Category: Author’s post
Georgia Discusses Joint Business Projects with Uzbekistan
Regular meeting of the Uzbek-Georgian Business Council took place in Tbilisi on 1 July 2026. It prepared the state visit of the President of Uzbekistan, Shavkat Mirziyoyev, to Georgia.
Prospects for expanding trade and economic cooperation, developing industrial cooperation, and implementing new investment projects were in the spotlight of the discussion.
The Deputy Chairman of the Chamber of Commerce and Industry of Uzbekistan, Odilkhon Rustamov, the President of the Georgian Chamber of Commerce and Industry, Giorgi Pertaia, and representatives of leading business circles from both countries attended the meeting.
Positive dynamics in bilateral economic cooperation was noted by participants. The volume of mutual trade reached US$267.6 million by the end of 2025. Meanwhile, it stood at US$89 million in 2017. US$77.2 million of this total volume were accounted for Uzbek exports to Georgia. Meanwhile, imports from Georgia attained US$190.4 million.
Both parties agree that they will increase mutual trade turnover to US$1 billion due to effective utilization of the free trade regime and transport and logistics potential.
Also, the pharmaceutical sector, electrical engineering and chemical industries, construction materials production, agricultural processing, textiles, winemaking, as well as in the fields of transport and logistics have a great potential for implementing joint projects.
Mutual intention to intensify interaction between the business communities of Uzbekistan and Georgia, support joint investment projects, and consistently develop cooperation within the framework of the Uzbek-Georgian Business Council was reaffirmed following the meeting.
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Read moreAverage salary in Novi Sad decreased in April compared to March
The data from the Statistical Office of the Republic of Serbia show that the average gross salary in Novi Sad for April this year was 191,525 dinars, including taxes and contributions. That means that residents of Novi Sad earned less than in March.
The amount of the net salary in the capital of Vojvodina in April reached 138,914 dinars, without taxes and contributions. 021.rs reports that it is 2,500 dinars less than in March.
However, the average salary across the whole of Serbia in April was 200 dinars more than in March (121,805 dinars).
Nevertheless, the median salary remains a much more reliable indicator of the purchasing power of Serbian citizens, despite the average salary for April this year exceeding €1,000.
As of April, the median salary in Serbia stood at 94,585 dinars. As statistics from the Republic Office show, it is significantly lower than average earnings.
Meanwhile, the average net salary in Serbia has increased from 109,000 dinars to 121,000 dinars over the past year. This is around 12,000 dinars more, but the inflation rate for that period stands at 3.3 per cent.
They expected Novi Sad to be the city with the highest earnings in Vojvodina. Despite these expectations, Pančevo with 122,000 dinars and Inđija with 116,000 dinars overtook Vršac in April. So, Novi Sad takes the fourth place with a salary of 115,000 dinars.
The highest average salary in the entire country was in Belgrade. In April it attained 150,000 dinars (3,000 less than in March).
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Read moreU.S. business investigates Kazakhstan’s investment opportunities
As Deputy Prime Minister – Minister of National Economy Serik Zhumangarin said at the Kazakhstan–United States Roundtable in Astana, Kazakhstan sees strong potential for expanding investment cooperation with American companies in raw material processing, import substitution, infrastructure and export-oriented industrial projects.
According to Zhumangarin, strengthening engagement with the United States remains one of the main external economic priorities of the Government of Kazakhstan.
The Minister assured that the country is implementing measures to improve the business climate, protect investors’ rights and attract high-quality investment.
He also added that the conditions in Kazakhstan are attractive, the returns are sound, and the financial resources are available.
Zhumangarin emphasized that Kazakhstan offers major opportunities in deep processing of raw materials, import substitution and infrastructure. They estimate the potential pipeline in raw material processing at about $95 billion. Meanwhile, import substitution projects exceed $20 billion.
Concerning infrastructure, more than 200 projects worth about $80 billion are included in the National Investment Plan. Meanwhile, the Energy and Utilities Modernization Program adds another $25 billion for power generation and networks.
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Read moreKyiv and Tokyo deepen partnership on recovery, economic development and reforms
On June 23 in Kyiv, Ukraine’s Deputy Prime Minister for European and Euro-Atlantic Integration, Taras Kachka, held a meeting with a delegation led by Japan’s State Minister of Economy, Trade and Industry, Kenji Yamada, and Japan’s State Minister for Foreign Affairs, Ayano Kunimitsu.
The sides discussed further support for Ukraine, the development of bilateral trade and investment, the participation of Japanese business in Ukraine’s reconstruction, as well as cooperation in the fields of security and reforms.
Taras Kachka thanked Japan for its consistent support for Ukraine since the beginning of the full-scale invasion and emphasized the importance of continuing assistance amid ongoing Russian aggression.
