Eagle Hills project will have major impact on Georgia’s annual economic growth, says Economy Minister

The large-scale investment project by Eagle Hills will have a significant impact on Georgia’s annual economic growth, said on Tuesday Mariam Kvrivishvili, the Minister of Economy and Sustainable Development of Georgia, emphasising that “every citizen of our country will take pride in this project”.

In her remarks, Kvrivishvili noted that the domestic opposition was negative toward the Eagle Hills investment project from the very beginning.

“Initially, they believed that successfully completing negotiations and bringing such a major global corporation like Eagle Hills into the Georgian market was merely an illusion. Now that a joint venture has been established with the investor, the entire project has suddenly become unacceptable to them. In reality, every Georgian should be proud that our Government - and our country as a whole - managed to attract an investment of a historic record value of $6.5 billion. Through joint efforts, thousands of new jobs will be created both in Gonio and in the capital city. It will also serve as a renewed stimulus for the development and tourism sectors. The business community has assessed this investment very positively”, the Minister said.

She further highlighted the importance of the 33% ownership stake granted to the Georgian state under the agreement with Eagle Hills.

“This is, in fact, a Georgian project because we have become co-owners and co-founders. The project will be fully coordinated with the state, and at every stage of its development, Georgia’s interests will be taken into account. The state holds a 33 percent share in the joint venture, meaning that it owns not only the land but will also be a co-owner of a major development project that will generate hundreds of millions of dollars in profit for Georgia’s budget over the years”, Kvrivishvili noted.

She further highlighted the project’s international significance, explaining that many countries, including several European states, have been trying - and continue to work actively - to attract the Eagle Hills to their markets.

“Such large corporations and investors bring enormous value to any country. This investment has greatly increased global interest in Georgia, including from international investors. It serves as a message to the global investment community: when such a major and reputable investor chooses Georgia over other countries, it means a great deal. It shows that Georgia’s economy is developing sustainably, that the environment is predictable, and that we continue to maintain peace, stability, and a business-friendly climate”, Kvrivishvili concluded.