Estonian investors: it’s the end of investments into Georgia
11.08.2008, 08:16Estonian businessmen who have been looking
towards investment opportunities in Georgia say that the war will keep investors
away for 10 years.
Äripäev writes that many Estonian businessmen were attracted to the rapidly
growing Georgian economy that expanded 12.4 percent last year, mainly thanks to
direct foreign investments.
One of the businessmen who have invested in Georgia is Mati Väärtnõu, CEO of
Kellakeskus Ltd. He says that he may now lose his investment of about one
million kroons that he made in a jewellery and fashion store in Thbilisi,
capital of Georgia. “We have a valid rent contract by the end of the year,” he
said.
Robert Antropov, chairman of Paldiski Port, said that the war in Georgia will
affect the country’s economy and force out foreign investors.
“It is not important who started the war, the fact is that it will set back
the whole economy, create instability and insecurity for investors and
businessmen,” said Antropov who has visited Georgia in search of business
opportunities.
Germund, a company owned by Aivar Vomm and Raivo Oissar, has been importing
Georgian nuts into Estonia. The two men are also developing real estate in
Thbilisi and are financing the construction of a residential apartment building
with 71 apartments.
Andres Koger, CEO of Koger Partnerid that renovates the building of the
Estonian embassy in Thbilisi, refused to comment the company’s business
interests in Georgia.
One of the recent investments made by Estonians in Georgia was the
acquisition of a winery in the Kahhethi area by Marcel Vichmann, Aivar Urm,
Meelis Asi, Arnout Dirk Lugtmeijer and Sergei Balõbin. The businessmen invested
about EEK 22 million in the project.