The Ministry of Economy and the firm "Natural resources of the Black Sea" sign a licence-agreement

Today, the Ministry of Economy of the Republic of Abkhazia signed a licence-agreement "On the use of sub-soil coal-deposits in Tqwarchal for the purposes of exploration, development and mining” with the firm "Natural resources of the Black Sea". The agreement was signed by Minister of Economy of the Republic of Abkhazia, David Iradyan, and General Director of "Black Sea natural resources", Jasvinder Singh. This company is a subsidiary of the company "Natural resources of the Black Sea", which, in turn, is a subsidiary of the Indian Steel Company. The level of investment is predicted to be $ 70-100 million.

The signing ceremony was attended by the head of the Tqwarchal district administration, Timur Gogua.

Minister David Iradyan called today’s signing a unique event, because the first investor from Asia is intent upon investing in Abkhazia. According Iradyan, realisation of the project will be a major breakthrough in the national economy. "This is a demonstration that it is possible to work with Abkhazia. Any project then acquires additions, and we hope that after projects in the sphere of mineral resources, there will also be projects in the field of processing and light industry. But all this lies in the future," said the Minister.

According Jasvinder Singh, "Abkhazia is a very promising country with a great future." "We see a great business-opportunity, not only in mining but also in other areas," said the businessman.