APRIL 27 2012 (The Conway Bulletin) – Fond of eye-catching initiatives and with a flair for showmanship, Georgian President Mikheil Saahashvili was in his element on April 21 when he welcomed Donald Trump, the renowned US property developer, to the South Caucasus state.
Mr Trump had flown in from the US (via Istanbul) to unveil plans to build a $250m glittering new tower in Batumi, a town on Georgia’s Black Sea coast. This was the culmination of a deal signed in March 2011 when Mr Saahashvili had been in New York.
The planned 47-storey residential tower may be called Trump Tower Batumi but Mr Trump will only be one of the investors funding the project.
The private investment firm Silk Road Group is leading the push to find financial backing. And so the hard work starts.
Since a short war in 2008 against Russia, Georgia’s economy has rebounded due mainly to a boost in foreign direct investments (FDI) which Mr Saakashvili has lobbied hard for. FDI measured $981m last year compared to $658m in 2009, Reuters reported.
Finding investors for Trump Tower Batumi and completing the project will act as a litmus test for the attractiveness of the Georgian economy.
ENDS
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(News report from Issue No. 085, published on April 27 2012)