The devaluation of the national
currency and the financial crisis have increased the prices of imported goods.
As a result of losses caused by the pandemic, business faces new challenges
such as a rise in import prices, which reduces demand and hits the importers’
Nutsa Abramishvili, director general of Schuchmann Wines Georgia sees the only option in increasing local production and reducing import
“We should focus on
producing more local products and reducing
the country’s dependence on imports as
dependence on imports always boosts price hikes and inflation. Due to a much lower
purchasing power of the local population compared to foreign tourists, our
company does not increase prices, ”she explains.
“Not only importers, but also local producers must reduce dependence on foreign supplies. Our company uses both local and imported raw
materials that increases the cost of
production as we still depend on imports, " Revaz Vashakidze, Director of the company, notes.
He adds that despite the rise in prices and the lari devaluation,
the company does not plan to increase prices given a low purchasing power of