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Investment Opportunities in Manufacturing of Apparel Footwear

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Investment Opportunities in Manufacturing of Apparel Footwear INVESTMENT OPPORTUNITIES IN MANUFACTURING OF APPAREL, FOOTWEAR AND BAGS IN GEORGIA 2019 GEORGIA COUNTRY OVERVIEW Area: 69,700 sq. km Population: 3.7 mln GDP 2018: USD 16.2 billions Life expectancy at GDP real growth rate 2018: 4.7 % birth 2018: 74 years GDP CAGR 2013-2018 (GEL): Georgian 4 % GDP per capita 2018: Literacy: 99.8 % USD 4346 Inflation rate (December) 2018 (Y-o-Y): 1.5% Capital: Tbilisi Total Public Debt to Nominal GDP (%) 2018: 42.2% Currency (code): Lari (GEL) INVESTMENT CLIMATE & 2 OPPORTUNITIES IN GEORGIA OVERVIEW OF MANUFACTURING SECTOR Georgia has a rich history of Contract manufacturing of apparel Footwear and bags manufacturing manufacturing apparel, textile is well developed in Georgia and sector has emerged recently and and footwear, dating back to existing factories produce apparel local manufacturers have started to Soviet times for famous international brands, export their products to different such as Moncler, Tommy Hilfiger, international markets Nike, Adidas, Mexx, Zara, Puma, Autograph, Lebek, Hawes & Curtis, M&S, HM, etc. In addition, leather production is also developing in Georgia and Georgian leather is already being exported to Italy and Turkey RUSSIA Zugdidi Anaklia BLACK Poti SEA Samtredia Batumi Ozurgeti Existing clusters Thriving locations TURKEY Main Roads ARMENIA AZERBAIJAN APPAREL BRANDS CURRENTLY PRODUCED IN GEORGIA Source: Geostat; KPMG Note: *-preliminary data INVESTMENT OPPORTUNITY 3 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA LIBERAL TRADE REGIMES Very simple and service oriented customs policy and administration – customs clearance in 5-6 minutes 80% of goods free from import tariffs No quantitative restrictions Georgia Free Trade Agreements with 2.3 billion market and access without Customs Duty PREFERENTIAL TRADE REGIMES Deep and Comprehensive Free Trade Agreement (DCFTA) with EU Free Trade Agreement with People’s Republic of China (including Hong-Kong) Free Trade Agreements (FTA) with EFTA Countries ( Iceland, Norway, Switzerland, and Liechtenstein), Turkey, Ukraine and CIS countries GSP agreement with USA, Canada, Japan Member of WTO INVESTMENT OPPORTUNITY 4 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA UTILITY COSTS NON-RESIDENTIAL ELECTRICITY POWER RATES: GEL kWh including USD kWh including Category VAT (18%) VAT (18%) ELECTRICITY Tbilisi 220/380 volt Starting from 2017, deregulation of (average) 0.213 0.079 electricity consumer market has begun 6–10 kv 0.169 0.062 and by 2025 all non-residential custom- 35 – 110 kV 0.161 0.060 ers will be trading on electricity market Rest of Georgia: through the direct agreement and they can negotiate on any price. 220/380 volt Below are prices of balancing electricity (average) 0.211 0.078 as well as current tariffs for residential 6–10 kv 0.163 0.060 and non-residential customers, varying 35 – 110 kV 0.149 0.055 depending on the region and voltage. MAXIMUM RATES OF WATER GEL/m3 including USD/m3 including Category WATER VAT VAT Tbilisi: 4.4 1.63 Maximum rates of drinkable water and water for sewerage system are deter- Drinkable water 3.33 1.23 mined by Government decree and are Sewerage system 1.07 0.40 as follows: water Batumi 4 1.48 Drinkable water 2.50 1.92 Sewerage system GAS water 1.50 0.55 Other parts of Natural gas rates are deregulated for Georgia (there are 4.307 1.59 few exemptions): industrial use and companies can negotiate the price with supplier. Drinkable water 3.65 1.35 Sewerage system Average cost of gas per cubic meter 0.66 0.24 amounts to around USD 0.25-0.35 water (average official GEL exchange rate in 1H of 2019: 1 USD - 2.7034 GEL) INVESTMENT OPPORTUNITY 5 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA YOUNG, SKILLED AND COMPETITIVELY PRICED LABOR FORCE Average monthly salary in manufacturing industry COMPETITIVE amounts to USD 360 (2018) LABOR COSTS According to Heritage Foundation, Georgia ranks 20th globally on Labor Freedom Index The tax payable based on the salary is personal Income tax, LOW TAX which is flat 20% Insurance isn’t mandatory in Georgia TAX BURDEN Pension Contribution - 2% paid by Employer, 2% paid by Employee, 2% by Government YOUNG LABOR 56% of the unemployed population is in the 20-40 age category FORCE Unemployment rate is 12.7% (2018) The country doesn’t have minimum wage regulations FAVORABLE and compensation for labor depends on the agreement LABOR CODE between employee and employer All core ILO conventions are ratified by Georgia No working permits are required FLEXIBLE Citizens of 98 countries can stay in Georgia without visa REGULATIONS during whole 1 year, which helps attracting professional employees from other countries in the wider region INVESTMENT OPPORTUNITY 6 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA