Posted: 2 weeks ago

Poti FIZ: 3 Turkish Companies and 1 Japanese Bank Interested in the Investment Environment

The Turkish Foreign Economic Relations Board (DEIK) and the Poti Free Industrial Zone held a conference in Istanbul on the economic potential of the Poti FIZ.

The event was attended by the Georgian-Turkish and Turkish-Saudi Arabian Business Councils and a member of these councils was a representative of about 20 Turkish companies.

BM.GE addressed Tamar Sekhishvili, Poti FIZ Investment Attraction Manager, who stated that after the meeting, several companies were interested in relocating production and investing in Poti FIZ.

Tamar Sekhishvili spoke in detail about the goals and interests of the meeting.

"Before we planned the event, it was preceded by the definition of a strategy, what proposal we could make to the Turkish side and how we would position the capabilities of the FIZ. The study found that Turkey sold a very large number of different types of products in Saudi Arabia, although recently these volumes have decreased significantly. So we started thinking about how it was possible to increase sales through bilateral cooperation for the Turkish side and at the same time be profitable for Georgia. Therefore, we focused on Poti FIZ in terms of industrial development. The main message that was voiced at this event is the opportunities to obtain certificates of origin in 4 specific sectors, where we provided information to the attending companies with direct examples, "- explains Tamar Sekhishvili.

Textiles, furniture and accessories, construction materials - representatives of these sectors attended the meeting held a few days ago and according to the head of investment attraction of Poti FIZ, several companies expressed their desire to transfer the production process to Georgia FIZ.

"We have offered the companies that have reduced their sales to Saudi Arabia the possible ways that, according to Georgian legislation and regulations, can obtain a Made in Georgia certificate with minimal processing. We have no preferences with Saudi Arabia and just getting this certificate is enough. In addition, the bilateral cooperation provides for Turkish raw materials, this preference was added within the EU-Turkey-Georgia diagonal cumulation, the company, which until now was focused only on Saudi Arabia, will be able to enter other markets in case of production of Poti FIZ.

The meeting was not over when one of the major manufacturing companies, Gedik, which combines universities, hospitals and factories, became interested in transferring part of the electrode production to FIZ. After the meeting, at their request, we visited the factory they want to export to Georgia," Tamar Sekhishvili told BM.GE.

To the question - in what period we will see the start of projects worth up to 40 million US dollars, she answers: "After going through all the processes and stages by the interested companies, in case of profitability, 1.5 - 2 years will be the time when these companies will be able to start production."