Recently, information has been circulated regarding activities within the Tbilisi Free Industrial Zone (Tbilisi FIZ) that does not correspond to the facts. To ensure that the public is accurately informed, Tbilisi FIZ considers it necessary to clarify several points.
No sanctioned cryptocurrency companies operate in Tbilisi FIZ.
Media reports claiming that sanctioned cryptocurrency companies are currently operating within the Tbilisi Free Industrial Zone are false.
The facility shown in the media report has not been operational for a long time.
The facility portrayed in the circulated materials as operational is no longer functioning and has now been fully dismantled.
No evidence has been presented of any links between sanctioned companies and mining companies.
Claims suggesting such links are unsupported by any factual evidence and are false. Moreover, crypto mining has effectively ceased within Tbilisi FIZ, with the exception of one facility that is currently operating in wind-down mode and which has no connection with the company mentioned in the TV report.
The interpretation circulated regarding electricity costs and VAT is also incorrect.
Under Georgian legislation governing Free Industrial Zones, a framework that has been in place since 2007–2008, the supply of goods, including electricity, from the rest of Georgia to Free Industrial Zones is treated as an export and is therefore exempt from VAT. At the same time, for electricity consumers operating elsewhere in Georgia, VAT does not constitute an actual cost, as Georgian legislation provides for the right to deduct VAT. Consequently, it is incorrect to suggest that the VAT regime automatically gives companies operating in Tbilisi FIZ an 18% cost advantage when purchasing electricity.
Tbilisi Free Industrial Zone operates in accordance with Georgian legislation. Within the scope of their statutory authority, its activities are overseen by the Ministry of Economy and Sustainable Development of Georgia and the Ministry of Finance of Georgia.
Since 2023, under new ownership, Tbilisi FIZ has been actively developing its infrastructure and building a high-quality business ecosystem. During this period, 15 new manufacturing, processing and warehousing projects have become operational within the Zone, 12 new infrastructure facilities have been commissioned, and investments of up to 70 million Gel have been attracted.
Tbilisi FIZ’s priority is to attract investors and business projects that operate in full compliance with the law and to contribute to the country’s economic development.
Information about Tbilisi FIZ is available on the company’s website and social media channels ( Facebook; LinkedIn) and is regularly updated. Tbilisi FIZ is also ready to provide detailed and verifiable information on any matter concerning its activities.
