Georgian PM says landmark Trump Tower Project reflects Georgia’s investment appeal

Georgian Prime Minister Irakli Kobakhidze on Tuesday said the Downtown Tbilisi project and its flagship Trump Tower Tbilisi development represented far more than a conventional urban construction initiative, describing the $2 billion investment and 600,000 square metres of modern space as a transformative project that would create a new reality for the country and become a major economic and tourism landmark.

Speaking at the presentation of the Trump Tower Tbilisi project, Kobakhidze described the occasion as a historic day for Georgia and the development of its capital.

“A $2 billion investment and 600,000 square metres of modern space in the centre of the capital will create a new reality for the country and establish a distinctive economic and tourism attraction. This is a 280-metre-high, 62-storey tower - a bold statement that will give Tbilisi a new appeal alongside the world’s leading urban centres”, he said.

The Prime Minister highlighted Georgia’s role as a natural bridge between Europe and Asia, its consistent open-economy policy and its strong economic growth as key factors enabling projects of this scale.

“Such large-scale cooperation is entirely natural and logical. In many respects, Georgia serves as a natural bridge between Europe and Asia. We have maintained a consistent policy and an open economy, and as a result, Tbilisi and our country as a whole are becoming among the most reliable and attractive destinations for global investors.

“It would probably have been difficult to imagine a project of this scale even five years ago. However, during this period, our country has developed at a remarkable pace. As was noted today, Georgia has maintained an exceptional rate of economic growth. In just five years, the country’s economy has expanded nearly 2.5 times in dollar terms. Naturally, such trends and dynamics create opportunities to implement projects on an entirely new scale”, Kobakhidze said.

He also stressed that the involvement of the Trump Organization and the Washington office of the globally renowned architectural firm Gensler provided a strong guarantee of the project’s success.

“It is particularly noteworthy that Georgian business is a worthy and full-fledged partner of global giants. This is clear confirmation that Georgian companies and capital possess the resources and capabilities to implement ideas on a global scale. This project will create thousands of jobs in our country, generate multi-year contracts for Georgia’s construction sector and, consequently, provide a significant boost to the national economy”, he added.

Kobakhidze noted that Trump Tower Tbilisi is scheduled for completion in 2031, while the wider Downtown Tbilisi district is expected to be completed by 2033.

“In 2031, when Trump Tower is completed, and in 2033, when the entire district is finished, Tbilisi will gain a truly distinctive space that will blend harmoniously with the renovated Central Park. The Government of Georgia will continue to firmly support such projects and every investor undertaking large-scale, long-term initiatives of this kind”, he noted.

The Prime Minister also thanked the companies involved in the project, including Archi, Invia, Safir Organization, Finvest, Blockstone Capital and Vector Group.

“I would like to thank every company involved. I thank Archi, Invia, Safir Organization, Finvest, Blockstone Capital and Vector Group for this initiative and wish them every success. I also thank Downtown Tbilisi, Trump Tower and our investors for implementing this project and for their support. That support is very important to us”, Kobakhidze noted.
“I am deeply convinced that this project will become another visible symbol of our country’s economic strength, peace and progress, and a calling card for Georgia as a trustworthy, reliable and stable state”, he concluded.