Investors, investments and obligations
10 February, 2011
Investors, investments and obligations

Top foreign investors in Georgia – Arabs and Kazakhs – are still failing to meet their obligations fully. It must be noted that none of them has been punished yet.
For instance, Poti Industrial Zone is still idle. Construction of Kempinsky Hotel in the place of ‘Imeli’ building is a pitiful matter, just like the construction of much publicized wheat terminal, Likani in Borjomi region and so on.
The Georgian Government asserts that they gave a second chance to the

investors and postponed deadlines of their obligations. These companies include Dabi Group from Arabia which was supposed to finish five-star Kempinsky hotel in the place of former ‘Imeli’ building very soon by now but in reality the outlook seems grim.
In Poti they opened much touted Port Industrial Zone after a long waiting period but it does not work after all. This fact speaks of two things: Arab investors could not meet their obligations or expectation of success of the Industrial Zone was exaggerated. Several years have passed since the beginning of Wheat Terminal construction in Poti port. However, the matter is nearly buried under the bricks because Kazakhs change their mind every other day whether they will construct the terminal or not. At some point, they were angry because of accrued fees to be paid to KazTransGaz. Next no-go excuse was the August war even though the terminal should have been ready before that. Everybody thought the issue of the terminal construction was forgotten but last year during the Astana visit of PM Nika Gilauri the issue re-emerged. On return, Gilauri announced to the Georgian public that Kazakhs will come back to build the ill-fated wheat terminal. Yet again, even the PM’s words misfire. Kazakhs thought better of it and choose to save money.
It all started four years ago when Kazakhstan, one of the largest foreign investors in Georgia, agreed to construct the wheat terminal. At the time it was voiced that the Kazakh side was considering investing 10 million US dollars in the undertaking.

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