Today, the Government of Georgia has approved the state program to support foreign investment projects. The program will be implemented by the agency Enterprise Georgia.
As InterPressNews was informed, the goal of the program is to promote the growth of foreign direct investments in country, the inflow of technology and the creation of new jobs.
The FDI grant incentive applies to following economic sectors:
Production of electrical and electronic engineering products; Manufacturing of aircraft parts and components; Manufacture of vehicles and equipment, as well as their parts; Export of business services/ business process outsourcing (BPO); Developing Warehouses and logistic centers; Aircraft repair and maintenance (MRO).
The eligibility criteria includes: An international company participating in the program will have obligation to invest at least 10 million GEL (~3 mln USD) and create minimum 150 jobs. For companies operating in the field of business process outsourcing (BPO), the minimum amount of investment equals 5 million GEL (~1.5 MLN USD), with a creation of at least 200 new jobs.
According to the statement, upon fulfillment of the investment obligation, Companies will get cashback of up to 1 million GEL (~300 THSD USD). Companies, interested in applying to the program, have to send an application to Enterprise Georgia along with their investment project business strategy. A relevant agreement is concluded between the agency and the investor, by which the investor undertakes the investment commitment and starts the implementation of the project, the maximum term of which is 39 weeks.