Chinese Company Invests $11bln in Baikal Tourism Special Economic Zone

Oct 25, 2016 — 13:00
— Update: Oct. 25 2016 — 11:15

Chinese Company Invests $11bln in Baikal Tourism Special Economic Zone

Oct 25, 2016 — 13:00
— Update: Oct. 25 2016 — 11:15
MT

The Russian tour company Grand Baikal has signed an agreement with a Chinese firm to develop a Special Economic Zone. The Chinese side is offering to invest as much as $11 billion in the project, which is to be built on the territory of the former Baikalsk Paper and Pulp Mill. 

The aim of the project is to create a number of modern tourist facilities and other infrastructure "designed to provide a high-quality, large-scale flow of tourists to the region." A memorandum from Grand Baikal called it a "world-class tourism zone." 

The memo also stated that "a prerequisite of the project is the strict observance of environmental standards and regulations on the protection of Lake Baikal."