(Yicai Global) Sept. 20 -- Shanghai-based energy investment group China CEFC Energy Co. has signed two cooperation agreements with the Georgian government regarding the Poti Free Industrial Zone, expanding the investor's reach into countries along the Belt and Road Initiative.
The pair signed the agreements on Sept. 19, and will build a service platform to handle commodity trade, export processing, technological cooperation, warehouse logistics and cross-border finance. They are currently focused on processing and manufacturing, trade logistics and financial services.
In the center of Eurasia, Georgia marks a key spot on the Silk Road economic zone across Asia and Europe. The cooperation will turn the country into a Eurasian trade hub and make it an access point for Chinese commodities and projects in the region, an executive from the Chinese firm told Yicai Global.
The investment group has recently been playing an active role in conducting internationalized business in countries along the Belt and Road, including the Czech Republic, Kazakhstan, Russia, Chad and Georgia. Based on practical demand in the energy industry, it will set up an international investment bank to function as a financial platform, insiders said.
China CEFC Energy is ranked 222nd in the Fortune Global 500 rankings for this year with turnover of USD43.7 billion, up seven positions from 2016 and marking its fourth straight year on the list.