Op-ed: Agreement on Russian investments in Abkhazia’s economy is exploitative and humiliating

Jopua on Russian investment in Abkhazia

Prominent Abkhaz director and blogger Tengiz Jopua has weighed in on the draft Russian-Abkhaz agreement titled “On the Implementation of Investment Projects by Russian Legal Entities in the Territory of the Republic of Abkhazia,” currently under consideration by the Abkhaz parliament.

The Abkhaz opposition, a significant portion of civil society, and nearly everyone except President Aslan Bzhania and his team view this agreement as detrimental and highly harmful for Abkhazia, as it grants Russian investors significant advantages over local entrepreneurs. Abkhaz businesses cannot withstand such competition.

• “The President of Abkhazia is lobbying for the interests of Russian oligarchs to maintain power,” he stated.
• In Abkhazia, the opposition labels the Russian investment agreement a “colonial” project.

Tengiz Jopua:

“What is the most important aspect of this agreement?

• It prioritizes the interests of Russian investors, banks, the Russian state, and personally President Aslan Bzhania.
• It contradicts the long-term and medium-term interests of Abkhaz participants in the national economy, Abkhaz banks, and society as a whole.
• If the agreement’s stipulation regarding its implementation in tourism, construction, or the restoration of hotels and resorts is removed, it will lose all meaning.”

Why the agreement on Russian investments is a disaster for Abkhazia

“We need to reconsider our economic relations with Moscow.” This issue has been discussed by journalist Inal Khashig and economist Akhra Aristava

In other words:

First, this agreement is an integral part of another controversial bill regarding the construction of apartments in Abkhazia (by Russians and for Russians).

Second, the “investors” will not be able to take advantage of the preferential loan options for investment projects available in Russia, which include the possibility of interest rate subsidies.

This agreement is exploitative, humiliating, and closely resembles the demands of Western investors who sought to expand into the Russian economy during the tumultuous 1990s.

In Abkhazia, the comprador authority’s interests are in deep contradiction to those of the Abkhaz people. This authority represents the fifth column of our nation.

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Jopua on Russian investment in Abkhazia