The FINANCIAL -- Minister of Economy and Sustainable Development of Georgia, Natia Turnava officially opened a new enterprise of copper and aluminium wires in Tbilisi. The enterprise, after developing its full production capacity, will employ over 250 people. Its production capacity per year shall reach 12000 tons of copper and aluminium. Which in financial terms amounts to the production worth of 300 million GEL. Economy Minister of Georgia thinks that, this is a foreign direct investment made by one of the strongest and most experienced Turkish companies.
Over 100 people have been employed and 15 million GEL has been invested in the enterprise established by the Turkish company Koç Kablo with the support of the program Enterprise Georgia supporting program. The company was given a 9502m2 plot of land in February 2018 under within the Enterprise Georgia program. The project is particularly important taking into account its export potential. The enterprise mainly produces the product for export markets. The company has currently received large orders from Burkina Faso and Ghana, and is also in negotiations with the UK and the Gulf countries.
“New enterprise is high-tech and competitive, and which is most important, it exports its products. The enterprise was established with the support of the state within the framework of the program Enterprise Georgia, and although it is newly opened, at this stage, it already employs 100 people while in the future, this figure will practically double. This is a foreign direct investment made by one of the strongest and most experienced Turkish companies. It is very important for us that despite the difficulties emerged due to the pandemic, such new enterprises are still established, which employ our citizens and strengthen Georgia’s export potential,” – Natia Turnava said.
The enterprise, after developing its full production capacity, will employ over 250 people. Its production capacity per year shall reach 12000 tons of copper and aluminium. Which in financial terms amounts to the production worth of 300 million GEL, the generation of the additional value of 40 million GEL and the payment of millions of GEL taxes to the budget.
Georgian Government's agency Enterprise Georgia is praised at the WTPO Awards 2020 for global excellence in promoting and supporting export.
Enterprise Georgia was named as one of the best examples in the world in terms of export promotion and support within the 2020 World Trade Promotion Organization (WTPO) Awards. Georgia is among the six finalist countries. In the finals are organizations that encourage innovative and effective export development initiatives. as reported by Georgian Public Broadcasting.
Earlier this week, Minister of Economy and Sustainable Development Natia Turnava also participated in the ground-breaking ceremony of the Kartli Textile, which is a subsidiary of the Adjara Textile. Natia Turnava highlighted the importance of the project and the investment, which will contribute to strengthening of Georgia’s export potential, therefore, the Government is actively supporting such projects. The company will invest 20 million GEL to build a garment factory. 10 million GEL is a loan taken within the framework of the Enterprise Georgia program. 3000 people will be employed at the factory and 90% of the employees shall be women. Read more.
To put in place legal regulation for environmental mitigation and prevention , the Government of Georgia approved a draft law meeting the standards of the EU Environmental Responsibility Policy. All enterprises, and not only larger companies, will be obligated to mitigate and offset significant environmental impacts. The new mechanism involves compensations for damages beyond monetary penalties, namely mandatory impact mitigation/elimination work. Persons causing an environmental impact will be obligated personally to cover relevant costs and correct the consequences. High fines will be enforced against enterprises polluting the air with hazardous substances.