“By opening a new factory of the Elbit we have a certain outcome, which will further result in additional 60 million USD export annually and 300 new jobs. This is a good example of a joint venture and attracting new investments from Israel, which will contribute to the growth of investments and creation of new jobs,” – Dimitry Kumsishvili, the First Vice Prime Minister of Georgia, Minister of Economy and Sustainable Development, told to the media at the opening of the high-tech aircraft assembly parts of the aircrafts, which is the joint venture of the Partnership Fund and the Israel company, the Elbit Systems Cyclone.
The factory will produce structural assembly parts of the composite material (aerodynamic surface, doors, etc.) for the civil aircrafts and 100% of the production will be exported, which will have a positive impact on the trade balance. After the factory is fully operative (in 7 years), the annual sales will exceed 60 million USD. The potential buyers of the products are the leading companies of the global aviation market. After the full implementation of the factory, 300 jobs will be created. Total investment equals to 93 million USD.
According to First Vice Prime Minister, the factory of the composite materials of aircraft is important not only for our country but also for the region. Dimitry Kumsishvili highlighted the new enterprise will create an additional value while the products will be used by such companies as the Boeing, the Airbus and others. First Vice Prime Minister also noted how important it is that 300 new jobs will be created and the specialists in the service will be trained in Israel.
Dimitry Kumsishvili stated that the Elbit is not represented anyway in the region. As the First Vice Prime Minister stated, the Israel company had several alternative locations to open its branch, but the choice was made on Georgia. Kumsishvili explained that the Elbit made a decision in favor of Georgia due to the favorable business and investment climate in our country.
