Georgia Investment Perspectives-2015

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1 Georgia Investment Perspectives

2 Growing Kutaisi Economy Georgia snapshot Population: ~ 4.5 mln GDP: USD 16.1 bln (2013) USD 16.5 bln ( 2014*) GDP/Capita (PPP 2014*): ~ 3680 USD GDP growth: 4.7% (2014*) FDI: USD mln (2014 *) External Trade USD 2279mln (1Q2015*) Unemployment rate: 14.6% (2013) *Preliminary Data Sources: National Statistics Office of Georgia 2

3 Sovereign Kutaisi Credit Ratings 2008 B+ Negative B+ Negative NA 2009 B Stable B+ Stable B1 Stable 2014 BB- Stable BB- Positive Ba3 Positive 2015 BB- Stable BB- Stable Ba3 Positive 3

4 Business Friendly Kutaisi Regulations Ease of doing business ranking Economic Freedom ranking Corruption perception index SIN 1 HK 1 US 7 ES 11 UK 8 US 12 GE 15 UK 14 ES 17 GE 22 AM 45 AM 41 TR 55 TR 64 RU 62 AZ 81 AZ 80 GE GE RU 140 UKR 96 UKR *Sources: World Bank, Heritage Foundation, Transparency International

5 Trace Matrix Kutaisi Index Chile France Netherlands Norway Georgia USA Germany Japan Singapore Finland Sweden Hong Kong New Zealand Canada Ireland *Sources: Trace International

6 Regional Hub Kutaisi for Doing Business Regional Gateway: Strategic Positioning and Special Trade Agreements No payroll tax or social insurance Tax No capital gains tax No wealth tax and inheritance tax Personal income tax for interest, dividend, royalty 5% Foreign-source income of individuals fully exempted Accelerated depreciation on capital assets Loss carry forward for corporate profit tax purposes (10 years) Georgian Tax System # of Taxes 6 VAT 18% Corporate Profit Tax 15% Personal Income Tax 20% Dividend and Interest Taxes 5% / 5% Property Tax Up to 1% Import Duties 0%, 5%, 12% No restrictions on currency convertibility or repatriation of capital & profit Double taxation avoidance treaties with 47 countries Source: MOF: 6

7 The Fourth Least Kutaisi Tax Burden Country 7

8 Liberal Trade Kutaisi Regimes Free Trade Agreements/DCFTA with EU GSP (Preferential terms of Trade) Georgia Member of WTO since 2000: Most Favored Nation (MFN) Located at the crossroads of Europe, Central Asia, Middle East and Africa, Georgia is the shortest transit route between Western Europe and Central Asia for transportation of oil and gas as well as dry cargo. State Incentives to further solidify such positioning: Very simple and service oriented customs policy 0% customs tax on over 80% of imports Efficient tax administration 0% customs tax on all exports No quantitative restrictions or tariff barriers 0% VAT on all exports Average Customs Clearance ~15 minutes Maximum customs tax on imports 5-12% Source: World Bank 8

9 Road & railway Sea Ports International Airports Developed Kutaisi Infrastructure Mode of Transport Existing Infrastructure Development Poti Sea Port 13 berths, 8-10m depth Container and bulk (210k TEU) Owned/Operated by Maersk/Rakia Batumi Sea Port 5 berths, 1 offshore mooring, 11m depth 70% petroleum/oil, 30% containers (44k TEU) Operated by JSC KazTransOil Kulevi Sea Port Crude Oil, petroleum and lubricants (10 mln. ton) Owned/operated by State Oil Company Azerbaijan (SOCAR) Poti Sea Port New Container berth in 2014 Batumi Sea Port USD 20 mln. allocated for port development Kulevi Sea Port Carbamid Plant to be constructed with up to USD 700 mln. investments volume (SOCAR) Anaklia Deep Sea Port Up to 20m depth Capable of accommodating Panamax size cargo vessels Rail Road 1,500 km (90% electrifies) ~7,000 rolling stock, 180 locos 1,500 km international road +20,000 km internal and local roads Rail Road Baku-Tbilisi-Kars Connection to Turkey Modernization Tbilisi Bypass ~2,500 new rolling stock East-west highway Rehabilitation of existing infrastructure Tbilisi International Airport ~1 mln. passengers ( Capacity - ~ 3 mln.) Serving 28 destinations Batumi International Airport ~170,000 passengers (Capacity 600 thsd.) Serving up to 10 destinations Kutaisi International Airport ~100,000 passengers (Capacity 600 thsd.) Serving up to 10 destinations Tbilisi International Airport 2nd runaway to be constructed International Cargo terminal Kutaisi International Airport Runaway extension Cargo Terminal Source: Ministry of Infrastructure and Regional Development 9

