Georgia and China sign new deal to develop economic zones

Georgia and China signed a Memorandum of Understanding on developing economic zones and entrepreneurial capacity between the countries.

The memorandum was signed by Georgia’s Economy Minister Dimitry Kumsishvili and Deputy Commerce Minister of China Qian Keming within the Tbilisi Silk Road Forum.

Following the free trade agreement signed in May 2017, Georgia and China had to work on developing innovative zones and joint industrial technologies. Today’s memorandum aims to help the countries achieve this goal.

Today we signed a document whose main purpose it is for the two countries to support establishment of such zones on Georgia’s territory. This also includes the relocation of existing industrial capacities to Georgia or the creation of new industrial capacities,” said Kumsishvili.

The Memorandum of Understanding was signed within the Tbilisi Silk Road Forum today. Photo by Georgia's Ministry of Economy.

Also, China will share its experience with Georgia in establishing the economic zones and development of technologies.

As for the free trade deal with China, as reported today it will come into play in January 2018.

The agreement was ratified by the Parliament of Georgia two weeks ago.

"Today China’s Deputy Commerce Minister confirmed that the agreement will enter into force on the territory of China from January 2018,” said Kumsishvili.