A new Georgian factory that will produce civil aircraft parts for Boeing, Airbus and Bombardier passenger planes will be opened in May in the capital city of Tbilisi, Agenda reports.
The construction of the high tech and modern aviation plant began in September 2016 and is expected to release production by 2020.
During his official visit to Israel, Georgia’s Economy Minister Dimitry Kumsishvili held a meeting with the management of ELBIT - the company which has been implementing the large investment high-tech project in Georgia together with the state-owned shareholding company Partnership Fund.
For the implementation of the project, the Georgian and Israeli sides founded a joint venture company, the Aerostructure Technologies Cyclone (ATC) in Georgia.
The ATC will be officially opened in Tbilisi on May 10, 2018.
The new enterprise will be similar to the Elbit Systems factory (located in Israel, the city of Haifa) and will produce products under the ELBIT SYSTEMS-CYCLONE brand.
The total investment volume of the project equals to $93 million. The project should employ 300 local workers who will be trained by leading specialists on the aviation market.
100 percent of the products will be export-oriented, which is believed to positively reflect on the country’s trade balance. Upon reaching full-scale capacity (the seventh year), the annual sales of the enterprise will increase up to $60 million and more.
At this point, the construction and equipment of the factory is in the final stages. According to the plan, all works will be accomplished by the end of April, 2018. After the completion of the construction, all the procedures of certification will be concluded by the end of the year, and the factory will start selling products.