Georgian Co-Investment Fund signed Memorandum of Understanding with Richel Group

13 May, 2014
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On May 13th, 2014, the CEO of Georgian Co-Investment Fund (“GCF”), Mr. George Bachiashvili, signed a Memorandum of Understanding with Mr. Christian Richel, the President and CEO of Richel Group, a leading French greenhouse company, in relation to the development of an initial 10.4 Ha stage of the 35 Ha greenhouse project intended for growing tomatoes.

The initial stage investment of the project will be US$11.6m. After its full implementation, the project will enable Georgia to cut its reliance on tomato imports into the country by 30 per cent.  

The signing ceremony was held during the Georgia-France Economic Forum and attended by the Prime Minister of Georgia, Mr. Irakli Garibashvili, and the President of France, Mr. François Hollande. The Forum was organized by GCF, alongside the Georgian National Investment Agency, the Chamber of Commerce and Industry France-Georgia and the French Embassy in Tbilisi.

The Speakers of the Forum included high-level government and business officials from Georgia and France. Other participants and guests at the forum included senior executives from Georgian and French corporations.  The CEO of GCF, Mr. Bachiashvili, delivered a presentation about the Fund and introduced a number of potential investment opportunities to the audience.