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Sales in Kutaisi FIZ Reduced due to the Currency Crisis in CIS Countries

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.