Chinese company invests 50 mln GEL in relocating plastic recycling plant to Georgia
The representatives of Global Recycling met with Georgian Economy Minister Natia Turnava today. Photo: Ministry of Economy.
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A Chinese company is relocating its plastic recycling plant to the Georgian municipality of Khobi within the '100 Investment Offers to Business' programme, announces the Georgian Ministry of Economy.
Georgian Economy Minister Natia Turnava said this an example of enterprises relocating from Asia to Georgia after the pandemic.
Construction of the plant will begin in the near future. In total 50 million GEL will be invested and 400 locals will be employed", said Turnava after a meeting with the representatives of Global Recycling today.
Within the '100 Investment Offers to Business' programme Global Recycling has purchased 300,000 sq.m. land in Khobi municipality at the auction where the company plans to relocate its plastic recycling plant at the first stage and later will open other factories that are involved in the entire cycle of the production chain.
Chairman of HIP Holding, which includes Global Recycling, said that there are 'wonderful investment conditions' in Georgia which include free trade agreements with the European Union and China and the 'unique geographical location' of Georgia.
The government of Georgia is announcing amendments to the state programme of 'Produce in Georgia' and a credit guarantee programme to further help local companies start new businesses or develop already existing ones.
Some Japanese, South Korean and German companies have expressed their desire to transfer part of their businesses to Georgia, Economy Minister Natia Turnava has recently stated. Minister Turnava considers that by doing so, global companies would gain a comparative advantage.
The Executive Board of the International Monetary Fund (IMF) has approved $200 million for Georgia to help address the effects of the coronavirus. This, IMF said, will help Georgia “meet urgent balance of payments and fiscal needs” stemming from the COVID-19 pandemic, including “increased spending on health services and social protection”.
Georgian Economy Minister Natia Turnava held a presentation today on how the government is planning to help local businesses and especially small and medium-sized businesses reopen and overcome economic difficulties caused by the coronavirus pandemic.
US information technology company EPAM is the first company that is opening an office in Georgia as part of the Georgian government’s initiative to offer favourable terms of taxation to companies that obtain the status of international company in the country, announces Georgian Economy Minister Natia Turnava.
US custom software engineering company Exadel is opening an office in Georgia as part of the Georgian government’s initiative to offer favourable terms of taxation to companies that obtain the status of international company in the country, announces Georgian Economy Minister Natia Turnava.
Ideathon commences search for ideas that reduce plastic waste
Entrepreneurs, business owners or managers, initiative groups and individuals interested in packaging, recycling, and waste management are invited to submit concepts on how to better produce biodegradable packaging and replace plastic or other disposable waste as part of the ideathon 'Produce for Consumers, Package for the Earth'.
Finnish corporation Nokia has expressed an interest in entering the Georgian market, announces the Ministry of Economy of Georgia. Georgian Deputy Economy Ministers Genadi Arveladze and Irakli Nadareishvili met with regional Vice-President of Nokia Mikko Lavanti earlier today to discuss areas in which Nokia could invest in Georgia.
Use of plastic bags for weighing products at markets has been banned across Georgia in the latest move designed to tighten domestic environmental regulations.