Georgian authorities plan to invest 200 million lari ($120 million) in construction of the future city of Lazika on the Black Sea coast in the next four years, the Georgian National Tourism Agency told Trend.

"The state plans to finance 20 percent of the project. The remaining funds will be attracted from private investors," the Tourism Agency said.

According to the Agency, Georgia is negotiating with the European and Asian investors who are willing to invest considerable sums in the construction of this city.

"Preparatory work for Lazika construction has already begun. In particular, virtual 3D version of the project has been created... , the marshland is being drained, a group of architects are working on the issues connected with urban infrastructure, house of justice and roads construction have been launched," the Agency said.

The Georgian Parliament on June 12 adopted constitutional amendments associated with the city of Lazika, the source said.

According to the amendments, the status and privileges of the city will be determined by organic law. Thus, soft tax regime and most effective ways of resolving any dispute accepted in international trade practices will be established in the city.

Georgian President Mikheil Saakashvili, for the first time announced about the idea to build the country's 'second largest city' between Anaklia, close to breakaway Abkhazia, and Kulevi in the north from port town of Poti in December, 2011. The English law system would be introduced in Lazika for commercial transactions, instead of a codified civil law, which Georgia's legal system is based on. The parliamentary majority considers Lazika as a new perspective for the country development. According to the opposition, the authorities should be more concerned about existing towns.