Today, Georgia has free trade agreements with China, countries of the European Union, the CIS (Commonwealth of Independent States), Turkey, and Ukraine. Free trade negotiations are underway with India, Israel, and other Countries.

This makes Georgia unique in the region, at the same time opening up major opportunities both for local and international investors. Georgia has enormous potential to become a transport hub, a transit bridge between Europe and Asia” Georgian Prime Minister Giorgi Gakharia said while attending the Opening Ceremony of the Tbilisi Silk Road Forum last year.

Georgia was one of the first countries to join Chinese President Xi Jinping’s One Belt, One Road Initiative by signing a relevant memorandum in 2015. It gave a great impetus to the development of transport and logistics infrastructure and the country’s integration into global trade.

Georgia’s Investment Company; Silk Road Group Representative Nina Kheladze informed total Budget for the reconstruction of the Former Telegraph Building is 55 Million Euros,

“The reconstruction project of the former Telegraph building in Georgia includes the arrangement of a 220 Hotel Room, a Food Court, where several restaurants with different concepts of a jazz club as well as a restaurant and a rooftop bar with a view of the whole city will be located,” Kheladze said.

According to her, negotiations with the Radisson Hotels Group, one of the world’s largest hotel companies, which will operate the hotel within the Radisson Collection brand, are already at the final stage. This is a unique collection of legendary hotels with a local touch, vibrant lifestyle and communication opportunities.

“The Danish Investment Company IFU provides a capital of 15 million euros. The rest of the financing is planned to be attracted from Georgian & Foreign Banks, on which negotiations are ongoing,” Kheladze said.

As she noted, the project is part of the reconstruction of Georgia’s First Republic Square, where the Silk Road Group has already built the Radisson Blu Iveria Hotel and the multi-functional Republic Complex, with restaurants and an event hall.

In the future, it is planned to equip the pedestrian area, retail space and car parking on three underground floors under the area. Thus, a new tourist and entertainment centre is formed in this historical part of the city.

“It is noteworthy that the project financing contract with IFU was signed during the peak of the coronavirus pandemic, which is a proof of confidence in Silk Road Group and the development of tourism in Georgia as a whole,” Kheladze noted.

According to representative of Georgia’s investment company Silk Road Group, the construction company will be selected with tender. At this stage, work is underway on the design of the hotel, which will be completed in about a year. After that, a tender will be announced.

Author: Tamilla Mammadova
Editor’s note: The article reflects the author’s opinion only, and not necessarily the views of editorial opinion of Belt & Road News.