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Investments in Adjara to accrue with increasing trade

07
Apr '08
Turkish investors are banking on Adjara for numerous reasons that stand in advantage to the overall development of the country.

Adjara, an autonomous republic of Georgia, in southwestern corner of the country offers a lucrative trade prospect with its increasing purchasing power, cheap input costs and strategic importance.

This apart, energy prices in Adjara is less than half of the price prevalent in Turkey and further, discount opportunities are also catered to prudent investors. Again, the Government offers land to investors together with a reduction in tax rates and cheap availability of labor force.

Most importantly, the region is a door to Russia and Caucasus making it all the more irresistible to Turkish entrepreneurs whose trade with Adjara has already reached US $250 million. Presently some 60 Turkish companies are active in the area while another 20 are seeking representation.

During discussions held with the Turkish Exporters' Assembly (TIM) in Adjara, head of the autonomous republic stated that trade with Turkey has increased 10-folds in the last four years.

Adjara was subject to dictatorship for nearly 13 years after which the country set out afresh with zero economy. Turkey provided enormous support to the country during this critical phase. Turkish investment in the region is expected to reach $500 million in three years time.

Textile and agriculture have emerged as the two most vital areas for Turkish investors. Presently, there are five Turkish factories in the region and another two are under construction. Besides, the BTM factory in the capital, which started operating in September with an investment of $10 million, employs some 500 Georgians.


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