The News Minute | November 23, 2014 | 4:00 pm ISTThe AP government on Saturday signed a Memorandum of Understanding (MoU) with Eros Investments Limited, to set up a billion dollar entertainment city near Vizag.According to the MoU, Eros will build an entire entertainment city comprising of a media city, an amusement park, commercial and residential spaces, hotels, hospitals and other facilities.The media city will be equipped with various facilities for all types of visual media like film, TV and advertising industries.Eros Investments Limited which is a UK based firm, was represented by Subodh Agarwal, who signed the MoU with Chandana Khan, AP special chief secretary (tourism) in the presence of AP chief minister N. Chandrababu Naidu.Naidu said that this move will greatly boost tourism to the state and in return create employment. He also added that it would usher more investors into the state thereby increasing the state’s revenue.It is predicted that if this entertainment city were to be set up, there would be competition to the Ramoji film city in Hyderabad on which Tollywood, the Telugu film industry relies on.At 1666 acres, Ramoji film city is currently the largest integrated film city in the world and is used by film makers for various stages of pre production, production and post production.Full details about this project are expected to be announced in a few months after the formalities of the project are worked out.