24.Jan .2021 16:00

Georgian Hualing Free Industrial Zone Plans to Finalize Deal With 4 New Companies

Georgian Hualing Free Industrial Zone Plans to Finalize Deal With 4 New Companies
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From the very beginning of the pandemic and a worldwide lockdown, Hualing Free Industrial Zone (FIZ) of Georgia started to re-think its strategy to continue the steady growth of revenues, Head of Finance & Analytics at FIZ Vakhtang Chkareuli told Trend.
"Of course, it took us some time to adapt, but at the moment we have already incorporated up to 25 companies (mostly from the trading sector)," he noted.
According to Chkareuli, on the other hand, there were ongoing negotiations with manufacturers as well, but it should be underlined that establishing a processing factory always requires a physical presence by the investor to check the conditions of infrastructure, hire employees, get various permits, etc.
"As soon as Georgia opened its borders to potential investors, we have already brought our negotiations to the next level and in the nearest future we hope to finalize the deal with 4 new companies," Chkareuli noted.
As he noted, these companies come from Ukraine, Azerbaijan, and UAE.
"Their profile is producing of cosmetic goods, textile, lubricants, medical machinery, and medical goods. Each of them is supposed to invest up to 1-2 million lari ($302,172-$604,344) at the start-up with the perspective to expand in the future," Chkareuli added.
Hualing Free Industrial Zone (Hualing Kutaisi FIZ) is the manufacturing and trading zone in Kutaisi, Georgia offering companies 100 percent tax-free operations.
Free Zone covers the territory of 36 hectares and it is located in Kutaisi – the second-largest populated city of Georgia, on the territory, owned by the company. Considering its low proximity to Kutaisi International Airport (19 km), Port of Poti (95 km), and the highway connecting to capital Tbilisi (210 km), Hualing Kutaisi Free Industrial Zone represents an important trading and industrial hub within the country and the region.