`oqros siaSi~ xelisuflebis favoritebi Sevlen~ - banksandfinance.ge
`oqros siaSi~ xelisuflebis favoritebi Sevlen~ - banksandfinance.ge
`oqros siaSi~ xelisuflebis favoritebi Sevlen~ - banksandfinance.ge
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#159<br />
ivnisi<br />
ivnisi<br />
xelisufleba xSirad amayobs sainvesticio<br />
garemos kvlevis sxvadasxva<br />
Sede<strong>ge</strong>biT da mravali sxvadasxva<br />
donis reitinguli kvlevis<br />
maCveneblebiT. am reitin<strong>ge</strong>bis mixedviT,<br />
saqarTvelo ganviTarebis sxvadasxva<br />
sferoebSi uswrebs italias,<br />
<strong>ge</strong>rmaniasa da safran<strong>ge</strong>Ts. msgavsi<br />
Sede<strong>ge</strong>bis miReba kargia, magram realobas<br />
cotaTi mainc rom asaxavdes,<br />
ukeTesi iqneboda. ZiriTadad, es ucxouri<br />
organizaciebis mier organizebuli<br />
kvlevebia, romelTa stimulirebasac<br />
zogjer gaurkveveli<br />
motivebi udevs safuZvlad. am TvalsazrisiT<br />
gamonakliss warmoad<strong>ge</strong>ns<br />
kavkasiis universitetis mier<br />
saqarTvelos sainvesticio klimatis<br />
Semswavleli kvlevis Catareba.<br />
amerikuli jorj meisonis universitetis<br />
dakveTiT kavkasiis universitetma<br />
saqarTvelos sainvesticio<br />
klimatis kvleva Caatara, romlis<br />
ZiriTad mizans qveyanaSi pirdapiri<br />
ucxouri investiciebis zrdis<br />
Semaferxebeli faqtorebis gamovlena<br />
warmoad<strong>ge</strong>nda. gamokiTxul iqna<br />
saqarTveloSi dRes moqmedi 10<br />
qarTuli da 10 ucxouri kompania.<br />
ucxouri investiciebis qveyanaSi Semosvlis<br />
ZiriTad Semaferxebel faq-<br />
torebad dasaxelebuli iqna<br />
ekonomikuri da politikuri stabilurobis<br />
dabali xarisxi (88,8%);<br />
damoukidebeli sasamarTlos ararseboba,<br />
romelic gamokiTxulTa 50%ma<br />
daasaxela; saxelmwifo moxeleebis<br />
kerZo biznessaqmianobaSi dausabuTebeli<br />
Careva. (40%)<br />
kvlevis erT-erTi avtori,<br />
ekonomikis doqtori giorgi Ra-<br />
RaniZe miiCnevs, rom miuxedavad<br />
saqarTvelos mTavrobis ambiciuri<br />
programisa, Seeqmna qveyanaSi ul-<br />
traliberaluri ekonomikuri reJimi,<br />
investorebi damoukidebeli sasamarTlo<br />
sisitemis ar qonas uCivian,<br />
rac maTi investiciebis daucvelobas<br />
niSnavs. misi TqmiT, damoukidebeli<br />
sasamarTlo sistemis sisuste<br />
da saxelmwifo moxeleTa Careva biznesurTierTobebSi<br />
ekonomikuri<br />
danaSaulisaTvis noyier safuZvels<br />
qmnis. `rodesac ar arsebobs<br />
damoukidebeli sasamarTlo, maSin<br />
iqmneba SesaZlebloba, rom saxelmwifo<br />
moxele dausabuTeblad Caerios<br />
kerZo biznesurTierTobebSi,<br />
aq saubaria dausabuTebel<br />
Carevaze<br />
da ara imaze, rac<br />
saxelmwifo moxeles<br />
TavisTavad evaleba.<br />
Cven kiTxvarSi sxva<br />
formiTac vcadeT gagverkvia es sakiTxi.<br />
