A Chinese investment group and Georgian government officials have signed a cooperation memorandum to create the Khualin international special economic zone in Tbilisi. The total amount of the investment from China exceeds $150 million.

“This memorandum will help the creation of a free economic zone in Tbilisi and inflow of huge investments from China,” said Davit Bakradze, the parliamentary speaker at the signing ceremony on November 29.

This economic zone, according to the government, will be “a giant” complex hosting entertainment and commercial business centers. As a result of the project, Tbilisi will receive a new district, hotel, market, a plant and depository, residential housing, a recreational zone, as well as trade and commercial centers.

The project will be completed by 2015. The Ministry of Economy, which is the Georgian signatory to the memorandum, expects that the project will help generate several new jobs.

Source: www.georgiatoday.ge