Chairman of the Economic Policy Committee, Shota Berekashvili, has described the state’s agreement with Eagle Hills, under which the government will hold a 33% share in a newly created joint venture, as an “extremely good” arrangement and a major achievement for Georgia. Berekashvili made the statement during a committee session where he presented an amendment to the Law on Entrepreneurs that would allow civil servants to serve on the supervisory boards of companies with state participation.
During the session, MP Giorgi Sharashidze from the “Gakharia for Georgia” party questioned why the government accepted only a 33% stake in exchange for transferring state-owned land to the joint venture. Sharashidze also asked whether the government had sought alternatives, including potential investors willing to accept a 51% state share.
Responding to the inquiry, Berekashvili characterized the Eagle Hills development as an example of “state capitalism,” emphasizing that the project is commercial in nature, featuring large-scale construction of offices, hotels, and shopping centers. According to him, the 33% equity share ensures that the state will receive a corresponding share of future profits.
“When the state has a 33% share in the joint company, it means that after the project is completed, 33% of the profit will be transferred to the state as dividends. In my view, this is an extremely good agreement and a huge success for our executive government,” Berekashvili stated.
He also highlighted the broader economic impact expected from the project, noting that it will generate tens of thousands of high-paying jobs across sectors such as construction, development, and tourism, industries that collectively employ around 250,000 people in Georgia. “This means higher incomes, accelerated economic development, and benefits for every citizen. This is the position of both myself and our committee,” he added.
