About Civil.ge
Eng | Geo | Rus
Last updated: 11:28 - 29 Apr.'17
RSS
Mobile
Twitter
Facebook
Georgia Signs MoU with Top Chinese Company
Civil Georgia, Tbilisi / 16 Jan.'17 / 18:46

Georgian Economy Minister Giorgi Gakharia and China Energy Company Limited CEO Zhang Yuzhuo signed a memorandum of understanding on “Strengthening the New Silk Road Initiatives” on January 16 in the presence of Prime Minister Giorgi Kvirikashvili.

“The memorandum was signed within the One Belt, One Road project initiated by the People’s Republic of China and aims at joint development of a competitive route under the Silk Road project,” according to the Georgian Economy Ministry.

“The goal of the memorandum is to encourage the realization of the potential of the New Silk Road through implementation of joint initiatives, under which the purchase of 75% of the shares of the Poti Free Industrial Zone by CEFC China Energy Company Limited is being considered,” the government’s statement said without elaborating further details of the planned purchase.

“The company plans to further develop the Poti Free Industrial Zone through sharing the best practices of China’s developed industrial zones and attracting investments in the development of processing, modern technology, warehouse management, and logistics,” the statement explains.

Speaking after the signing ceremony, Economy Minister Giorgi Gakharia stressed that the memorandum is the “first step” [of Georgia’s participation] in the Silk Road and the One Belt, One Road projects and added that the Chinese investments in the region “need to be largest” in Georgia. “[With the memorandum] we will manage to attract other Chinese companies,” he added.

“Given its experience, performance, and expertise, CEFC China Energy Company Limited can make an enormous contribution not only to the development of the Poti Free Industrial Zone, but to the strengthening of Georgia as a transport and logistics hub,” the government statement concludes.

CEFC China, a private collective enterprise with business activities in energy and financial services, is listed among the Fortune Global 500’s 2016 (No. 229), the ranking of world’s largest companies.

Launched in 2009 close to Poti Sea Port and covering three million sq. m., the Poti Free Industrial Zone was the first free industrial zone in Georgia.

From 2009 to 2016 the enterprise was 100% owned and managed by RAKIA Georgia Free Industrial Zone LLC, founded by the RAK Investment Authority (RAKIA), a government agency of the Emirate of Ras Al Khaimah, U.A.E.

In late 2016 RAKIA transferred 85% of its shares to the state in exchange for discharging the government fines imposed for failure to fulfil the contract obligations, according to RFE/RL’s Georgian Service.

Latest News
29 Apr.'17 11:28
President, Parl. Chairman Clash over Constitution Reform
The Constitutional Reform Commission agreed on the draft constitution text on April 22.
28 Apr.'17 14:23
FH: Press Freedom Declines in Georgia
Georgia scores a point lower in Freedom House’s Press Freedom report.
27 Apr.'17 17:56
Foreign Ministers Open German-Georgian Year
Mikheil Janelidze met his German counterpart Sigmar Gabriel at the Federal Foreign Office in Berlin.
27 Apr.'17 16:14
Georgia, Romania Agree to Boost Trade, Political Ties
Prime Ministers issued a Declaration on the occasion of the 25th Anniversary of Diplomatic Relations.
27 Apr.'17 15:42
Two Persons Sent to Pretrial Detention over Batumi Unrest
21 persons were arrested following the March 11-12 unrest in Batumi.
26 Apr.'17 16:36
Tbilisi Concerned over Jerusalem Patriarch’s Abkhazia Statement
Georgian Ambassador to Israel meets Theophilos III, speaks about his meeting with Abkhaz pilgrims.
26 Apr.'17 13:18
South Ossetia Government Resigns
The region’s new leader Anatoly Bibilov will form a new government in two weeks.
26 Apr.'17 12:13
Watchdog Keeps Georgia’s Press Freedom Index Unchanged
Reporters Without Borders ranks Georgia 64th in the table of 180 countries with 27.76 points in the survey.
26 Apr.'17 10:29
Georgia Ratifies Europe’s Energy Community Accession Agreement
The Parliament of Georgia ratified the agreement with 89 MPs voting unanimously in favor.
25 Apr.'17 17:59
Georgian MoD Adopts Strategic Defense Review for 2017-2020
Defense Ministry considers Russia the primary threat, seeks to strengthen defense capabilities.

About Civil Georgia
Civil.Ge © 2001-2017, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
8