In 2009, the largest investment project will be carried out in Georgia. Egyptian company “Fresh “plans to invest 1 200 800 000 USD into the development of Georgian economy. Such scale of investment has not been yet carried out in Georgia.
Minister of Economic Development of Georgia Lasha Zhvania said that on the instruction of the Georgian President Mikheil Saakashvili, for the past two months the ministry has been working together with one of the serious investment group – company Fresh and their Georgian partners on the creation of Free Industrial Zone in Kutaisi. Georgia has not received such a large investment before.
Fresh owns nine factories in Egypt and exports its products to 52 counties. It is annual net profit is 1 billion USD. The owner and the president of the company is Mr. Ibrahim Khalil. He is also the chairman of Egyptian Businessmens Association.
The Egyptian investor was brought over to Georgia by our citizen Mr. Mikheil Tigishvili, who together with Fresh will carry out this project. For the past 15 years, Mr. Tigishvili lived in the USA. He is a successful businessman, who even received an award from the US Senate for his contribution to the development of the economy of the State of New York.
Mr. Khalil will be traveling to Georgia on 6 April. The Vice- President of Fresh, Mr. Mohamed Raphat is currently in Georgia.
On 6 April, Egyptian company “Fresh” and their Georgian partner “Georgian International Holdings” will sign a memorandum of cooperation, according to which free industrial zone will be formed on the territory boarded to the Kutaisi automobile plant. At the initial stage, the factory manufacturing the electric home appliances is going to be built, which will produce its first product in June of the same year. The company has already employed 300 people for construction works, their average salary is 300-500 Lari. In total, this project envisages the construction of 12 factories, which will produce home appliance, furniture, textile, ceramics and other products.
At this stage, 1 200 800 000 USD will be invested in this project. The second stage will begin in a year and a half, during which more than 2 billion USD will be invested. By the end of the year, approximately 2500 people will be employed. After the implementation of the second stage in a year and half, 12000-15000 people will be employed.
As for the indirect employment on this project and around the factories (in the offices, distributors and other service providers), several thousand people will be employed in this direction –according to Lasha Zhvania.
