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Georgia assists new ferroalloy enterprise in Terjola through "Produce in Georgia" program

Business Materials 13 April 2021 13:05 (UTC +04:00)
Georgia assists new ferroalloy enterprise in Terjola through "Produce in Georgia" program

BAKU, Azerbaijan, April 13

Tamilla Mammadova – Trend:

Within the framework of the "Produce in Georgia" program, a new ferroalloy enterprise has been equipped in the Georgian municipality of Terjola, Trend reports via the Georgian ministry of economy.

According to the Ministry of Economy, 61,506 square meters of non-agricultural land was transferred from the state to the company "Manganese Industry" for a symbolic price of 1 lari (29 cents). The Government decided to support the project within the program at the initiative of the Ministry of Economy.

The company has to establish the enterprise within a maximum of two years and invest at least 1.72 million lari ($503,618).

The project envisages the creation of two ferrosilicon manganese lines with a total production capacity of 16,000 tons per year.

The products produced will be mainly intended for export markets, which will provide millions of dollars of inflow into the country. According to the company, the launch of production and increase in exports of products will positively impact the country's main economic variables, such as exchange rate, employment, increase in labor productivity, technological progress, etc.

The state program "Produce in Georgia" has been working for several years, and hundreds of new enterprises are being created or expanded throughout Georgia. Today, thousands of new jobs have been created with the program's support, industrial and property transfer, hotel business, or micro and small entrepreneurship components, and this process continues despite the pandemic.

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