Particular attention was paid to attracting Japanese companies to Ukraine’s reconstruction and to the development of joint projects in energy, cybersecurity, infrastructure, and industry.
The Japanese side reaffirmed its unwavering support for Ukraine, its readiness to continue implementing reconstruction programs, and to promote broader participation of Japanese businesses in rebuilding projects.
Taras Kachka also stressed the importance of finalizing negotiations on updating the Agreement between Ukraine and Japan on the Promotion and Protection of Investments.
“We are interested in creating the most favorable conditions for Japanese investors in Ukraine. An updated investment agreement will be an important signal for business and will help deepen economic partnership between our countries, especially after Ukraine’s accession to the European Union,” he said.
They also discussed Ukraine’s progress in reforms. Kachka informed Japanese partners about the opening of Cluster 1, “Fundamentals of the Accession Process to the EU,” within the EU accession negotiations, as well as the results of the latest OECD 2026 Anti-Corruption and Integrity Review, which confirmed Ukraine’s strong performance in judicial integrity, political finance, and anti-corruption policy.
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Read moreThe Pension Insurance Law New changes
The new changes to the Pension insurance law will give professional soldiers the right to retire under the same conditions as officers and non-commissioned officers. Also, additional years of service will help pensioners increase their pensions. Moreover, new rights will appear for farmers.
According to amendments to the Law on Pension and Disability Insurance, professional contract soldiers will get an old-age pension after completing 40 years of pensionable service and reaching at least 53 years of age. It will bring their status into line with that of other members of the professional armed forces.
Also, new amendments will include the right to attendance allowance and care assistance into the insured risks covered by the pension and disability insurance system for the first time.
As for pensioners who continue working after retirement, recipients of old-age and early retirement pensions who accumulate at least one additional year of pensionable service after retiring will be able to apply for a recalculation of their pension.
A new, more favorable pension amount, will be calculated by the Pension and Disability Insurance Fund (PIO Fund) in such cases. The additional period of service completed will be the basis of this new pension amount.
Farmers will be also affected by some amendments. For example, holders of family agricultural holdings who pay income tax on self-employed activities or value-added tax (VAT) will get mandatory insurance coverage in the future.
However, there will be the possibility of suspending insured status in cases of natural disasters, illness or maternity leave.
New categories of insured persons are also in the draft law. They are employees working for foreign employers that do not have a registered representative office in Serbia. The condition is application of Serbian regulations to them in accordance with the rules governing the coordination of social security systems.
According to the proposed amendments, people acquire old-age and early retirement pensions only after insurance coverage has ceased. Nevertheless, there are certain exceptions for specific categories of insured persons and individuals. Their most recent insurance coverage should be in countries with which Serbia has concluded social security agreements.
Reimbursement of funeral expenses is also among the changes. According to the proposal, persons who bear the costs of burying beneficiaries of certain disability-related benefits and residual work-capacity benefits will get it.
They expect most provisions of the law to enter into force on the eighth day following publication in the Republic of Serbia’s Official Gazette. Nevertheless, it will be possible to apply for provisions relating to harmonization with European Union rules only after Serbia joins the EU.
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Read moreThe work of the Intergovernmental Commission on Trade and Economic Cooperation between Kyrgyzstan and Georgia is resumed after a ten-year hiatus
The second meeting of the Kyrgyz-Georgian Intergovernmental Commission on Trade and Economic Cooperation took place at the Ministry of Economy and Commerce of the Kyrgyz Republic in Bishkek. It marked the resumption of the Commission’s activities after a ten-year hiatus.
Also, Georgia’s Minister of Environmental Protection and Agriculture David Songulashvili attended the meeting.
Bakyt Sydykov, Minister of Economy and Commerce of the Kyrgyz Republic, and Mariam Kvrivishvili, Minister of Economy and Sustainable Development of Georgia co-chaired the Commission.
The considerable potential for cooperation between Kyrgyzstan and Georgia in the fields of trade and economic relations, investment, transport and logistics, tourism, agriculture, and cultural and humanitarian exchanges were the main topics of the meeting.
Particularly, Bakyt Sydykov highlighted Kyrgyzstan’s consistent policy aimed at economic modernization, improving the investment climate, and supporting entrepreneurship. Preliminary results show the country’s economic growth by over 11 percent in 2025. Meanwhile, growth for the first four months of 2026 reached 12.4 percent.
The Minister specified that improvements in tax and customs administration, the digitalization of public services, the reduction of the shadow economy, and stronger public-private partnerships made these achievements possible.
Georgia’s economic growth by 7.5 percent in 2025 created additional opportunities for expanding bilateral trade and investment cooperation.
