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Thursday, 21 June 2018


Georgian businessmen counting losses from confrontation

2009-04-20 13:22

4/3/6/2436.jpegGeorgian media are keeping records of business people's money losses due to the chaos created by the participants of the open-ended protest action for the president's resignation in the streets of Tbilisi. Is Fadi Asli of the American Chamber of Commerce right saying that "the opposition kills the business"? However the opposition sticks to a different opinion: it's the president's hard line that brings ruin to business community.


Last Monday Kakha Okriashvili, PSP company founder shared the opinion of Fadi Asli whose words mostly refer to the investments. "Mood and expectation are the main things in business. Expecting destabilization in the country risks for investors grow and that is why they are reluctant to invest", - Business Georgia quoted the businessman. Okriashvili emphasized that because of the events unfolding in Tbilisi the country's economy incurred daily losses. These words set the tone of a number of publications illustrating the poisonous influence of the protests on the profit of local enterprises.

Kommersant radio informed that with the start of opposition protests in April the situation of the construction industry in the country had become more complicated following the decline after the economic crisis and the August war. According to the head of supervisory board of Bagedi City Group Jumber Khatiashvili even those occasional customers that had courage to sign a contract with the company in such a shaky period are postponing payments expecting further developments. Olympic Start Company registers 60% drop in sales in the construction sector this year with a minimum in April. Low sales figures are confirmed in Redix Company: "Because of the instability in the country the population refrains from buying real property". However Redix employees do not account for their failure by the April actions only: the cooling-off in the demand for real property has been evident for quite a time.

It turned out much easier to register the losses of shops in Rustaveli Avenue. They have been closed since the first day of the action, i.e. April 9. Because of forced downtime Adidas, as the shop managers state, has lost 1500 lari. However later it restarted normal working hours. Meanwhile Nike, Giordano and Roniko shops note they have lost nothing because of the protest: shoppers come as they did before.

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