The date of manufacturing of the primary electrical automotive in Georgia has been postponed to 2022, declares Georgian Financial system Minister Natia Turnava.
She stated that the coronavirus pandemic prevented the investor from beginning the manufacturing of electrical automobiles and the corporate shall be given additional time to meet its obligations.
It’s so essential for us to develop a inexperienced financial system and on the identical time strengthen Kutaisi as an industrial heart. We are going to help the investor to meet this activity”, Turnava stated.
The electrical automotive manufacturing facility is positioned in Kutaisi, western Georgia. It was introduced that the manufacturing facility would begin producing electrical automobiles to seem on native in addition to EU markets in 2020.
Massive Service Ltd was given land and buildings positioned on it price 68.23 million GEL for 1 GEL in 2019 with funding commitments to arrange an electrical automotive manufacturing manufacturing facility inside not more than two years (no later than 27.05.2021) after which produce not less than 5,000 items of electrical automobiles inside not more than 18 months.
As well as, the corporate was obliged to make use of not less than 300 folks for not less than 18 months inside a interval of not multiple 12 months after fulfilling the duty to launch a manufacturing facility.
If the corporate fails to meet its obligations in due time and the state doesn’t defer success of obligations, the contract stipulates a advantageous of 500 GEL from the day of violation of the duty on every overdue day for not organising the electrical automotive manufacturing facility and 50 GEL for not using 300 folks.