Mariam Kvrivishvili highlighted that Georgia is an important transport and logistics bridge between Europe and Asia due to its strategic geographic location. It also connects the Middle East, South Asia, the Caucasus, and Central Asia.
As she emphasizes, the development of transport and logistics infrastructure is particularly important.
Another key driver of the country’s economic growth is tourism. It brought a record amount of around USD 4.7 billion in 2025. Nearly 7.8 million visitors from different countries came to Georgia, including Kyrgyzstan.
According to the participants, the Intergovernmental Commission is an important mechanism for advancing joint initiatives and ensuring the practical implementation of agreements between the two countries. The sides signed agreements in the areas of investment, avoidance of double taxation, education, and statistics following the first meeting of the Commission. Moreover, they successfully carried out a number of joint activities and reciprocal visits.
Also, the current state and future prospects of cooperation in foreign policy, trade, investment, agriculture, transport, logistics, and other areas of mutual interest were discussed by the representatives of relevant ministries and government agencies from both countries during the meeting.
Also, discussions on cooperation in information and communication technologies, environmental protection, education, culture, communications, labor, and employment were in the agenda.
Finally, they signed the Protocol of the Second Meeting of the Kyrgyz-Georgian Intergovernmental Commission on Trade and Economic Cooperation.
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Read moreBusiness support program of the EBRD and EU in Ukraine is increasing by €2B.
The aid for small and medium-sized enterprises (SMEs) in Ukraine from the European Bank for Reconstruction and Development, with funding from the European Union, is growing. It will allow them to secure €2B in new funding via EBRD partner banks. This additional EU assistance includes €200M in guarantees, €105M in grants, and €10M for technical support as part of the Ukraine Investment Framework.
At least 3,000 businesses will get loans from this new funding, which will help preserve 180,000 jobs. EU grants and other investment incentives will cover 10% to 30% of Ukrainian companies’ essential capital investments, mainly in energy-efficient and green technologies. Enterprises with assets that have been damaged or destroyed by the war or located in frontline zones will be the target of over half of these grants.
Also, the Revival of Ukrainian Small and Medium-sized Enterprises program is being launched by the EBRD and EU. They expect it to provide €135M in funding and advisory services for businesses and startups. €46M will come from EU support. At least 15 Ukrainian projects will get financing from this initiative.
Source https://nh-consulting-services.com/2026/06/12/ukraine-support/
Read moreGeorgia and Turkmenistan discuss on legal framework for business cooperation
According to the Turkmen MFA, Turkmenistan and Georgia discussed the legal framework for business and economic cooperation.
Turkmen Ambassador to Georgia Dovletmyrat Seyitmammedov and Georgian Deputy Minister of Economy and Sustainable Development Tamar Ioseliani negotiated during a meeting in Tbilisi. Also, Head of the Department of Trade Development and International Economic Relations at the Ministry of Economy and Sustainable Development, Givi Zedelashvili, and Director General of Georgian Railway, Lasha Abashidze attended the meeting.
According to the both sides, further improvement of the bilateral treaty and legal base are an important factor for the sustainable development of trade and economic ties. Also, it is important to create more favorable conditions for joint economic initiatives between Turkmenistan and Georgia.
A stable legal framework consisting of bilateral agreements and multilateral trade arrangements is the basis of trade and economic relations between Turkmenistan and Georgia. The two countries continue to apply the provisions of the 1994 CIS Free Trade Area Agreement in their bilateral trade, even though Georgia has withdrawn from the Commonwealth of Independent States (CIS) in 2009. This way, preferential tariff treatment and facilitating transit operations are ensured.
In general, the Intergovernmental Turkmen-Georgian Commission on Economic Cooperation coordinates bilateral economic cooperation. It serves as the principal mechanism for monitoring the implementation of existing agreements and identifying new areas of cooperation. Moreover, trade, transport, logistics, energy, investment, and other sectors of mutual interest are covered by the Commission’s agenda.
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Read moreSerbia’s entering the EU will entail a new model of taxation of citizens
A proposal for the Law on Personal Income Tax has been published by the Ministry of Finance. It will come into force from the date of Serbia’s accession to the European Union.
According to the law, all natural persons who generate income (wages, income from self-employment, copyrights, capital, real estate, capital gains) pay the tax. It regulates exclusively taxation income. Nevertheless, only its provisions can introduce tax reliefs and exemptions.
Also, Serbian residents pay tax on income earned in the country and abroad. Meanwhile, non-residents pay tax only on income earned in Serbia.
Officials of the institutions of the European Union, members of their families, as well as for diplomatic and consular personnel of Serbia fall under special rules.
