New Life of Tskaltubo – Presentation of Investment Project

Published in Economics
Wednesday, 03 August 2022 17:47

New Life of Tskaltubo – a large-scale investment project, which provides for the sale of 14 sanatoriums to investors at privatization auctions within the framework of the conceptual plan for the restoration and development of the resort, was presented by the Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili to the guests invited to Tskaltubo.

The Prime Minister of Georgia, Irakli Gharibashvili, opened the event, which was attended by representatives of the diplomatic corps, international donor organizations and the business sector.

“Tskaltubo is our unique historical heritage. Unfortunately, in 1990s, the resort lost its glory, many things were destroyed during this period, but we still have a chance to preserve this unique cultural heritage and restore it in a way that will really bring new life to Tskaltubo,” – Levan Davitashvili ted noduring his speech at the presentation.

Within the framework of the general plan for the restoration of the resort, the state is putting up for sale 14 estates located in Tskaltubo including 5 premium class hotels, 5 middle class hotels and 4 different types of accommodation facilities.  Total value of all the property is approximately 50 million GEL. In addition, private investment in the amount of 500 million GEL will be made in the resort. According to the project, the state undertakes obligation to invest in order to transform Tskaltubo into an international level spa resort.

The project envisages creation of a unique, modern spa-resort in Tskaltubo, establishment of medical tourism, diversification of tourist offers, rehabilitation of the city centre and public spaces, rehabilitation of the urban space of the city centre. Implementation of the project developed by the Government of Georgia will make Tskaltubo a high-class resort that will host international and local tourists in all four seasons. Tskaltubo will offer its guest not only unique thermal waters, but also highest quality of recreation, ecology and natural monuments.

•    E-Catalogue of Investment Offers – https://bit.ly/3yFTQgf

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    Yesterday we are launching a unique, global-standard project that is truly exceptional in our region. This project covers two artificial peninsulas, Georgian Prime Minister Irakli Garibashvili stated in his speech at Ambassadori Batumi Island’s time capsule burial ceremony today.

    According to the Head of Government, at least 100 million USD will be invested in this project, and 2,000 local residents will be employed.
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    The event’s invited guests were also addressed by the Vice Prime Minister/Minister of Economy and Sustainable Development Levan Davitashvili, the Chairman of the Government of Adjara, Tornike Rizhvadze, and the Cofounder of Ambassadori Batumi Island, Fridon Katamadze.

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  • Under the initiative of Prime Minister of Georgia, a large-scale project will be launched to construct

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    “Taken together, the Georgian Government's specific actions are part of a deliberate and well-orchestrated campaign to destroy a project which the Government itself originally sponsored and endorsed, but subsequently chose to destroy as a result of what appear to be the political and economic self-interests of the Georgian Dream Party and its principals.

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    “The damage to Georgia caused by the Government goes well beyond the potential loss of the Anaklia Port and the associated Special Economic Zone.  The conduct of the Government is scaring away investors at a time when Georgia cannot afford to lose any more foreign investment.  According to the National Statistics Office of Georgia, the amount of foreign direct investment in Georgia has fallen from nearly US$  2 billion in 2017 to just over US$ 1.3 billion in 2019, and in the first quarter of 2020, stood at only US$ 171.8 million[1] - a catastrophic decrease even before the Covid crisis began to take effect.  As Retired U.S. Lt. Gen. Ben Hodges of the Center for European Policy Analysis said, ‘the government only has itself to blame.’[2]

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    June 2018

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    • In February 2019 ADC learned that during an October 2018 meeting with senior U.S. State Department officials in Tbilisi, Mr. Giorgi Gakharia  (then Minister of Interior) advised the U.S. officials that the Anaklia Port project was not in Georgia’s interests.

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  • The Project to Foster Peace Citizens, Implemented by HWPL Peace Education

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