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Jacket factory will be opened in Georgia

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BM.GE
08.11.18 15:30
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The Georgian delegation headed by the Prime Minister Mamuka Bakhtadze is taking part in the China International Import Expo (CIIE). More than 50 Georgian companies are represented at the exhibition taking place in Shanghai.

Within the frames of the exhibition, the CEO of Partnership Fund Davit Saganelidze signed several official documents in order to facilitate moving production to Georgia and exporting Georgian products.

China International Import Expo is initiated by the President of the People's Republic of China Xi Jinping and is organized with the support of the World Trade Organization and the United Nations Industrial Development Organization. The Georgian delegation consists of the Minister of Economy and Sustainable Development, the Minister of Environment Protection and Agriculture, as well as the representatives of Partnership Fund and the "Produce in Georgia" project.

The Partnership Fund has signed several official documents on cooperation within the frames of the Expo. The final agreement between the Partnership Fund and the Jiangxi Huazhao Enterprise Management was signed. According to the document signed on the basis of two-year negotiations between the sides, a down jacket factory will be opened in Georgia. The goal of the project is to build a factory equipped with modern technologies in which high quality jackets will be made for local, as well as the international markets. The enterprise will be constructed in the town of Tkibuli. Investment cost of the first stage of the project is 5 million USD. The world-famous brand jackets produced in Georgia will appear on the EU market. During the negotiations period the research of the market and procedures related to the issue of moving production to Georgia were held.

The Partnership Fund signed a Memorandum of Understanding with Anhui ANZ Food Limited, China. Industrial Park is an innovative import platform which will be in operation for global food production and marketing enterprises from 2019. According to the agreement, through the Partnership Fund Georgian companies will be able to enjoy the free exhibition spaces, as well as warehouse, logistics, marketing and sales services for three years. Free economic zone means special tariffs and liberal tax regimes, which will reduce the product price and make it competitive.

"Partnership between China and Georgia is moving to a new stage of development. We have signed several agreements with the Chinese side in order to facilitate moving production to Georgia as well as exporting Georgian products. The Chinese side is opening a special economic zone for Georgian entrepreneurs, which will contribute to the establishment of Georgian products on China’s 1.5-billion market. We are also negotiating with Chinese partners on constructing a down jacket factory in Georgia. Since the local jacket factory only satisfies only 60% of Chinese population. Thus, we are talking about starting such factory in Georgia, which will naturally employ numerous people and will create big export potential,” Davit Saganelidze said. 

Within the official visit of the Executive Director of the Partnership Fund David Saganelidze to China, Partnership Fund, the Shanghai Marine Diesel Engine Research Institute and Long Ge Investment Consulting Co. will sign a Memorandum of Understanding, which implies the development of Wind Power Project in Georgia. The parties are discussing various directions on this issue and the aforementioned memorandum is a prerequisite for the future cooperation.