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Investment Project Catalogue September 2020

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Investment Project Catalogue September 2020 INVESTINGEORGIA.ORG INVESTMENT OPPORTUNITIES 2020 A PLEASURE DOING BUSINESS Located in the Caucasus region, on the coast of The country's ambitious objectives to be one of the Black Sea, Georgia is geographically well the best investment locations on the world map positioned as a gateway between Europe and are reflected in number of different Asia. The country is perfectly situated for easy well-recognized international rankings, where access to most major European, Central Asian Georgia maintains strong positions. For and Middle Eastern markets and has free trade example, Georgia holds 7th position in World agreements (FTAs) with most of them. In this Bank’s 2020 “Ease of Doing Business Index”. way, Georgia already boasts majority of the Foreign-owned businesses make significant preconditions required to become a regional contribution to the Georgian economy and its financial and business centre. great position for deepening links between Europe and Asia will further raise country’s Today, Georgia has a strong investment offer - productivity - via the transfer of technology, by it has liberal and free market oriented economic increased export-oriented investments and policy, access to 2.3 billion consumer market stronger regional competition positions. through its solid FTA network including both EU and China, educated, skilled and competitively Georgia is a great destination for companies priced workforce, 6 types of low and flat taxes, from all around the world, whether it’s to enter significantly decreased number of licenses and the regional market itself, the European market, permissions, well developed, integrated and or the broader Asian markets. It is a country full multimodal transport infrastructure. of young, dynamic and skilled people and an ‘Open Door Policy’ to help foreign and local Georgia is making huge amounts of companies grow in and via Georgia. The aim of investments in infrastructure and education to this publication is to present current investment support tomorrow’s demands of large-scale portfolio. The projects outlined demonstrate impact investments. When combined with the Georgia’s strengths and highlight what makes country’s strategic location, its attractions are this beautiful, diverse country, such an clear to international investors. Since regaining attractive destination for investment and independence from the Soviet Union in 1991, business. effective reforms in economic policies and governance have earned Georgia a reputation of top regional and global reformer. CONTENT Georgia – Facts & Figures 04 Top Reasons to Do Business in Georgia 05 REAL ESTATE & HOSPITALITY 06 Tbilisi 07 Black Sea Resorts 24 Spa & Wellness Resorts 32 Mountain Resorts 38 MANUFACTURING & AGRIBUSINESS 47 BUSINESS PROCESS OUTSOURCING & IT 58 TRANSPORT & LOGISTICS 64 ENERGY & MINING 68 ACCESS TO FINANCE & INCENTIVES 77 4 enterprisegeorgia.gov.ge Area 69,700 sq. km Population 3.7 million Official Language Georgian Capital Tbilisi National Currency Lari, GEL, ₾ Inflation rate (September) 2020 (YoY) 3.8% GDP (2019) USD 17.7 billion GDP Real Growth Rate 2019 5.1% GDP per capita (2019) USD 4,763 GDP Structure (2019) (3 leading sectors) Trade and Repair - 14.4%; Real Estate Activities - 11.5%; Manufacturing - 10.1% FDI Inflow (2019) USD 1.311 billion Unemployment Rate (2019) 11.6% External Trade Turnover (2019) USD 13.3 billion Total tax rate (% of profit) 9.9% Sovereign Credit Ratings (Standard & Poor's, BB Stable, BB, Ba2 Fitch, Moody's) Ease of Doing Business by World Bank 7th position Index of Economic Freedom by Heritage 12th position Foundation Infrastructure 3 international airports; 4 ports Bilateral Investment Treaties 33 countries Double Taxation Avoidance 56 countries Currency exchange rates (average of 2020) USD-GEL: 3.067; EUR-GEL: 3.46 investingeorgia.org 5 12 Free Trade Agreements with 2.3 bln consumer market - Georgia has Deep and Comprehensive Free Trade Area (DCFTA) with EU, Free Trade Agreements (FTA) with Turkey, Ukraine, China (including Hong Kong), EFTA and CIS countries (including Russia, Kazakhstan etc.). Additionally, Georgia is the beneficiary of GSP regime of the following countries: USA, Japan and Canada People sometimes characterize culture as a choice between old and new, between classical or pop, great heritage or modern art. Nevertheless, in Georgia it is not one or the other, it is both. Over recent years, Georgia has seen a dynamic growth of international visitors. Georgia received only 2 million international visitors in 2010, but in 2019, the number of visitors reached a record high of 9.4 million (7.8 % y/y growth). Taking into consideration the fact that the population of Georgia is only 3.7 million