10 Energy Kutaisi Sector Vast Untapped hydro Resources Top country in water resources per capita In total 26,000 rivers 300 rivers in terms of energy production 18% of total hydro potential is utilized HPP Greenfield potential of 20 TWh Large scale Projects (>100 MW) ~70 Small scale/medium projects (<100MW) Russia Azerbaijan Armenia Turkey Existing and Future Transmission Capacities 1,210 MW ~950 MW ~ 950 MW ~ 1,000 MW 10

11 Tourism Kutaisi Overview International Visitors Inflow y-o-y +56% y-o-y +22% y-o-y +2% Development of spa cities around Georgia Historical and Cultural monuments 103 Resorts and 182 Resort Areas 2400 Spring of Mineral Waters Youth Olympics in 2015 UEFA Super Cup in 2015 EBRD Annual Meeting in 2015 Silk Road Conference in 2015 Source: Georgian National Tourism Agency 11

12 POTENTIAL LOCATIONS DESCRIPTION Opportunities in tourism sector SUN-BEACH RESORTS WINTER SKI RESORTS SUMMER MOUNTAINS RESORTS SPA RESORTS REGIONAL CASINO CITY Expansion of summer sun and beach franchise focusing on high-end segment Master development of winter resorts with unique profile equivalent to the Alps Four season resort value preposition Development of Spa Resorts Development of large-scale integrated casino complex to Serve regional markets. All inclusive summer resorts New master resort development Government is fully committed to provision of basic infrastructure Majestic landscapes allowing for a wide range of summer tourism activities such as trekking, horse riding, bird watching and river racing Include hotels, Different types of Clinics, fitness, Outdoor activities Include hotels, casino entertainment, family Services and shopping Fiscal incentives Available Batumi Anaklia Kobuleti Other Black Sea locations Mestia Gudauri Bakuriani Goderdzi Mestia Gudauri Bakuriani Goderdzi Kazbegi Other locations Tskaltubo Akhtala Other locations *Georgian National Tourism Administration

13 Tourism Trends Accommodations Purpose of Visit Hotel 43% Holiday,Leisure,Recreation 37% Private Home of Friend/Relative Guesthouse/Hostel Rented Apartment 10% 7% 34% Visiting friends/relatives Transit on the way to another country Shopping Business or professional 4% 9% 17% 26% Private Home/Apartment 5% Education or training 2% Campsite or trailer park 3% Health and Medical Care 2% Other 6% Other 5% 0% 10% 20% 30% 40% 50% 0% 5% 10% 15% 20% 25% 30% 35% 40% Average Length of Stay Most Visited Destinations Country of Residence Average Overnights Russia 8 Azerbaijan 4 Armenia 4 Turkey 2 Average 5 Source: Georgian Hotel Market Report 2014, Colliers International 13

14 Tourism Trends Supply of international upscale brand hotel rooms in total supply to increase by 3 times and international midscale brand hotel rooms by 2 times through to The highest occupancy rate in Tbilisi is in international midscale brand hotels (75%), with the average occupancy in international upscale brand hotels at 74%. Source: Georgian Hotel Market Report 2014, Colliers International 14

