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revenues generated, the posted share might be markedly higher since the bulk of the overall visitor count reflects cross-border visitors.
The importance of tourism for Georgia's economy has risen in recent years, according to a sector report compiled by one of the country's largest financial groups, TBC, and quoted by Business Media. The share of tourism-related services in the country's economy is 7.6%. The ratio of tourist income to GDP is 20%, compared to 10% in 2011. Also, the share of tourism in the country's total exports of goods and services stands at 36%.
9.1.6 ​Infrastructure and construction sector news
Maersk asserts it is moving ahead with Georgia port that rivals Anaklia deep-sea project
APM Terminals, part of the Denmark-based Maersk conglomerate, plans to invest $250mn to $300mn in the construction of a new deep-sea port in Poti on Georgia’s Black Sea coast, APM Terminals Europe regional director Igor van den Essen​ ​said ​while visiting Tbilisi on August 28.
Van den Essen’s visit comes at a critical moment for the development of a competing project, Anaklia deep-sea port, located slightly north of Poti.
The answer to the question of whether the Anaklia Development Consortium (ADC) will opt to shelve its plans for a $2.5bn deep-water port because of government support for a rival Black Sea development became even more difficult to determine following developments in early June.
ADC, which groups Georgian and US investors among others, warned on May 30 that it was “on the verge of stopping” its national flagship project in Anaklia because, in a “shocking” move, Georgia’s economy and sustainable development ministry was set to issue a permit for port construction in Poti. However, later on May 30 Georgian Economy Minister Natia Turnava announced that a deep-water port in Poti would not be built as the permit green-lighted for the infrastructure had been cancelled. But at the same time, Georgian authorities expressed concerns over the prospects for the realisation of the Anaklia project by ADC. The anxieties were relayed in the context of an emerging political rivalry between Georgian Dream ruling party chairman and oligarch Bidzina Ivanishvili and ADC’s former head Mamuka Khazaradze, an entrepreneur who co-founded TBC Bank and is planning to unveil a new political movement in advance of the general election scheduled to take place in Georgia next year.
At the press conference on August 28, Claus Lawrence, CEO of APM Terminal Poti, argued that a large-sized deep-water port like Anaklia would make no economic sense for Georgia’s Black Sea coast, while APM Terminals’ plans for a not-so-deep port were logical. He even set a precise water depth limit for ports that to him would make sense in Georgia: 16 metres, which is exactly the depth planned by ADC under an agreement signed with the government of Georgia envisaging $2.5bn of investments, out of which $600mn would be in the first development phase. APM terminals envisages a depth of 13.5-14.5 metres at Poti.
Georgia has not yet approved the development of a deep-water port in Poti. In fact, a former minister of economy was among officials replaced after the issuing of a preliminary construction permit related to the Poti project caused controversy. But as the ADC project no longer enjoys firm support from the government, Poti may be expecting a change in the official position.
Van den Essen noted that the main purpose of his visit to Georgia was to confirm that Maersk is committed to making a significant investment in the construction of a new port in Poti.
“We have decided to invest significantly in the construction of a new deep-water port in Poti Port. Discussing this issue with our customers, partners
52​ GEORGIA Country Report​ November 2019 ​ ​www.intellinews.com