TRADE FLOWS, PRODUCTION AND CONSUMPTION APPAREL, FOOTWEAR AND BAGS MANUFACTURING Apparel, mln USD 250 198 181 195 180 200 155 152 150 123 86 80 86 71 82 100 55 51 50 2015 2016 2017 2018 Import Export Production Consumption Footwear, mln USD 100 83 85 82 67 67 73 74 50 2.1 2.6 2.1 2.7 1.4 3.0 2.2 2015 2016 2017 2018 Import Export Production Consumption Bags and accessories, mln USD 25 23 20 20 19 20 20 15 14 15 10 7 4.8 5.1 5 1.3 0.6 0.8 0.6 2015 2016 2017 2018 Import Export Production Consumption Note: Footwear and bags manufactured by Georgian companies INVESTMENT OPPORTUNITY 7 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA GEORGIA’S COMPETITIVE ADVANTAGES Access to 2.3 billion market Low taxes — Strategic location –Georgia offers — Free Industrial Zones - there are 4 free direct access to European, Gulf industrial zones in Georgia, which are exempt Cooperation Countries and CIS from all taxes, except personal income tax; markets. — Tax payable on salaries is personal income — Possibility to save up to 20-30% duty- s tax-20%, plus 2% pension contributio With existing free trade agreements, — Liberal taxation system - 0% profit tax products which are originated in on reinvested profit; Georgia, can have zero import tax to EU, Turkey and CIS countries for footwear and bags, which otherwise Government incentives amount up to 17% for EU and Turkey — Free land - Government of Georgia can transfer and up to 30% for CIS countries. state owned property for manufacturing project for free of charge, with investment Competitive costs obligation. — Labor cost - average salary in — Financial support mechanisms - Program apparel manufacturing is USD 300, “produce in Georgia” provides interest in footwear manufacturing USD 290 and in bags manufacturing – up to local banks; State investment fund-JSC USD 450. — Low electricity cost - Electricity equity in investment projects. costs for industrial consumers range — Education - State owned vocational between between USD 0.055 to USD 0.079 educational institutions provide courses in per kWh shoemaking and sewing; INVESTMENT OPPORTUNITY 8 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA BENCHMARK ANALYSIS OF GEORGIA WITH COMPETITOR COUNTRIES Average gross salary in the sub-sector of Electricity tariffs, 2018 garment and footwear, 2017 0.11 0.1 6 0.06 0.06 Moldova Construction costs per square meter, 2017 Total Tax & Contribution Rate (%) ), 2018 41.7 40.9 40 37.8 9.9 Sources: KPMG; PWC, World Bank INVESTMENT OPPORTUNITY 9 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA INVESTMENT PROPOSAL OF MANUFACTURING LEATHER FOOTWEAR Georgia has a potential to produce different type of leather footwear for international brands; Products can be exported to EU, CIS and middle east. It is possible to source part of raw materials locally as well as import it easily from Europe or Asia. There are 5 leather manufacturing companies in Georgia. KPMG has done high level calculations and according to the study, leather footwear manufacturing plant with annual capacity of 8.4 million pairs is feasible. Project details* Investment cost USD 33 743 000 Capacity, units 8 446 000 Construction timeline 1 Annual maintenance CAPEX USD 1 687 000 Export sales, % 100 Project NPV USD 8 135 000 IRR 15.2% Payback period 9 * Financial calculations are based on KPMG study. For full report, please contact us INVESTMENT OPPORTUNITY 10 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA INVESTMENT PROPOSAL OF MANUFACTURING SPORTS FOOTWEAR AND FOOTWEAR WITH UPPERS OF TEXTILE Georgia has a potential to produce sports footwear for international brands; Products can be exported to EU, CIS and middle east. Raw materials can be easily imported from Europe or Asia. KPMG has done high level calculations and according to the study, sports footwear manufacturing plant with annual capacity of 8.6 million pairs is feasible. Project details* Investment cost USD 34 618 000 Capacity, units 8 665 000 Construction timeline 1 Annual maintenance CAPEX USD 1 154 000 Export sales, % 100 Project NPV USD 8 107 000 IRR 15.9% Payback period 8.8 * Financial calculations are based on KPMG study. For full report, please contact us. INVESTMENT OPPORTUNITY 11 OF MANUFACTURING FOOTWEAR AND BAGS IN GEORGIA INVESTMENT PROPOSAL OF MANUFACTURING BAGS (SUITCASES AND TRAVELLING BAGS) Georgia has a potential to produce travelling bags for international brands. Products can be exported to EU and CIS countries. Raw material can be easily imported from Europe or Asia. KPMG has done high level calculations and according to the study, travelling bags manufacturing plant with annual capacity of around 6 million units is feasible. Project details* Investment cost USD 23 9018 000 Capacity, units 5 987 000 Construction timeline 1 Annual maintenance CAPEX USD 1 196 000 Export sales, % 100 Project NPV USD 9 063 000 IRR 17.1% Payback period 8.5 *
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