Yerevan /Mediamax/. Interview of the General Director of “Georgian Investment Group” David Aslanishvili to Mediamax and Banks.am portal##

“Georgian Investment Group” LLC was established in 2004. Following the results of 2007, 27,62% from the total volume of share turnover in the Georgian stock market, 39,60% of the total money turnover and 42,86% of all deals fell on the share of the Group. Among the customers of the Group are over 450 largest Georgian joint stock companies. Among them, commercial banks, insurance, energy, transport, trade, communication and construction companies.

- Recently, the representatives of the Armenian leadership emphatically talk about plans to turn the country into the financial center of the region. How real are those plans?

- The aspiration of the Armenian leadership to develop the financial sector can only be welcomed. There are analogous ambitions in other countries of our region as well (including Georgia).

The given factor directly depends on the political stability in the region and on the interest of the main player-states in the given prospect. Two most developed countries in the region - Azerbaijan and Turkey, will hardly agree to the given proposal in the view of the well-known facts.

The main driving forces for development of the financial sector are the energy exporter-states and the pipelines conductor-states to European consumers. The main junction for distribution of energy carriers depends on Azerbaijan, which produces and exports them, as well as on the Central Asian states, which have the opportunity to sell their resource by means of Russia and through Azerbaijan. The cargo flow of energy carries to Europe mainly falls on the share of Turkey. Basing on this, the opportunity to turn one individual country into the financial center of the region seems to the unreal.

However, for instance, the leading world operator of stock exchanges NASDAQ OMX owns the Nordic and Baltic stock platforms. The first include Sweden, Finland and Norway, the second - Lithuania, Latvia and Estonia. Single information database and access to the network establishes equal conditions, and in this global system there is simply no meaning in telling which country represents a regional center and which doesn’t.

- Do you see an opportunity of a certain synergy of the financial systems of Armenia and Georgia?

- The given issue in on the agenda, although, unfortunately, it is to greater extent of declarative nature. The weakness of Georgian and Armenian economies and the low level of their influence on the world state of affairs do not cause special interest to the issue.

The opportunity of integration becomes more real, based on the interest of large international structures to have a single platform for operations in the Caucasus region. In this connection we pin the main hopes to NASDAQ OMX, which strives to turn the opportunity into reality.

- Soon after the “Revolution of Roses” in Georgia, the leaders of two states talked much about the necessity to encourage reciprocal investments of Armenian and Georgian businessmen. 5 years have passed, however there are very few examples of successful investment. What is the main reason for such state of affairs?

- The economic development of our states, despite the growth of the recent years, is far from the level, when in each of the countries enough resources would be present to develop production in neighboring countries. The economies of Georgia and Armenia and the basic production facilities in the view of various factors are in possession of foreign companies. Correspondingly, the given branches of economy will and should function, basing on the market perquisites and will not blindly follow the decisions of the leadership of this or that state. The level of influence of the Georgian and Armenian leaderships on the given process is very low, as opposed to Russia, Azerbaijan, Turkey and Iran.

- In early 2008, OMX became the owner of Armenian Stock Exchange. Can one talk about the prospects of integration of the two countries’ stock markets, if NASDAQ OMX becomes the owner of the Georgian Stock Exchange as well?

- The given issue is on the agenda, although the process has been delayed much, and not because of NASDAQ OMX. We support in any way and welcome the given process and hope that the leading world platform will be able to realize its plans.