davsviT kiTxva, ra ar moswonT<br />
investorebs saqarTveloSi da igive<br />
pasuxi miviReT. investorebisTvis yvelaze<br />
didi problemaa saxelmwifo<br />
moxeleebis dausabuTebeli Careva maT<br />
biznesSi~, - acxadebs giorgi Ra-<br />
RaniZe.<br />
kvlevis Sede<strong>ge</strong>bi ar gakvirvebia<br />
ekonomikis eqsperts nodar xadurs.<br />
``CvenTan, ``CvenTan, xSir xSir SemTxvevaSi, SemTxvevaSi, ucxoeli ucxoeli investorebi<br />
investorebi<br />
yiduloben yiduloben mxolod mxolod Senobas Senobas da da bizness bizness iwyeben<br />
iwyeben<br />
nulidan`` nulidan`` - - - nodar nodar nodar xaduri<br />
xaduri<br />
igi miiCnevs, rom dRes mTavrobis<br />
mTavar amocanas saxlmwifo politikisa<br />
da biznesis erTmaneTisgan gamijvna<br />
unda warmoad<strong>ge</strong>ndes, `saxelmwifos<br />
is organoebi, romelTa<br />
saqmec ar aris biznesTan urTier-<br />
Toba, xSirad marTlac seriozulad<br />
erevian biznessaqamianobebSi. eseni<br />
arian yvela kategoriis saxelmwifo<br />
moxeleebi, dawyebuli wvrili Cinovnikebidan<br />
samarTaldamcavi struqturebis<br />
warmomad<strong>ge</strong>nlebiT damTavrebuli.<br />
mTavari amocana, romel-<br />
www.<strong>banksandfinance</strong>.<strong>ge</strong><br />
`investorebisTvis yvelaze didi<br />
problema saxelmwifo moxeleebis<br />
biznessaqmianobaSi Carevaa~<br />
ic xelisuflebam unda<br />
dasaxos, aris zustad is,<br />
rom TandaTanobiT unda<br />
moaxerxos saxelmwifosa da<br />
biznesis erTmaneTisagan<br />
gamijnva da maT Soris<br />
partnioruli urTierTobebis<br />
uzrunvelyofa.<br />
winaaRmdeg SemTxvevaSi,<br />
saqarTveloSi seriozuli<br />
investiciebis Semosvla<br />
warmoud<strong>ge</strong>nelia~.<br />
pirdapiri ucxouri investiciebis<br />
qveyanaSi Semosvlis Semaferxebli<br />
mizezebis garkvevisas<br />
gamokiTxuli kompaniebis umravleobam<br />
qveyanaSi bolo dros ofSoruli<br />
kapitalis moZaleba daasaxela.<br />
2007 wels mxolod didi britane-<br />
Tis virjiniis kunZulebis ofSoruli<br />
zonidan Semosulma kapitalma<br />
qveyanaSi ganxorcielebuli mTliani<br />
investiciebis 10 procenti Seadgina.<br />
yvelasaTvis cnobilia, rom ofSoruli<br />
kapitalis didi nawili Savi<br />
fulia, sul axlaxans foTSi gaxsnili<br />
Tavisufali ekonomikuri zona<br />
``evropaSi, ``evropaSi, garda garda imisa, imisa, rom rom investiciebi<br />
investiciebi<br />
upirobod upirobod aris aris daculi, daculi, moqmedebs moqmedebs pirdapiri<br />
pirdapiri<br />
SeRavaTebi SeRavaTebi iseTi iseTi investorebisaTvis, investorebisaTvis, investorebisaTvis, romlebic<br />
romlebic<br />
qmnian qmnian axal axal samuSao samuSao adgilebs`` adgilebs`` - - giorgi giorgi RaRaniZe<br />
RaRaniZe<br />
ofSoruli kapitalis Semodinebis,<br />
Sesabamisad, fulis gaTeTrebis<br />
Zalzed maRali riskis matarebelia.<br />