people, it is clear that the country is quickly becoming a very popular touristic destination. Due to the high demand and occupancy rates, the number of international brand hotels is rapidly growing in Georgia. The average duration of stay of international travelers in 2019 was 6.2 nights and average spending per day above USD 641, and since a share of visitors from higher spending countries increases, average spending is expected to continue rising. The number of visits from EU countries increased by around 22% in 2019. Over the last 7 years, the occupancy rate for all types of hotels have been approximately 65%. Growth of key performance indicators, such as Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR), and hotel occupancy rates confirm the attractiveness of investment opportunities in the hospitality and real estate sector of Georgia. Unprecedented occupancy rate 77% was observed in Tbilisi during the August month 2019. Georgia offers considerable potential to develop beach resorts, medical and wellness destinations, winter-ski resorts, and four-season destinations. To further support the growth of the sector, the Georgian Government introduced a new incentive program for the hotel industry development in the regions of Georgia. New instruments include co-financing of interest rate for new projects, franchise/management contracts, and consulting services. investingeorgia.org 7 Tbilisi is the capital of Georgia and the key destination for tourists and business travelers. The city has monuments, castles, historical houses, churches, theatres, and authentic festivals. The number of multinational companies setting up South Caucasus and CIS headquarters in Tbilisi is increasing steadily, which ensures Tbilisi’s position as a regional business hub. The city benefits from growing international, regional and local visitors. Over the last 5 years, annual hotel occupancy rates in Tbilisi have been above 70%. Following international brand hotels operate in the city: Biltmore, Radisson, Tbilisi Marriott, Courtyard Marriott, Holiday Inn, Apart'hotel Citadines, Best Western Tbilisi, Mercure, Hotels & Preference, Moxy and the upcoming projects include Park Inn by Radisson, Radisson Red, Radisson Blu Telegraph, Hilton Garden Inn, Rixos, Intercontinental, Hyatt Regency, Pullman Hotels & Resort. Tbilisi International Airport has around 120 flights per week through 16 different airlines, including Turkish Airlines, Georgian Airlines, Lufthansa, Qatar Airways, Air Baltic, etc. Tbilisi International Airport received the largest number of travelers compared to other Georgian Airports –1.5 mln in 2019. Additionally, in 2019, Ryanair, one of Europe’s low-cost and most popular airlines, also entered Georgia and launched flights from Tbilisi and Kutaisi airports. 8 enterprisegeorgia.gov.ge Georgian Public Broadcasting Building Sector: Hospitality & Real Estate Enterprise Georgia Ministry of Economy and Sustainable Development of Georgia Project description: The property is located in the central part of the capital city Tbilisi, near the main intersection of the Gmirta Moedani “Heroes Square”, along the Kostava Street. This is the main artery of Tbilisi, which is undoubtedly a competitive project advantage. Total area of the site adds up to 33,209 sq. m. the project feasibility study has been prepared by Cushman & Wakefield. According to the study, Georgian Public Broadcasting Property could be developed into mixed-use project with 4-star Hotel, Co-Working space, Retail area and Hostel Components, together with public and recreational gatherings space. The location of the site in the downtown area combined with the high concentration of residential, business and educational uses in the catchment area, and relative lack of well-organized commercial facilities, makes the project commercially viable. Approximate Investment Designated Uses Units/Sellable Area Building # (USD) 4-Star Hotel 250 Keys Building #1 ~ 33.8 mln Co-Working Space 2,000 sq.m. Building #1 ~ 33.8 mln Retail Area 33,750 sq.m. Building #2 ~ 50 mln Hostel 350 Beds Building #3 ~ 5 mln Building # Building #1 Building #2 Building #3 IRR 19.7% 18.47% 18.51% NPV (USD) 8,453,024 3,140,080 332,124 Payback Period 9 years 4 years 4 years Contact information: Ms. Kristine Meparishvili E-mail: [email protected] investingeorgia.org 9 Multifunctional Complex Sector: Hospitality & Real Estate National Agency of State Property, Ministry of Economy and Sustainable Development of Georgia Project description: The property is located within Tbilisi’s Rhike Park on the left bank of the Mtkvari River, which is one of the oldest district of the capital and the most visited area by international visitors and tourists. The building is composed of two sculptural tubular elements that both open up onto the adjacent green space. Connected via
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