15 Tbilisi: Existing Brand Hotels Radisson 249 rooms Tbilisi Marriott 127 rooms Holiday Inn 252 rooms Courtyard Marriott 118 rooms Sheraton Metekhi Palace 140 rooms (Under development, to be completed in 2016 ) Rooms Hotel Tbilisi 141 rooms 15

16 Tbilisi: Upcoming Projects Park Inn by Radisson 200 rooms, to be completed in 2015 Rixos 170 rooms Millennium Hotel 216 rooms. to be completed by the end of 2015 Hilton Garden Inn 165 rooms. to be completed in

17 Batumi: Existing Brand Hotels Radisson Blu Hotel Batumi 168 rooms Sheraton Batumi 202 rooms Le Port 45 rooms Divan Suits Batumi 65 rooms 17

18 Batumi: Upcoming Projects Hilton Batumi 170 rooms. to be completed in 2015 Babillon Tower 166 rooms. to be completed in April 2016 Marina Coliseum 104 rooms Kempinski Hotel 253 rooms 18

19 Destination Hotels Lopota Resort 100 rooms Royal Batoni 31 rooms Rixos Borjomi 151 rooms Rooms Hotel Kazbegi 156 rooms 19

20 Destination Hotels Kvareli Lake Resort 19 rooms Hotel Kabadoni 21 rooms Chateau Mere 15 rooms Chateau Kvareli 26 rooms 20

21 Retail Kutaisi Industry Public administration 7.5% Agriculture,fore stry and fishing 8.1% GDP structure in 2014 Other sectors 16.1% Construction 10.5% Transport and communication 9.4% Industry 25.8% Trade 12.9% Retail trade in Georgia % real GDP Growth in 2014 Georgia ranks 7th in 2014 Global Retail Development Index by A.T. Kearney. The GRDI ranks the top 30 developing countries for retail investment based on several macroeconomic and retail-specific variables. Alongside economic growth and rising household incomes, Georgia is becoming as increasingly attractive country in which to do retail business Rising purchasing power and economic development is highly correlated with the development of commercial/retail real estate. Source: Georgian National Statistics Office 21

22 Thousand sqm Retail space supply in Georgia 2014 (sq.m.) Retail space supply in Tbilisi 2014 (sq.m.) Existing shopping Centers in Tbilisi Shopping centers supply in Tbilisi F 2016 F Modern shopping centres Traditional shopping centres Shopping centres supply in Georgia will rise by 42% in 2015 and by 10% in

23 Retail Industry Kutaisi -Demand Average Monthly Expenditures Georgia and Tbilisi Consumer spending pattern in Georgia Average Monthly Expenditures per Household (USD) Georgia Average Monthly Expenditures per Household (USD) Tbilisi Source, National Statistics Office of Georgia Commercial retail space demand in Tbilisi 2014 Average retail rents in Tbilisi (USD per sq.m. per month excl. VAT and service charges) 23

24 Georgia Government Kutaisi Incentives Free Industrial Zones Produce in Georgia Developed Infrastructure Corporate Income Tax 0% Value Added Tax 0% Property Tax 0% Import/Export Customs Taxes 0% Personal Income Tax 20% Implementing Entity: Entrepreneurship Development Agency Support: Interest Rate co-financing (10%) during the first 2 years of the project Lease Rate co-financing (12%) during the first 2 years Collateral Insurance 50% of the total loan amount for 2-4 years Transfer of state owned real estate in the ownership, free of charge with investment liability (Specific land plots & buildings identified) Technical Assistance 24

25 Georgia Investment Kutaisi Funds 100% State Fund Total Assets USD 3 billion Investment Options: PF participation should not exceed 50% of the total investment Equity Co-Investment Senior and Subordinated Loans 100% Private Fund Total Assets USD 6 billion Investment Options: Minimum size of Investments of USD 5 million Equity Co-Investment from 25 to 75% of the project Minimum IRR of the project 17% 100% State Fund Investments in Hydro, Solar and Wind Energy Projects Investment Options: In-kind (project, assets or services) and cash contribution Joint-Venture below 30% of equity, or 10% of total project investment cost 25

26 Georgia Investment Perspectives 26

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