BAKU, Azerbaijan, October 15
By Tamilla Mammadova – Trend:
Georgian Hualing FIZ is finalizing negotiations with 4 new international companies planning to establish their businesses in Georgia, Trend reports via Georgian media.
Investors are from Ukraine, Azerbaijan, and the UAE. Each of them plans to invest up to 1-2 million lari ($311,434-$622,868) at the first stage.
“From the very beginning of pandemic and a worldwide lockdown, our team started to re-think its strategy to continue the steady growth of revenues that was kept from the establishment of Hualing Free Industrial Zone (FIZ). Of course, it took us some time to adapt, but at the moment we have already incorporated up to 25 companies (mostly from the trading sector),” Vakhtang Chkareuli, Head of Finance & Analytics at Hualing FIZ said.
According to him, there were ongoing negotiations with manufacturers as well, but it should be underlined that establishing a processing factory always requires a physical presence by the investor to check the conditions of infrastructure, hire employees, get various permits, etc.
"As soon as Georgia opened its borders to potential investors, we have already brought our negotiations to the next level and in the nearest future we hope to finalize the deal with 4 new companies,” Chkareuli said.
In Chkareuli’s words, the four new companies come from Ukraine, Azerbaijan, and the UAE. “Their profile is producing of cosmetic goods, textile, lubricants, medical machinery, and medical goods. Each of them is supposed to invest up to 1-2 million lari at the start-up with the perspective to expand in the future”.
Currently, there are slightly more than 120 active companies registered in Hualing Free Industrial Zone. Mostly, they are specified in trading (including international trading), manufacturing, and processing of various goods. Those companies are spread over five continents and 45 countries all around the world.
“In 2020, working remotely is one of the challenging issues for most companies around the world. However, our team managed to turn this challenge into a new opportunity, and we launched totally remote incorporation process of new companies. So, our investors could establish a free zone company without a physical presence in Georgia. To summarize, our extensive experience in the industry, simple and fast business start-up, easier and cheaper operations, and our add-on services create an invaluable asset to our existing and potential partners,” he said.
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