The FINANCIAL — On 5 February, EU High Representative Federica Mogherini welcomed Georgia’s Prime Minister Giorgi Kvirikashvili to Brussels to take stock of the progress made on the Association Agreement between Georgia and the EU.
A key point on the agenda was the significant increase in Georgian exports to the EU over the last year, achieved thanks to the Deep and Comprehensive Free Trade Area that is part of the Association Agreement, according to the EU Neighbours portal.
The EU’s support and a trade agreement are delivering local jobs and growth in the country, as well as closer market integration.
Materia Fashion House, a key player in the local clothing industry, was one of the first Georgian companies to benefit from the EU4Business-EBRD Credit Line that opened up under the new agreement.
The EU funding helped Materia to modernise its equipment and introduce best health and safety practices for a newly built factory. This has allowed the company to expand, increase its exports and lead the evolution of the Georgian fashion scene.
The EU4Business-EBRD Credit Line is a joint initiative between the EU and the European Bank for Reconstruction and Development (EBRD) targeting small and medium-sized enterprises in Georgia, Moldova and Ukraine. All three countries are signatories to an Association Agreement and benefit from signing up to the Deep and Comprehensive Free Trade Area with the EU.