“Hualing Group” will launch a Free Industrial Zone (FIZ) in Kutaisi in October this year. According to the Government’s resolution, the period of operation of the industrial zone in the territory of the machine -building factory makes 30 years. According to the resolution, “Hualing” is obliged to ensure conditions specified by the Revenue Service till 30 May, to arrange the building facilities and special equipment in the territory of the customs checkpoints. The agreement on the Free Industrial Zone’s setting up, arrangement and operation should be signed with the Government of Georgia before May. While in July, the free industrial zone development plan must be submitted to the Ministry of Economy.
“Hualing Group” took an initiative on the industrial zone’s creation in Kutaisi at the end of last year and applied to the Ministry of Economy. The company’s representative claimed in a conversation with the media that an old machine-building plant located in the city of Kutaisi was bought by the company, renovated and prepared for setting up the industrial zone. As per 2014 data, “Hualng Group” is Georgia’s largest investor. Hualing is building the Olympic Village in the Tbilisi sea area.
A free industrial zone has been already functioning in Kutaisi and is operated by the Egyptian “Fresh”.
The Free Industrial Zone opereated by the Arabic company is functioning on the territory of Poti.
Entrepreneurs are interested in FIZ for the following reasons: there is no income tax or it is insignificant; maximally simplified procedure of registration of the firm; there are no restrictions on the import andexport of currency; procedure of the firm’s management are simplified.
Azerbaijani SOCAR plans to build an industrial zone in Kulevi. The government wants to create an industrial zone in Khelvachauri region, but has failed to interest investors in this project.
Development of free industrial zones in Georgia was launched under the previous government in 2008.