On January 29th, Prime Minister Garibashvili unveiled the new multi-functional marine terminal in the Georgian Black Sea port of Poti. With U.S. Ambassador Kelly Degnan in attendance, the two lauded the great opportunities the project will create for Georgian-US cooperation and the further potential of Georgian economic development.
The Poti Pace Terminal was commenced in 2020 with a $50 million loan from the U.S. International Development Finance Corporation, with total investments amounting to $93 million. With a total value estimated at $120 million, the Pace Terminal is expected to process an additional 2.5 million tonnes of freight annually.
At an official opening ceremony, the Prime Minister hailed the terminal as “an extremely important project for the region,” and stressed that the project indicated foreign investors’ interest in Georgia. The U.S. Ambassador also lauded the project as a “huge success story that is a “big opportunity for Georgia to realize its goal of becoming an East-West hub, bringing goods from Central Asia all the way to Europe.”
Given Georgia’s strategic location—where North meets South and East meets West—and with the largest transit and transport potential in the region, Georgia is well positioned to serve as a regional connector to the wider world. With access to the eight landlocked countries in Central Asia, Georgia provides unique access to a market with nearly 120 million consumers and $450 billion worth of economic activities.
Through developments like the Pace Terminal in Poti, Georgia aims to further build its economic potential and serve as a connector between East and West, opening an otherwise closed region to the world. Furthermore, through greater economic integration between the U.S. and Georgia, such as through additional economic collaboration and a FTA, Georgia can provide the United States and Europe increased access into one of the world’s largest untapped regional consumer markets.