ARIC Group will stop investing in Georgia

ARIC Group representatives and farm Vinichio Valley jointly made a decision to stop investing in Georgia in the future. The group has not specified the exact reasons behind their decision, but state that conditions from the government side were not adequately met. According to Levan Davitashvili, the Minister of Agriculture of Georgia, the government has aided the group to operate successfully in the country.  

ARIC Group is an investment company established with foreign capital and has been implementing investment projects in Georgia since 2012 in agriculture, food industry, eco-tourism and construction. The company’s largest project includes the development of Vinichio Valley in Sagarejo, Kakheti. Moreover, ARIC Group has invested USD20 million in a scientific research. After four years of intensive work the unique species of pistachio created, ideally corresponds to the land and climate conditions in the region. In total, 1,000 hectares of pistachio, 400 hectares of vineyard and 400 hectares of fruit gardens will be cultivated within the frame of the current project.

ARIC Group will announce their market exit reasons and further details next week. 

By Anna Zhvania