Economy

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The Georgian Minister of the Economy Vera Kobalia sees three possibleways of developing ties between Georgia and Israel, Business Georgiareports.The first way is agriculture. 60% of agricultural products areimported due to inefficient distribution of agricultural resources.Israeli companies with agricultural experience may help in the issue,she said.

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The head of the IAEA, Yukiya Amano, has again urged Iran to fulfillits promises to the world in the nuclear sphere, RIA Novosti reports.Amano noted the importance of negotiations with Iran and the Russiancontribution to the process. He emphasized that the goal of IAEA isIran's fulfilment of its obligations.Amano arrived in Moscow on a two-day visit on October 25.

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The Russian party has suspended talks on purchasing French helicopters "Mistral" after the announcement of the tender. Now only consultations are held, the head of the Russian delegation at the Euronaval-2010 exhibition, Ivan Goncharenko told the reporters, RIA Novosti reports."There were negotiations on the “Mistral”. At the present moment, there is no negotiations on “Mistral.” We have a request: not to conduct negotiations after the announcement of the tender," - said Goncharenko.

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A "black list" of Georgian bank debtors has been scrapped, BusinessGeorgia reports. A memorandum between Credit Info Georgia andcommercial banks has been issued. The document deals with themanagement of a common credit database.Creating a unified database of credit information promotes the growthof lending activity, availability for loans and the transparency ofthe financial sector, the president of the Georgian National Bank,George Kadagidze said. The approach to customer information is being

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An analogue of the Austrian alpine resorts will be built in Adjara, inthe village of Gomarduli in the Shuakhevi district of Adjara. Thespeaker of the Parliament of Adjara, Levan Varshalomidze, presentedthe details of the project to local residents, Business Georgiareports."The ski resort in Gomarduli is already constructed, soon the firsthouses will be built there, as well as an entertainment andrehabilitation center and an extreme activity park. In parallel with

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At a meeting on Tuesday, the deputies of the Armenian NationalAssembly, despite protests from the opposition, completed the firstreading of amendments to the law on the minimum monthly wage. The lawproposes raising the minimum wage from the current $83 to about $90,Arka reports."The minimum wage is a guarantee to employees from the Government ofArmenia", said Artur Grigoryan, the Minister for Labour and SocialAffairs of Armenia.The minister added that he proposes amending the Law on Income Tax,

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Inflation in Azerbaijan will not exceed a defined level in 2010, thehead of the Azerbaijani State Statistics Committee, Arif Veliyev, tolda press conference, 1newsaz reports. According to him, by the end of 2010 the increasein consumer prices is expected to amount to 5.5 - 5.6%.

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Kazakhstan intends to increase oil supplies to Europe, KazakhPresident Nursultan Nazarbayev said after a meeting with actingBelgian Prime Minister Yves Leterme, whose country holds the EUpresidency, Trend reports, referring to Kazinform."We are a young, independent state that has a short history. InEurope, unfortunately, despite the fact that we are taking allnecessary measures, very few people even know of Kazakhstan. However,in the short time since the collapse of the Soviet Union, when in

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Iran began loading fuel into the reactor of the Bushehr power plant onTuesday, Trend reports, referring to the Iranian English-languagechannel Press TV.The construction of the Bushehr nuclear power plant was begun in 1974by the German company Kraftwerk Union. In 1980 Kraftwerk Union brokethe contract, due to the fact that the West German government joinedthe US embargo on supplying equipment to Iran. Since the 1990's theconstruction of the power plant has been led by Russian specialists,RIA Novosti reports.

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The discovery of oil deposits on the Barsagelmes field allows expertsto talk of its high prospects, the state oil concern “Turkmenneft”stated on Tuesday, Trend reports.The construction of the new oil fields is one of the priorities of thestate concern, which now operates about 30 fields. They include morethan 600 oil and gas deposits at different stages of development.The concern conducts work on the growth of new commercial reserves ofhydrocarbons in accordance with an approved program of exploration. In

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The manufacture of "Mistral" helicopter carriers, the Frenchstate-owned naval shipbuilding company DCNS, will not limit thetechnology transfer to Russia, RIA Novosti was informed on Tuesday bythe director of DCNS, Pierre Legros.Previously, some Russian and foreign media reported that "Mistral"ships will be sold to Russia without advanced control systems.Russia intends to purchase four ships of the type "Mistral" in France,provided that two ships be built in France and two in Russia.

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The Revenue Department of the Georgian Finance Ministry has simplified the procedures of clearing postal items at customs. In connection with this, a presentation will take place tomorrow by the head of the department, Georgi Tskhakhaya, Georgia online reports. As the Revenue Department reported, in order to facilitate clearance at customs a parcel will be delivered to the post office upon arrival, so that the owner can pick it up directly from the post office.

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In the last nine months the volume of natural gas supplies to Armeniadropped by 17.8% compared to the same period last year, amounting to987.8 million cubic meters of gas, Armenia News reports.In 2009 the volume of natural gas supplies to Armenia decreased by19.7%, amounting to 1809.3 million cubic meters. Basically, Armeniabuys its gas from Russia at $180 per thousand cubic meters.

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The deputy foreign minister of Russia, Sergey Ryabkov, and hisAzerbaijani counterpart, Khalaf Khalafov, have discussed in Moscow thesituation around the draft of the multilateral agreement on securitycooperation in the Caspian Sea, the Russian Foreign Ministry reportedtoday.In September 2008 Azerbaijan offered a draft security agreement to theCaspian states. All parties made preliminary comments on the documentand confirmed their willingness to attend the meeting.The draft agreement on security in the Caspian Sea deals with

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A new hotel of the Holiday Inn chain has opened in Georgia,GeorgiaTimes reports.A four-star hotel has been built with the help of Georgian investment.It is located in the renovated building of the Ajaria hotel. Theproject cost is estimated at $28 million.The hotel rate will be about $100 a room. The hotel will startoperating in November.

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Foreign trade turnover of the subjects of the South and North Caucasusdistricts in January-September of this year amounted to about $20billion, which is 31% more than in the same period last year, the headof the Southern Customs administration Alexander Getman said, RIANovosti reports."The overall growth in foreign trade is caused by the release of theRussian Federation from the global economic crisis - there is arepositive dynamics in the recovery of trade between the countries," -he said.

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Iran will notify the Secretariat of the Organization of PetroleumExporting Countries (OPEC) of a rise in its hydrocarbon reservestoward the end of this year, said Iran’s OPEC representative, MohammadAli Khatibi, Trend reports, with reference to Shana news agency.Iran’s proven oil reserves have reached 150.31 billion barrels, OilMinister Masoud Mir-Kazemi said. According to the BP StatisticalReview of World Energy, Iran’s reserves previously stood at 136.6billion barrels.

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A meeting of the multilateral group on the application of theExtractive Industries Transparency Initiative (EITI) in Azerbaijan,took place today at the Azerbaijani State Oil Fund, APA reports.As reported by the State Oil Fund, the thirteenth Report of the EITIin Azerbaijan for the first half of 2010 has been published, as wellas the auditor's report on it carried out by international auditingfirm Moore Stephens.The EITI conference held in London in 2003 identified the main

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