Georgia presents industrial projects worth $80m to local investors

Georgia is encouraging new businesses to help grow the economy through implementing industrial projects and diversifying economic activities.

In one year Georgia’s Industrial Development Group of the Ministry of Economy created 16 investment projects worth about $80 million USD (190 million GEL) to present to investors from the local the business community.

The projects included creating and supporting match manufacturing, stone processing plants in Tbilisi and Poti, a bay leaf processing and packaging factory, bay leaf essential oil production, a sewing factory, developing textile production, ceramic tiles manufacturing firm, milk processing enterprises, cardboard box production and steel pipe production.

Today Georgia’s Minister of Economy Dimitri Kumsishvili met representatives of Georgia’s business society, bankers and foundation representatives to introduce these investment projects and get a gauge on what they were interested in.

We explained to them what challenges they might face as they implemented these activities and how to overcome them. We also explained how the country would benefit once these investment projects were implemented. We will support investors as we all know how industrial development projects are useful for the country,” said Kumsishvili.

Of the 16 projects two generated immense interest among investors; the projects were in the scope of natural stone lining and a sewing factory. Both projects will be established in capital Tbilisi.

Kumsishvili believed economic growth was achievable only with target industrial policy and diversifying economic activities.

The Industrial Development Group was created one year ago within Georgia’s Ministry of Economy. The group aimed to support the cooperation between the state and the private sector for the purpose of developing economic activities in Georgia.

Looking ahead regular meetings between the Industrial Development Group and representatives of the business society will be held, announced the Ministry of Economy.