giorgi RaRaniZe miiCnevs, rom of-<br />
Soruli kapitalis moZaleba<br />
strategiul investorebs<br />
saqarTvelosadmi ndobas daukargavs,<br />
rac grZelvadian perspeqtivaSi<br />
Zalzed uaryofiT Sede<strong>ge</strong>bs gamoiwvevs.<br />
misi TqmiT, Tavisufali ekonomikuri<br />
zonebidan miRebuli efeqtebi<br />
yovelTvis warmoad<strong>ge</strong>ns arCevans<br />
mokle da graZelvadian prioiritetebs<br />
Soris. arCevani Cvenzea.<br />
`swori pariteti grZel da moklevadian<br />
interesebs Soris yovelTvis<br />
unda iyos daculi. yvelafris gr-<br />
Zelvadian periodSi da<strong>ge</strong>gmva warmoud<strong>ge</strong>nelia,<br />
magram ar SeiZleba<br />
moklevadian efeqtebs vamsxverploT<br />
qveynis strategiuli, grZelvadiani<br />
efeqtebi. am TvalsazrisiT, foTis<br />
Tizis Seqmna, rasakvirvelia, Seicavs<br />
garkveul risks, rom aq fulis gaTe-<br />
Treba moxdeba. amis winaaRmdeg Cven<br />
unda avamoqmedoT qmediTi dacviTi<br />
saSualebebi, Cveni kanonmdebloba<br />
maqsimalurad unda mivaaxlooT<br />
evrokavSiris kanonmdeblobasTan da<br />
gamoviyenoT maTi warmatebuli gamo-<br />
cdileba~, miiCnevs giorgi RaRaniZe.<br />
Cveni mTavroba gamudmebiT imeorebs,<br />
rom gasul wels qveyanaSi Semosulma<br />
miliard 700 milioni<br />
dolaris investiciam 40 aTasi samuSao<br />
adgili Seqmna. logikas Tu<br />
gavyvebiT, dRes umuSevarTa ricxvi<br />
qveyanaSi mizeruli unda iyos, Tum-<br />
ca imis dad<strong>ge</strong>nas, rom umuSevrobis<br />
done gasul welTan SedarebiT TiTqmis<br />
ar Semcirebula, didi dakvirveba<br />
ar sWirdeba. mizezi martivia, yvela<br />
investicia momentalurad samuSao<br />
adgilebis Seqmnas ar niSnavs. sainformacio<br />
saa<strong>ge</strong>nto `jorjian biznes<br />
konsaltingis~ redaqtori irakli<br />
leqvinaZe miiCnevs, rom Semosuli investiciebis<br />
efeqtianoba did wilad<br />
danazo<strong>ge</strong>bis Seqmnazea damokidebuli.<br />
sxva SemTxvevaSi Semosuli<br />
ucxouri<br />
kapiatali mxolod<br />
viwro wreSi itrialebs,<br />
rac garkveuli<br />
drois Semdeg<br />
qveynidan kvlav<br />
gaedineba. `Semosuli<br />
investiciebis gardaqmna unda<br />
moxdes mosaxleobis danazo<strong>ge</strong>bSi,<br />
romlebic isev ekonomikaSi itrialebs<br />
da sxvadasxva saxis dar<strong>ge</strong>bSi investirdeba.<br />
aseTi midgomis gamoyeneba,<br />
gamoiwvevs imas, rom masStaburi<br />
investiciebi aisaxeba mosaxleobis<br />
dasaqmebaSi, maTi Semosavlebis realur<br />
zrdasa da keTildReobaze~, -<br />
acxadebs irakli leqvinaZe.<br />
Cveni qveynis sainvesticio ruqas<br />
Tu gadavxedavT, ofSorul kapital-<br />
Tan erTad mZlavrad sWarbobs saxelmwifo<br />
investiciebi. aravisTvis ar<br />
aris ucxo is faqti, rom Cveni<br />
strategiuli obieqtebis umravlesoba,<br />
rom rusul da yazaxur saxelmwifo<br />
