Services and shopping Fiscal incentives available Batumi Tbilisi Other locations

22 Manufacturing Sector Overview: Opportunities: Georgia`s natural advantage as a gateway between the Europe and Asia provides many benefits to investors in manufacturing sector. Specifically, Georgia offers competitive labor and energy costs, logistics network and business friendly environment for serving the region, as well as many raw materials. Average monthly nominal salary in the manufacturing sector is 400 USD (including white and blue-collar workers). Furthermore, salaries can be expected to remain competitively low given the high level of unemployment in Georgia. Manufacturing account for around 11% of GDP and ~ 5% of employment 2 Free Industrial Zones - In FIZ, businesses are exempted from all tax charges except Personal Income Tax Large import overhang on goods that are not usually traded extensively between the countries, IN provides regional import substitution potential in food processing, construction materials, household goods etc Georgia s current advantages in terms of handling large transshipment flows, business stability, low cost of power generation and existing raw materials/ intermediate products, provide opportunities for large industrial bets, like production of iron and steel products, aluminum etc IN GEO 21

23 22 Several highly attractive import substitution opportunities VEST Food processing Plastics RGIA Construction- Building materials Construction- Finishing elements Preparations of fruits and vegetables - oils, juices, jams, pickles, pasta, sauces etc. Dairy - milk, cheese, butter, yogurt Meat - poultry, beef, pork Packaging materials Tubes, pipes and hoses Other articles of plastics Articles of stone, plaster, cement, asbestos, concrete and similar materials Articles of iron and steel - structures, tubes, pipes etc. Articles of wood - plywood and laminated wood Ceramic products - tiles, sanitary ware Glass - windows and glassware Furniture Chemicals Cleaning materials Coloring materials

24 opportunities arising from Georgia s trans-shipment flows and resources Opportunity Current advantages to be leveraged potential for Georgia steel production Georgia mines Manganese ore Georgia produces ferro alloys, largely for export (USD ~230 mln) Large imports of iron and steel products to Georgia (USD ~250 mln) and neighboring countries IN Vertical integration of value chain by adding production of iron and steel and related end products Regional import substitution Aluminium industry Value chain integration IN GEO Large transshipment flows of raw materials/input (Bauxite) and aluminium cross Georgia to/from Tajikistan (largest aluminium plant in Central Asia) A lot of water recourses and large hydropower plants in the pipeline - Production of aluminium - Production of aluminium products (fabricated or end products) Copper Georgia and Armenia export copper ores, copper waste and scrap Import overhang of copper products (alloys and final products e.g. wire, tubes, pipes) amounts to USD ~200 mln in the region Production of copper alloys and end products (regional import substitution) 23

25 24 Agriculture Overview: VEST Over 22 micro-climates - a wide range of grain, vegetables, hard and soft fruits, meat and dairy could be produced Agriculture accounts for 10% of GDP. It contributes ~53% of employment mostly in subsistence farming (average farm size of 1.55 ha) Traditionally Georgia has strengths in wine and other alcoholic beverages, nuts, fruits which account for ~60% of agriculture exports The average monthly salary in Georgia in agriculture industry amounts to USD 290 (including white and bluecollar workers). RGIA Opportunities: Import substitution opportunities poultry, beef, port, dairy products (milk, cream, yogurt, butter), etc Export opportunities - wine, hazelnuts, walnuts, citruses, fruits, sheep meat, etc Opportunities for processing tomatoes, apples, cucumbers, potatoes, stone fruits, citrus, olive oils, etc

26 IN 14 potential priorities crops/livestock to focus development efforts High potential projects Georgia s competitiveness IN GEO 25

27 26 Regional competitiveness and potentials map VEST Crop potentials by region RGIA Based on regional specialization (natural endowments, cultivation history), productivity and seasonality

28 Regional Logistics Corridor Trans-Caucasian route Strategic location: Georgia serves as an entry gate to the Caucasus and Central Asia as well as a stepping stone to the region Around 80% of all types of overland international freight throughput are transits Great potential of better integration and development of the Region IN Transport Infrastructure IN GEO Rapidly developing road infrastructure Ports are cost-competitive vs. alternative routes FDI inflows in the logistics sector have primarily targeted transport infrastructure Opportunities Deep-sea port with natural drafts for PanaMax vessel Containerization and logistical centers Direct connection with European and Central Asian railway networks (BTK project) 27

29 28 Georgia is in a highly strategic location for transshipment VEST RGIA

30 Cargo Turnover Transit flows through the Corridor by Rail and Road (million tons per year) Over 70% are transit flows (2013) Central Asia Kazakhstan Uzbekistan Tajikistan Kirgizstan Turkmenistan IN Caucasus: Azerbaijan Armenia IN GEO Europe+Turkey Europe/Turkey/RoW Sender Destination Total Central Asia+Caucasus Sender Central - 9.6Asia/Caucasus Destination Total Transit Import Export 29

31 30 Regional Services Hub Leading ranks among regional economies in terms of value added and trade VEST Services have major share of FDI inflow of 57% in 2013 (USD 525 million) 2013 RGIA» Financial services have grown at 19% p.a. since 2009 and is the leading service sub-sector for FDI attraction with 19% of total inflows in 2013» Wholesale/retail trade accounts for 16% of GDP in» An undersaturated small gem - Georgia ranks 7th in 2014 Global Retail Development Index by A.T. Kearney» FDI inflows in healthcare/social work have grown at 217% p.a. since 2007 Opportunity to capitalize:» IT/BPO services» Regional headquarters» Retail hub as the destination-of-choice for shopping

32 Georgian National Investment Agency State Agency - Promoting Georgia internationally - Supporting foreign investments and investors before, during & after investment process One-stop-shop for investors IN Investors Moderator between Investors, Government and Local Companies IN GEO Government Local Companies GNIA Mission - Attracting Greenfield and M&A Investments 31

33 32 What you can get from GNIA VEST» Information General data Statistics Sector Researches» Communication Access to Government of Georgia at all levels Local partners (Business Associations, private companies) RGIA» Organization of site visits and accompanying investors» After care Legal advising Supporting services

34 IN IN GEO Georgian National Investment Agency 7 Bambis Rigi, Business Center Mantashevi, II floor 0105 Tbilisi, Georgia Tel:

35 VEST RGIA

36 INVEST N GEORGIA GEORGIAN NATIONAL INVESTMENT AGENCY

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