The currency crisis in the CIS countries has reduced the sales in Kutaisi free industrial zone (FIZ).
A partner of the Egypt-based “Fresh Electric” which operates the industrial zone says that the devaluation does not affect them, because they are “tied” to the dollars, bring everything from abroad, and vice versa – the materials have become cheaper. Mikheil Tigishvili says that the national currencydevaluation in the CIS markets negatively affected the FIZ and in comparison with the previous year a 30% decline is recorded.
In Tigishvili’s words, reorganization has recently been carried out, but the FIZ has been running stably for 3 months. According to him, currently seven companies engaged in the household equipment manufacturing are operating in the zone. Tigishvili explains that amid the current events in Ukraine, many companies from conflict zones show interest in their activities and negotiations are underway. The industrial zone’s manager says that so far many of the components are to be mastered in the industrial zone, and “Fresh” will think of new investments after the FIZ operates at maximum capacity.
Products manufacturing began in Kutaisi free industrial zone in 2010. Mostly foreign companies manufacturing home appliances are operating in the FIZ.