Social benefits, child allowances, unemployment benefits, pensions, disability benefits, scholarships up to the prescribed amount, assistance due to natural disasters, subsidies and incentives in agriculture, volunteering fees, certain one-off benefits and other public interest benefits are exempted from taxation. Also, non-residents who stay in Serbia for up to 90 days do not need to pay taxes on certain incomes.
The income that residents of Serbia earn abroad and pay tax on it in another country can be included as a tax credit in Serbia. Nevertheless, the amount must not exceed the amount of tax they would pay on the same income according to domestic regulations.
However, they recognize expenses of 110.647 dinars per quarter for income from copyright and related rights. Meanwhile, 66.733 dinars are recognized for income based on the contracted remuneration for work. They apply standardized deductions if a person earns both types of income.
Also, the law defines various benefits that the employee receives from the employer, compensation for temporary and occasional jobs, personal earnings of the entrepreneur as wages. They also include in the earnings vouchers, goods, services, debt forgiveness, use of an official car for private purposes, an official apartment.
However, the monthly amount of 34.221 dinars for full-time employees is non-taxable. Also, newly settled taxpayers and highly qualified experts who come to work in Serbia can enjoy an income tax reduction by 70 percent for five years. This measure aims to attract professional staff and return people from abroad.
A flat tax rate of 10 percent is stipulated for wages.
Moreover, certain allowances for transportation costs, per diems for business trips in the country and abroad, accommodation and transportation costs on business trips, as well as on certain types of assistance to employees are exempted from taxation. Exemptions include solidarity aid due to illness, disability or the birth of a child, aid in the event of the death of a family member, New Year’s and Christmas gifts for employees’ children, jubilee awards, as well as funds intended for the treatment of an employee.
Special regulations concern the treatment of shares and shares that employees receive from the employer or a related person for at least two years. Benefits provided by the employer for the purpose of recreation and improving the health of employees also fall under tax exemption.
The law exempts some employees in diplomatic and consular missions, international organizations and institutions of the European Union, persons with disabilities employed in companies for their work training and employment from paying salary tax. Voluntary health insurance and voluntary pension funds do not pay taxes on income below 8.677 dinars per month.
Also, the law exempts newly founded innovative companies from paying taxes on the salaries of their founders during the first three years of operation, for salaries up to 150.000 dinars per month.
A special benefit is provided to people under 40 years of age. The base for calculating the annual tax is additionally reduced for them.
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Read moreGeorgia’s visa-free policy welcomes Chinese travelers as gives tourism hope
An immersive cultural showcase for those attending the opening gala took place on May 25th at W Shanghai. The reason is the coinciding of Georgian National Day, 26th May, with the opening of this year’s edition of ITB China.
The annual travel trade event which is now on its ninth edition made Georgia its official partner destination.
Traditional Georgian specialities and a selection of wines and spirits produced in the region were on the menu. Meanwhile, folk dances and the country’s famed polyphonic singing entertained the attendees.
As Messe Berlin (China) managing director David Axiotis said in February, Georgia has built a strong and growing presence in the Chinese market. Chinese travelers got interested in its cultural experiences, gastronomy and wine, and diverse natural landscapes. Combined with visa-free travel policy, these reasons made the popularity of this destination increase steadily. Georgia’s sustained commitment and long-term strategic planning for the Chinese market made the country ITB China’s Partner Destination for 2026. Nevertheless, the sides look forward to deepening understanding of Georgia among Chinese travel professionals and enabling meaningful, substantive cooperation.
Georgian deputy minister of economy and sustainable development Irakli Nadareishvili appreciated all working partners and guests who came to celebrate the spirit of global tourism and international cooperation.
As Nadareishvili declared, in 2023, Georgia had the great honour of serving as a host country of ITB Berlin. It was an important milestone in strengthening Georgia’s global tourism position. Today the country is proud of its success in the region of Shanghai as the official partner destination of ITB China in 2026.
According to the deputy minister, tourism stands among the most dynamic and rapidly growing sectors of the global economy in this day and age.
Undoubtedly, tourism drives economic growth, sustainable development and the formation of cooperation.
Also, tourism brings people, cultures, and nations closer together.
Nadareishvili also said that tourism fosters mutual understanding in China and encourages meaningful dialogue and lasting connections through shared experiences and cultural exchanges.
Along the history, Georgia’s geographic position at the crossroads between Asia and Europe has made it a meeting point and melting pot for cultures, traditions and traditions.
Meanwhile, a strong and distinctive national identity was shaped by this unique geographical and geopolitical position.
As Nadareishvili said, Georgia’s hospitality, a deeply rooted cultural value defined by respect, generosity and openness towards every guest are at the core of this identity. Georgia offers the global stage a rich and diverse gastronomy, and well-preserved living heritage, as well as the oldest winemaking traditions.
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