Poti Port to be Leased for Free Economic Zone
Georgia’s Black Sea port of Poti and 400 hectares of adjacent land are to be leased, so as to create a free economic zone.
The Georgian Economy Ministry said on July 13 that the leasing period would be 49 years. Deadline for the submission of bids expires on September 14.
The Georgian Parliament approved on July 3 a proposal giving the green light to free economic zones.
The winner of the bid, according to the Economy Ministry, will have to establish infrastructure necessary for the operation of a free economic zone.
Port in Poti transshipped 7 million tones of cargo last year, which is 9.1% more than in 2005. It is expected that transshipment will increase by 12% this year. The port has a capacity to handle a total of 25 tones of cargo per year.
In February, executives from a United Arab Emirates (UAE) company, Dubai World, visited Poti on a fact-finding mission to investigate the port’s potential
Rakeen, a development company from the UAE?s Ras Al Khaimah emirate, is also eyeing up the port. The company has already announced plans to invest USD 1.5 billion in real estate projects in Georgia. At this stage, it is considered the front runner in the bidding process.
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