Georgia has recently awarded a US$2.5 billion contract to a joint venture company called ‘Anaklia Development Consortium’ (ADC), which consists of Georgia’s TBC Holding and US-based Conti International in a bid to construct a new Black Sea Port, which is anticipated to boost Silk Road trade between Europe and China, according to the Jamaican Observer.
Giorgi Kvirikashvili, Prime Minister for Georgia, said: “The project will bring tremendous opportunities for Georgia and the entire region, making the new Silk Road concept fully operational.”
Mamuka Khazaradze, Chairman of TBC Holdings, said: “The project fits with the new concept of the ancient Silk Road proclaimed by the Chinese government: One Belt One Road.”
The hub is being created in order to compete for cargo ships carrying Chinese goods for Europe.
The ADC said that the project is expected to take around three years to complete and construction work will begin in late 2016.
China’s Silk Road is a major project which aims to boost trade between countries in the Indian Ocean and reinvigorate global trade.