Economy

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Armenian wine is still uncompetitive on the international market, thechairman of the Union of Armenian Winemakers, Avag Arutyunyan said,News-Armenia reports."First of all, the reason is that we do not have good professionals inthe field of winemaking. However, if so desired this issue could besolved within three to four years. Secondly, we do not have moderntechnical equipment. The equipment we have in Armenia is more than 30years old," the head of the Union said.According to him, one of the major problems regards grape varieties,

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In 2011 the Georgian government plans to earn $88 from privatizationof state facilities, Business Georgia reports.The Minister of Finance, Kakha Baindurashvili, said that the primeminister will do all it takes to increase income from privatization.Most of the large privatized facilities have already been sold. At thesame time, the minister does not have a list of purchasable facilitiesin 2011.

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The Dagestani government and AGRIKO (an agriculture investmentcompany) have signed an agreement in Makhachkala on November 12, RIANovosti reports. The Chairman of the Dagestani government Magomed Abdulayev, head ofAGRIKO Vladimir Bovin, deputy chairman of the government MuratShikhsaidov and heads of ministries and agencies of the republic wereat the ceremony.

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Iran plans to increase energy prices in December due to structuralreforms in the economy and correction of energy carrier prices,Iranian Minister of Energy Majid Namju said, Trend reports, citingFars.Gas and electricity prices in agriculture will rise severalfold,Iranian deputy minister of agriculture for planning and economyMohammad Ali Nikbakht said.

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Approximately 200 employees of the Nairit company have gathered at theresidence of Armenian president with protests. They demand wage debtsbe paid off. The company’s head, Vaan Melkonyan, arrived at the scene.According to Panorama.am, Melkonyan and 5 employees were invited tothe residence.Melkonyan said that the factory owes wages for over three months. Thereason is financial problems due to last year’s economic recession.

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The general director of the Azerbaijani car company "AzSamand" has stated stated that negotiatoins are underway to start production of a new Iranian car "Samand Suren" at the Azerbaijani plant, IranNews reports.From the beginning of this year Iranian cars have not been assembled in Azerbaijan, as Iran did not export any components. The company has been repairing cars assembled previously.

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Estonia is planning to increase trade with Georgia. There is a potential for better investment relations between the two countries, Estonian prime-minister Andrus Ansip believes, GeorgiaOnline reports.He also underlined the possibilities of the economic development of Georgia.

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The consortium to develop gas condensate in the Shakh Deniz gas fieldin the Azerbaijani sector of the Caspian will announce in the firstquarter of 2011 the final buyers of the gas within the framework ofthe second stage of the field’s development. The buyers will beselected based on a shortlist, Reuters reports, citing the ExecutiveDirector of RWE Supply & Trading, Stefan Judish.

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The Iranian special representative for Caspian affairs, Mohammed MehdiAkhundzade, told journalists that, according to the agreements of 1921and 1940, the Iranian share of the Caspian Sea should exceed 20%,Trend reports, citing TV channel IRINN.Akhundzade said that the Caspian countries understand that an Iranianproject can help other countries of the Caspian Sea. He did notclarify what project he is talking about. The Iranian official addedthat his country’s approach to the issue meets internationalstandards.

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The federal budget of Georgia for 2010 will be increased by 87,700,000 laris ($50,114,000), according to Georgian deputy finance minister Papuna Petriashvili, Georgia Online reports.The additional money is devoted to priority directions. 11 million laris will be given to the Ministry of Labour, Health and Social Security. 66 million laris will also be spent on infrustructural projects .

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Russia is planning to join the World Trade Organization as a full member in 2011, the Russian president's assistant, Arkady Dvorkovich, told the TV channel Russia Today, RIA Novosti reports."We hope that the report of the working group will be ready in the beginning of next year, and we can finally join the WTO in 2011," Dvorkovich said.

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The prime minister of Georgia, Nika Gilauri, has promised to regulate food prices, BusinessGeorgia reports."Regulation of food prices is on top of the government's priorities. We are trying to stop growth in wheat prices," Gilauri said during his visit to a sewing factory.According to him, an additional consignment of wheat will be transfered from Ukraine, and the government will be working on other variants as well.

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A new copper deposit has been discovered in Iran. About 1 billion tons of the metal could be developed from this deposit, Finmarket reports, citing the Bloomberg agency and the Shargh newspaper.It was found in the south-east of the country. As a result, the total copper reserves of the mine are estimated at about 1.5 billion tons. The exploration of this deposit moves Iran up from 12th to 9th place in the list of the world's holders of copper reserves.At the moment copper is being developed at 6 mines in Iran.

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Several big investment projects are being realized in the Kuban region, Yuga.ru cites the first deputy director of the Investment department of the Krasnodar region, Svetlana Bessonova.A brick plant has been neing built in the Slavyansky district since October, 2009.A glass plant has started working in the Krymsky district. The total amount of investments by the end of 2010 came to 2.5 million rubles, 370 jobs are planned to be created.

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Today the Armenian Sustainable Energy Financing Facility has been presented in Yerevan. It will operate with funding from the European Bank for Reconstruction and Development, News Armenia reports."The credit devoted to the Armenian Sustainable Energy Financing Facility programme is $25 million: $20 million will be used for energy efficiency programmes and $5 million for renewable energy, the head of the ERDB office in Yerevan, Valery Razlog, said.

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Tbilisi has signed a memorandum between Turkey’s Kolin Constructioncompany and the Georgian Ministry of Energy to construct a cascade ofhydro electric plants on the Texura River (Samergelo Region, WesternGeorgia), Trend reports. The document was signed by the Energy Minister, Alexander Khetaguri,and the head of the company’s board, Nadzhi Kologlu. Four companies expressed interest in the project – Turkey’s Limak andKolin Construction, Germany’s Balgioglu Energy Resources and Canada’sCharthage Energy.

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The government of Georgia plans to reduce the unemployment level in2010-2014 using economic growth, Business Georgia reports.The Georgian Statistics Agency reports that Georgia had 1.656 millionemployed citizens in 2009. 36% of them were hired, 63.9% wereself-employed.In 2009 the employment level increased by 0.4% compared with 2008,reaching 16.9%.

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Turkish investors plan to take part in constructing a moderntechnopark on the territory of the Leningrad Region, RIA Novostireports, citing the region’s government.Turkish Deputy of Exterior Commerce, Ahmet Yakidzhi, presented amemorandum, signed by the Trade and Industry Chamber of the LeningradRegion, the Industrial Chamber of Ankara (Turkey) and RenaissanceConstruction Holding.

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