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China to implement new construction project in Georgia

Business Materials 10 July 2020 14:56
China to implement new construction project in Georgia

BAKU, Azerbaijan, July 10

By Tamilla Mammadova – Trend:

The plastics recycling enterprise in Georgian Khobi municipality (Samegrelo-Zemo Svaneti region) is first example of importing Chinese investment projects from South-East Asia to Georgia after coronavirus pandemic, said Minister of Economy and Sustainable Development Natia Turnava, Trend reports citing Georgian media.

She made the remark after the meeting with representatives of Chinese Global Recycling Company.

Within the Georgian '100 Investment Offers to Business' program, the Global Recycling has purchased 300,000 sq.m. land in Khobi municipality where the company plans to relocate its plastic recycling plant at the first stage and open other factories that are involved in the entire cycle of the production chain at a later stage.

High-rank representative of HIP Holding, a parent company of 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 agreement on the project was reached during the state of emergency in Georgia and construction of the enterprise is expected to begin in the nearest future.

According to Turnava, 50 million lari ($16.3 million) will be invested in the project and about 400 local residents will be employed.

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