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Wednesday, 19 September 2018


Sakartvelo living on memorandums

2011-05-11 17:13

Sakartvelo living on memorandums. 16887.jpegMany-million clouds are again looming on the Georgian investment horizon. According to state officials, these clouds are regularly brought from various corners of the world; the only point is that the investment rain does not hurry to water Georgia's agonizing economy. This time, the promising financial cyclone came from the Far East, Korea. It really promises a lot: according to the Georgian media, Korean businessmen intend to invest several hundred million dollars in the country's strategic objects and have even signed a relevant memorandum. Though, there have been a lot of such memorandums already but the


foreign investors' promises cleared away later on.

Yesterday, Director General of the National Investment Agency of Georgia CCII Giorgy Seturidze signed a memorandum on investing 700-800 million dollars into the Georgian economic strategic objects with the head of IDA Korea investment company Kim Jin Ho. According to Seturidze, businessmen from the Far East are interested in the hotel business and tourism development in the Georgian territory, as well as in the realization of infrastructure and energy projects in the Caucasian republic.

"Within the last several months, we have been actively working with the Korean company and finally came to an agreement. The investors' interests primarily include investing money in such strategic sectors as hotel construction, tourism, energy and etc. In future, we must work more to improve the projects. It is planned to build a five-star hotel in Tbilisi. The Korean party is also interested in building hotels in ski resorts", - director of the National Investment Agency stated. According to him, Korean businessmen are ready to build a luxurious hotel in the Georgian capital and then take on the rest of the projects. That's how Georgian media present things to the audience, stunning it with loud Korean brands, such as Daewoo Engineering.

However, it turns out that the Far Eastern businessmen, to whom Georgy Seturidze's agents have been praising the advantages of the Georgian economy for many months, are ready to make only an explanatory trip of the country without any intention to make risky investments. This week, IDA Korea representatives are to visit Kakheti, Batumi, Poti and a ski resort named Gudauri, so any investment proposals will be possible to make only after the business tour.

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