Black Sea Pearl project
$5 billion project to revolutionise Georgia’s Adjara region

The Government of Georgia is expected to approve a colossal $5 billion USD project in Georgia’s Adjara region that envisaged building a multi-purpose free industrial zone over a 300 hectare plot of land.

The International Centre for Business and Tourism (ICBT) Corporation presented the Black Sea Pearl project in Adjara last week to local authorities, international financial institutions and investors, and representatives from the business sector and non-governmental organisations.

The project, expected to be approved by the Georgian Government in the coming days, was regarded as "the largest” and "most ambitious” project ever to be implemented in Gonio, Adjara, said ICBT vice president Archil Dolidze in his interview with Agenda.ge.

But it does not mean construction works will start immediately after. We need about one year to develop the general project and only after that will start real activities. It is expected the project’s implementation will last seven years,” Dolidze said.

Within the project high-class residential complex will be built. Artist impression by ICBT.

The Black Sea Pearl project called for developing a free industrial zone, free information and technical zone, free tourism and high-class residential complex, as well as establishing a stock exchange, insurance and leasing companies and international finance institutions on a 315 hectare land plot in Gonio, on the territory of the former military range.

Several international financial institutions will open their offices in Gonio. They chose this area because it is close to NATO member country [Turkey] and they feel very safe in Gonio. Furthermore, the international financial institutions loved the climate and the landscape of Gonio,” Dolidze said.

He said investors from the United States, Czech Republic, the United Arab Emirates, Norway, Hungary and Canada were only a handful of people who had shown their interest in participating in the Black Sea Pearl project.

There project aimed to create three industrial zones in Gonio. Artist impression by ICBT.

About 40,000 people will be employed as the Black Sea Pearl project is built and about 30,000 people will be employed for 51 years after the project was completed, said Dolidze.

A brief video of the Black Sea Pearl project can be viewed here.