The FINANCIAL — First Vice Prime Minister of Georgia, Minister of Economy and Sustainable Development Dimitry Kumsishvili officially opened the French Atlantic Group’s factory of electric heaters which was constructed in the Kutaisi Free Industrial Zone.
The factory is already fully equipped and produces up to 500 electric heaters a day while twice a week the production is exported abroad, including to the neighboring countries, according to Ministry of Economy and Sustainable Development of Georgia.
As the First Vice Prime Minister highlighted, this is another good example of cooperation between the state and the private sector.
“Kutaisi Industrial Zone submitted the investment plan in early 2017 and in fact, it managed to fulfil all the undertaken obligations. 45 million GEL has been invested in the factory so far. At present there are 120 people employed in the factory and those people were fully retrained according to the highest European standards. They are provided with the proper nutrition and transportation as well as the working environment,” – Dimitry Kumsishvili noted.
The factory plans to expand production in the future, which means that 400 thousand heaters will be produced in Georgia, which will be exported to the regional markets.
“Today we have seen a complete production cycle, starting with very simple materials and high-end products. Localization indicator is more than 72%, which means that 72% of the value of these products is created in our country,” – Dimitry Dimitri Kumsishvili said.
The First Vice Prime Minister expressed gratefulness to the Head and one of the founders of the Kutaisi Free Industrial Zone, Mikheil Tigishvili for bringing such significant investor to Georgia as the Atlantic Group is.
The French company Atlantic Group is one of the leading companies in Western Europe having 22 factories in different parts of the world.
Kutaisi Free Industrial Zone was established several years ago. At present, FIZ produces different types of export products, including textiles, roofs, lamps, oils, household appliances, etc. Construction of pasture factory is also underway.
In total, over $ 100 million USD has been invested in the Kutaisi FIZ, while 370 people are employed under the contract.