Moscow Notes Positive Trends in Russo-Georgian Economic Ties

In a statement issued on February 11, the Russian Embassy in Tbilisi said that ?positive trends are taking place in trade and economic relations? between Russia and Georgia.

?Bilateral trade has set a record, reaching USD 300 million in 2004; in January [2005] an agreement over a rail ferry service between the ports of Poti [Georgia] and Kavkaz [Russia] was signed; several large privatization deals have also been signed,? the statement reads.

In January, the Georgian government announced that the Russian company EvrAzHolding took over the manganese mining factory/Vartsikhe hydro power plant in a privatization package worth USD 132 million.

Also in January, the Russian state-owned Vneshtorgbank purchased 51% of shares of the Georgian United Bank. The sum of that deal was not disclosed.