The staging of the OSCE Economic Forum in Georgia's Black Sea resort of Batumi was on Friday finalized between the OSCE president and Georgian lawmakers.

An agreement was reached during OSCE President Petros Efthymious' meeting with the Georgian lawmakers in Vienna, according to reports reaching here on Friday.

"I am impressed by the city development project," said the OSCE chief. "I have no doubt that the upcoming event will be successful, " he was quoted as saying.

The president of the Organization for Security and Cooperation in Europe (OSCE) just toured Batumi along with Georgian President Mikheil Saakashvili.

The 2012 OSCE Economic Forum will be held between May 11 and 14.

The forum is expected to attract participants from around 50 countries and regions.

It will be the first time for the South Caucasus country of Georgia to host an OSCE conference.

The OSCE made its decision in October last year to also hold its 2012 Parliamentary Assembly in Batumi. The decision was made in Dubrovnic of Croatia.