In Autonomous Republic of Adjara was created temporary regulatory committee, which will act according to the new “law upon actions Regulating Construction of local Importance”

Law
upon Actions Regulating Construction of Local Importance

In pursuant with the Law upon “Status of the Autonomous Republic of Adjara”, Constitutional Law of Georgia and Constitution of the Autonomous Republic of Adjara, Presented Law shall stipulate the actions regulating Construction of Local Importance necessary for complete implementation of the demands of Normative Acts being subject to Law.

The objectives of this law is on territory of Autonomous Republic of Adjara, by this law in defined transition period to support  regulating arrangements on local meaning construction

To create perfect, equal living and active environment conditions; development of territories and settlement by minimizing negative ascendance on economical and other activities, to use rationally territories and natural resources;

Create working and living conditions for settlement territories and get investments, region equal economical structure, infrastructural, social, ecological and cultural development;

For details please see attached file:

Georgia Government increases customs tax rates on imports
Parliament has approved some changes in Georgian tax code. By correcting custom taxes will be helping on local manufacturing. Although in12 percent taxation regime appeared on some products, which are not being produced in Georgia, for example, hygienic, building and construction goods. This taxation regime will affect on imported products from the countries with which Georgia does not have free trade contract. The largest part of imported products in Georgia comes from, Turkey, Ukraine and Azerbaijan, to which the Georgia has the free trade contract. Georgia does not have a free trade contract with Euro union. Therefore products imported from European Union will apply to new tax regime and will appear on increasing the prices. Tax code changes will also affected: for importing similar and same type of products;

On December 2nd of 2009, at the office of International Investors Association was held the election Chairman of Trustee Board. The election attended, Mr. Levan Shervashidze “Star-ar-ge”, Mr. Ilker Dindar “M&T company”, Mr. Roman Futkaradze “Turinvest”, Mr. Archil Bolqvadze “Promer engineering”. For Chairman was elected Mr. Levan Shervashidze “Star ar ge”LTD.

On December 9th of 2009 at 18:30, was held second meeting of Board of Management, where have been discussed subjects such as:
1/ Decisions for membership of new members, and information about new candidates (Development Solutions LTD, Batumi-Tex Ltd, Adjar-Energi LTD)
2/ Results of election for Trustee Board Chairman
3/ Working plans and directions
4/ Formalizing Memorandum with Audit Company
5/ Discussing the problematic issues stated by members and find the way to solve them
6/ Giving information and proposal of GPI HOLDING insurance company
7/ Information on web page
8/ Entrustment on Chairmen’s signature to Mr. Cezmi Akshahin.

Business Forum

The Forum attended the Georgian and Latvian Government, Latvian Investors and Businessmen, and members of Georgian International Investors Association

During a meeting in the Intourist Palace hotel, deepening of business communications in sphere of tourism, industry and investments attraction were discussed. Latvian side was presented by Minister of Economy of Latvia and 65 businessmen.

Head of Adjara government t delivered speech at the forum. Levan Varshalomidze has acquainted representatives of the delegation with the projects which are carried out in region and economic potential of Adjara.

Minister of Economy of Latvia spoke about those achievements that his country has reached for the last several years. According to him, the main aim of the visit of the business delegation is get acquainted with Adjara potential and to settle bilaterial cooperation. At the business-form Latvian businessmen have presented their production.

Georgian-Latvian business-forum which was held in Batumi today was a productive. It’s not excluded that in the nearest future, new production produced by Georgia and Latvia will appear on both countries market.

Besides it, as Minister of Economics of Latvia has noted, high interest is shown to tourist potential of Adjara and it is expected that, tourist from Latvia will have a rest on the Black Sea resorts of Georgia this summer.

On December 8^th of current year, at Intourist Palace Hotel was held the Georgia Latvian

On November 24th of 2009 at 11:00am, at the office of "International Investors Association" was held the election for Management Board Chairman and Deputy. For Association Chairman was elected unanimously, establisher of "ADJARA TEXTILE" Mr. Cemal Bilgingulluoglu, but for his deputy, the representative of "IKON LTD" Mr. Cezmi Akshahin.

November 10th of 2009, at the office of "International Investors Association" was held first "General Assembly". During the Assembly meeting was presented the Association presentation. On General Assembly were elected "Management Board" and "Trustee Board". General Assembly and Election process, as an observers were attending candidates for Association membership and other legal organization representatives.