Economy

VR Holding and Georgian Tourism Development Fund sign cooperation memorandum

December 12, 2023: A memorandum of cooperation was signed between VR Holding, a leading developer company in Georgia, and the Georgian Tourism Development Fund, a state-owned enterprise that supports the development of the country’s tourism sector. 

The Deputy Prime Minister, Minister of Economy and Sustainable Development, Levan Davitashvili, and other officials attended the signing ceremony.

The memorandum provides:

  • Cooperation in implementing the new development project.
  • VR Shekvetili Forest Beach by Paragraph.
  • A multifunctional complex on the Black Sea coast near the Paragraph Resort & Spa Shekvetili.
  • Autograph Collection Hotel.

The project will cover a 40-hectare land area. It will combine premium quality villas, several 5-star residential complexes, hotels and branded apartments, and various amenities and facilities for the guests and residents.

According to Levan Davitashvili, VR Holding has established a new standard of quality in the Georgian construction sector, and this project will contribute to Georgia’s tourism sector and raise it to an even higher level. He also said the project would bring new investments and create several thousand new jobs in the region.

Davitashvili said, “Paragraph is already a distinctive tourist attraction – it has completely changed Georgia’s tourist potential. Of course, the tourist infrastructure will be further developed to accommodate more visitors and tourists.”

“We see how the economy, specifically the tourism sector, is developing dynamically in recent years. But with projects like Paragraph, we have been able to start developing a high-end tourism sector. This was a significant bid, which changed the country’s tourist and hotel infrastructure,” said the Minister of Economy.

The project is expected to be completed by 2025 and will offer a new destination on the Black Sea coastline, designed for active lifestyles in all four seasons. The project will also have a positive impact on the health and well-being of future residents. 

The location has outstanding natural features, such as healing magnetic sand, humid subtropical and ionized air, Bichvinta perennial pine forest, a magnetic beach with healing properties, and pure seawater.

 

Zurab Kvaratskhelia

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