Alexander Novak speaks at a plenary session of international forum, Abkhazia: Investment in the Future
Alexander Novak speaks at a plenary session of international forum, Abkhazia: Investment in the Future
Alexander Novak speaks at a plenary session of international forum, Abkhazia: Investment in the Future
The decisions by the co-chairs of the intergovernmental commissions of Russia and Abkhazia, and Russia and South Ossetia, have been signed on the sidelines of the forum. Alexander Novak with Prime Minister of Abkhazia Vladimir Delba
The decisions by the co-chairs of the intergovernmental commissions of Russia and Abkhazia, and Russia and South Ossetia, have been signed on the sidelines of the forum. Alexander Novak with Prime Minister of South Ossetia Tzambolat Tadtaev
Alexander Novak speaks at a plenary session of international forum, Abkhazia: Investment in the Future
Signing of the decisions by co-chairs of Russia-Abkhazia intergovernmental commissions Alexander Novak and Prime Minister of Abkhazia Vladimir Delba
Signing of the decisions by co-chairs of Russia-South Ossetia intergovernmental commissions Alexander Novak and Prime Minister of South Ossetia Dzambolat Tadtayev
During a working visit to the Republic of Abkhazia, Deputy Prime Minister Alexander Novak spoke at a plenary session of the first international economic forum, Abkhazia: Investment in the Future.
The Deputy Prime Minister emphasised that Abkhazia was Russia’s true friend and reliable partner.
“The forum demonstrated the main point which is that we had moved from isolated projects to a systematic and long-term partnership. We have clear-cut agreements, effective financial instruments, and political will on both sides, as well as, most importantly, an understanding of why we are doing all this. We are doing this, first and foremost, to improve the quality of life and living standards,” Alexander Novak said.
He pointed out that strong socioeconomic ties and a constructive approach to implementing joint initiatives were producing tangible results. Over the past five years, Abkhazia’s economy has tripled, the republic’s own revenue has increased by 2.7 times, the average salary has nearly doubled, and mutual trade grew by 18 percent last year alone. Large-scale projects long awaited by Abkhazia, such as renovation of Sukhumi Airport, have been completed.
According to Alexander Novak, subsidised lending was among the effective economic growth mechanisms. Since 2023, Russian banks have financed 10 projects worth 6.6 billion roubles. Already operational are the Riviera Hotel, a winery, and a container terminal at the port; a dairy plant will open soon. These projects have created thousands of new jobs, generated 700 million roubles annually in revenue for the republic’s budget, and contributed 7 percent growth to GDP.
By decision of President Vladimir Putin and at the initiative of Abkhazia’s government, the subsidised lending programme has been renewed through 2030. The credit limit totals 20 billion roubles, and projects worth another 6.5 billion roubles covering tourism, construction, and agriculture have already been put together in Abkhazia. In 2026, a new important mechanism — subsidised lending for small and medium-sized businesses — will be launched. It will be implemented through Abkhazian banks. Priority will be given to tourism projects, as tourism is a strategic backbone of Abkhazia.
Transport is a key area for the republic, as tourism is impossible without it. Direct flights between Moscow and Sukhumi resumed on May 1, 2025 with 312 flights carrying over 123,000 passengers completed since then. Flights operate from Moscow, Nizhny Novgorod, St Petersburg, and Khanty-Mansiysk. For the current season, programmes from Moscow, Nizhny Novgorod, Khanty-Mansiysk, and Perm have been confirmed, with additional routes from other major Russian cities under consideration. By 2030, more than 1 million passengers per year are projected.
Additionally, the Adler motor road checkpoint is under renovation at a cost of 3.8 billion roubles. Once completed, it will double the daily throughput to 14,000 vehicles and 80,000 passengers, ease traffic congestion at the border, and make crossings for tourists and businesses more comfortable.
“At the forum, we also discussed the creative industries and reached specific agreements covering joint projects, internships, and exchanges of experience in fashion, architecture, and event tourism, as well as, of course, in winemaking. Abkhazia has massive competitive advantages. We sat down with Russian businesses to discuss the promotion of Abkhazian-made products in our markets, and preliminary agreements are already in place,” Alexander Novak said.
The decisions by the co-chairs of the intergovernmental commissions of Russia and Abkhazia, and Russia and South Ossetia, have been signed on the sidelines of the forum. These documents establish the procedure for implementing subsidised lending programmes for investment projects under the subject-specific socioeconomic development government programmes.
