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Entry of German Investment in Georgia Hampered by Ministry of Economy

Ministry of Economy hampered the entry of German investment in Georgia. The government delayed the process of privatization of the land plot that has hindered the setting up of the processing enterprise.
According to Director of the International Investments Coordination Center George Seturidze , due to the bureaucratic processes, it is difficult to say when construction will begin.

Seturidze notes that  the project is still in force and German investors don’t refuse to implement it.

“We are waiting, as soon as we have an area for the construction, the process will start. It is an enterprise which will be a supplier in a processing industry,”- a statement says.

At this stage, the head of the International Investments Coordination Center does not specify which company is going to enter Georgia; an amount of investment also remains unknown yet.

As for the question about their   cooperation with the Co-Investment Fund (GCF)  in the frames of the project, Seturidze says  that the negotiations with the foundation will  start immediately prior  the commencement of construction,  and  if cooperation is beneficial to both parties, the agreement will be made​​.

According to preliminary data, in the second quarter of 2014 the volume of foreign direct investment in Georgia was  USD  151 million, as compared with the second quarter of 2013 it is decreased by 27.4%. Compared with the first quarter of the current year, a decline amounted to 43.3%.