About Civil.ge
Eng | Geo | Rus
Last updated: 10:55 - 1 May.'18
RSS
Mobile
Twitter
Facebook
Georgia Plans 'Financial Zone' in Adjara
Civil Georgia, Tbilisi / 5 May.'12 / 11:12

Georgia plans legislation for liberal financial system to establish a special financial zone on its Black Sea coast, close to the Turkish border, President Saakashvili said on May 4.

“Beyond Gonia [in south from Batumi] there will be a huge financial zone with its separate laws and full freedom of financial transactions,” he said. 

“It will be a huge industry for Batumi and Adjara and for the rest of Georgia; it will be a new Batumi with 40, 50, 60-storey buildings; we are adopting law now and we will be starting its implementation by the end of the year and I think it will take ten more years to put this zone in full operation; you will see soon buildings, offices will spread like mushrooms over there,” Saakashvili said.

Before the August, 2008 war creation of “financial center” was part of the Georgian government’s plan, when the cabinet was led by then PM Lado Gurgenidze. At the time the government’s five-year program for 2008-2012 included a provision according to which setting up of financial center with its liberal financial system was intended; at the time the government was expecting that the center would have attracted USD 12 billion investment and created 10,000 new jobs.

President Saakashvili announced about the plan to establish “financial zone” on May 4, when he was speaking at a meeting with a group of students from a local university in Batumi. His 45-minute long live televised speech was mainly dedicated to the eighth anniversary of, as he put it, “restoration of Georgia’s jurisdiction over Adjara”. On May 6, 2004 then leader of Adjara Autonomous Republic, Aslan Abashidze, was forced to step down amid street protest rallies and pressure from Tbilisi.

“This was the only case when someone managed to snatched a territory out of Putin’s and Russia’s hands,” Saakashvili said.

“We do not have lost territories; they are lost in someone’s mind; legally and historically these territories [Abkhazia, South Ossetia] are part of Georgia, but we do not control them now because occupying forces are stationed there,” he said.

Latest News
01 May.'18 10:55
We Have Moved to a New Platform
Direct Your Bookmarks to https://civil.ge.
29 Apr.'18 03:54
Ruling Party Candidate Wins MP By-Elections
Givi Chichinadze will represent Vani and Khoni single-mandate constituency in the Parliament of Georgia.
28 Apr.'18 09:40
Polls Open for Vani and Khoni MP By-Elections
48,123 voters are eligible to cast their ballots in Vani and Khoni single-mandate constituency.
27 Apr.'18 17:23
State Dept’s Europe Affairs Point Man to Visit Tbilisi
Wess Mitchell will meet senior government officials and address the NATO-Georgia Public Diplomacy Forum.
27 Apr.'18 13:45
In Quotes: Georgian Politicians on Ex-PM Bidzina Ivanishvili’s Comeback
Bidzina Ivanishvili will be approved as the Georgian Dream party chairman at the upcoming convention.
26 Apr.'18 18:15
SG Jens Stoltenberg: Georgia NATO’s ‘Very Close’ Partner
The NATO Secretary General says Foreign Ministers meeting tomorrow will recognize the country’s progress.
26 Apr.'18 14:24
Ex-PM Ivanishvili to Chair Georgian Dream Party
Prime Minister Giorgi Kvirikashvili said Ivanishvili was ‘best equipped’ to add new dynamism to the party.
26 Apr.'18 11:12
Lawmaker Proposes Criminal Liability for ‘Insult of Religious Feelings’
The parliamentary human rights committee decided to set up a working group for scrutinizing the draft law.
25 Apr.'18 17:21
New Abkhaz Government Head Appointed
Gennady Gagulia has served as the Abkhaz “prime minister” twice - in 1995-1997, and 2002-2003.
25 Apr.'18 14:43
Watchdog Improves Georgia’s Press Freedom Ranking
None of the countries of the former Soviet Union (except the Baltics) are ranked ahead of Georgia.

About Civil Georgia
Civil.Ge © 2001-2019, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
43