kapitalze iqna gayiduli.<br />
eqspertebi miiCneven, rom 4 mlniani<br />
bazris mqone qveyna, rogorsac<br />
saqarTvelo miekuTvneba, saxelmwifo<br />
investiciebze uars ver ityvis. uaris<br />
Tqma erTia da meore, imis gansazRvra,<br />
ra dgas aRniSnuli investiciebis<br />
miRma an ra sferoSi ideba igi. mTavaria,<br />
saxelmwifo iqneba investicia<br />
Tu kerZo, igi im sferoSi Caidos,<br />
romelic ralur ekonomikur dovlaTs<br />
da Sesabamis samuSao adgilebs<br />
Seqmnis. `mizani unda iyos is, rom<br />
8<br />
investorebisa da Cveni interesebi<br />
daemTxvas erTmaneTs, investiciebi im<br />
sferoebSi unda ganxorcieldes,<br />
romlebic xels Seuwyobs ekonomikis<br />
realur seqtorSi samuSao adgilebis<br />
zrdas. am SemTxvevaSic unda gamoviyenoT<br />
warmatebuli evropuli<br />
gamocdileba. iq garda imisa, rom<br />
``yvelafris ``yvelafris grZelvadian grZelvadian periodSi periodSi da<strong>ge</strong>gmva<br />
da<strong>ge</strong>gmva<br />
warmoud<strong>ge</strong>nelia, warmoud<strong>ge</strong>nelia, magram magram ar ar SeiZleba, SeiZleba, moklevadian<br />
moklevadian<br />
efeqtebs efeqtebs vamsxverploT vamsxverploT qveynis qveynis strategiuli,<br />
strategiuli,<br />
grZelvadiani grZelvadiani efeqtebi`` efeqtebi`` - - giorgi giorgi RaRaniZe<br />
RaRaniZe<br />
investiciebi upirobod aris daculi,<br />
moqmedebs pirdapiri SeRavaTebi<br />
iseTi investorebisTvis, romlebic<br />
qmnian axal samuSao adgilebs. gadamzadebisa<br />
da msgavsi programebi<br />
erTmniSvnelovnad kargia, Tumca,<br />
dasaqmebis wasaxaliseblad saWiroa<br />
Semdgomi nabijebis gadadgma~, - miiCnevs<br />
giorgi RaRaniZe.<br />
Cveni qveyanis sainvesticio paket-<br />
Si pirdapiri ucxouri investiciebis<br />
wili, porTfelurTan SedarebiT, ma-<br />
Ralia. eqspertebi porTfeluri investiciebis<br />
simciris martiv mizezebze<br />
saubroben. qarTuli safondo<br />
bazari saTanado doneze jer kidev<br />
ara aris ganviTarebuli. dRes moqmedi<br />
kompaniebis is nawili, romelebic<br />
Cvens ekonomikur cxovrebaSi aminds<br />
qmnian, maTi arcerTi aqcia safondo<br />
bazris listingSi ar fiqsirdeba.<br />
`Zalian martivad Tu avxsniT, portfeluri<br />
investicia arsebuli kompaniebis<br />
aqciebis yidvas niSnavs. samwuxarod,<br />
saqarTveloSi Zalian mcirea ise-<br />
Ti sawarmoebi, romlebic ucxoelebs<br />
daaintersebs. CvenTan, xSir SemTxveva-<br />
Si, ucxoeli investorebi yiduloben<br />
mxolod Senobas da bizness iwyeben<br />
nulidan~, - acxadebs nodar xaduri.<br />
saqarTvelos sainvesticio klimatis<br />
kvlevis Sede<strong>ge</strong>bi saxezea: politikuri<br />
da ekonomikuri arastabiluroba,<br />
damoukidebeli sasamarTlos<br />
ararseboba, politizirebuli biznesi,<br />
mTlian investiciebSi ofSoruli<br />
kapitalis maRali xvedriTi wili. es<br />
