Yet another new free industrial zone

SOCAR of Georgia has investment plans to create a free industrial zone in the region of Kulevi, located on Georgia’s Black Sea coast. The company is working on a feasibility study and strategic plans should be submitted and approved by the end of 2013 and from 2014, the free industrial zone should start functioning for 99 years. So far there are 6 free industrial zones in Georgia, but neither of those has been successful to date. No serious investments have appeared in these zones and there remains an aspect within Georgia’s legislation that scares foreign investors.