aris im mizezebis arasruli CamonaTvali,<br />
rac qveyanaSi pirdapiri ucxouri<br />
investiciebis Semosvlas uSlis xels.<br />
msgavsi kvlevebi, cxadia, kargia, saer-<br />
To suraTis dasanaxad, Tumca is rac<br />
kvlevam aCvena, aqamdec yvelasTvis<br />
cxadze cxadi iyo. magram es rodia<br />
mTavari, axla mTavaria, ramdenime Tvis<br />
Semdeg Catarebulma msgavsma kvlevam<br />
qveynis ekonomikisTvis sasikeTod Secvlili<br />
suraTi aCvenos.<br />
eka eka TandilaSvili<br />
TandilaSvili<br />
TandilaSvili<br />
`yazbegi~ da `efesi~ ludisa da gamagrilebeli sasmelebis mwarmoebel erTobliv kompanias Seqmnian<br />
ludis mwarmoebeli qarTuli kompania `yazbegi~<br />
da Turquli `efesi~ ludisa da gamagrilebeli sasmelebis<br />
mwarmoebel erTobliv kompanias Seqmnian, -<br />
amis Sesaxeb GBC-is kompania `yazbegis~ sazogadoebasTan<br />
urTierTobis samsaxuris ufrosma Tea sxierelma<br />
ganucxada.<br />
rogorc sxiereli ganmartavs, mxareebs Soris molaparakebebi<br />
jer kidev grZeldeba da `efesis~ mier<br />
~yazbegis~ Sesyidvis sakiTxi ar ganixileba. sxiereli<br />
uaryofs gavrcelebul informacias imis Sesaxeb, rom<br />
kompaniis direqtorati Seicvala. rogorc igi ganmartavs,<br />
am etapze kompaniis Zveli menejmenti Cveulebriv<br />
reJimSi ganagrZobs muSaobas. jerjerobiT saubaria<br />
imaze, rom erToblivi sawarmos Seqmnis SemTx-<br />
biznesgaremo<br />
vevaSi Zveli menejmenti darCeba da ganaxorcielebs saqmianobas,<br />
romlis saTaveSi kvlavindeburad gogi TofaZe<br />
iqneba, - ganmartavs sxiereli.<br />
molaparakebebis dasrulebamde mxareeebi erTmaneTs<br />
detalebis SesaTanxmeblad kidev erTxel Sexvdebian.<br />
`yazbegTan~ molaparakebebis dawyebis Sesaxeb oficialuri<br />
informacia Turqulma Efes Breweries International-ma<br />
jer kidev 2008 wlis 28 maiss gaavrcela.<br />
informaciis Tanaxmad, kompania afarToebs Tavis bizness<br />
saqarTveloSi kompania `yazbegTan~ erTad, romelic<br />
saqarTveloSi meore udidesi ludis kompaniaa. `yazbegi~<br />
qarTuli ludis bazarze 39%-s akontrolebs<br />
da bazarze 6 brendiT aris warmod<strong>ge</strong>nili.<br />
kompaniis ZiriTadi brendi - `yazbegi~ yve-<br />
laze maRali cnobadobis produqtia saqarTvelos<br />
ludis bazarze.<br />
Turquli `efesi~ `yazbegis~ SeZeniT `nataxtarisa~<br />
da `lomisis~ sawarmoebis SeZenis<br />
Semdeg dainteresda. Turqulma kompaniam lomisis<br />
100%-iani wili SeiZina. lomisi ludis<br />
bazris 42%-s akontrolebs,<br />
Efes Breweries International erT-erTi umsxvilesi<br />
ludis mwarmoebeli kompaniaa msoflioSi. kompania<br />
moRvaweobs ruseTSi, <strong>ge</strong>rmaniasa da sxva qveyneb-<br />
Si. flobs 10 qarxanas serbeTSi, romelTa warmadoba<br />
2,46 mlrd. litrs Sead<strong>ge</strong>ns.<br />
biujeti 6,927 miliard laramde izrdeba.
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