9th meeting of investors council discuss establishment of commercial chambers
The meeting focused on the significance of commercial chambers to increase the flexibility and efficacy of commercial dispute resolution. Photo: Gov't of Georgia.
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The establishment of commercial chambers within courts of law and insolvency reform were the main topics of the 9th meeting of the investors council, chaired by the Prime Minister of Georgia Mamuka Bakhtadze.
Held yesterday, the meeting focused on judiciary reform and namely on the significance of commercial chambers to increase the flexibility and efficacy of commercial dispute resolution.
The investors council also focused on consultations related to insolvency reform, which are coming to a close and will soon be presented to the Georgian parliament.
The European Bank for Reconstruction and Development (EBRD) Director for the Caucasus, Moldova and Belarus, Bruno Balvanera, who joined the investors council meeting yesterday. posted on Twitter:
Very important 9th meeting of the Investors Council Georgia under @BakhtadzeMamuka , advancing on Judicial Reform, Agricultural Land, Insolvency and few other important topics with support of UK @JustinMcKenzieS and @ebrd pic.twitter.com/gN2oMAFYNy
— Bruno Balvanera (@brunobalvanera) October 1, 2018
Members of the investors council also discussed the temporary employment of Georgian nationals within the European Union.
In addition, a bill on agricultural land was also discussed. It was noted that criteria for exemptions from restrictions envisaged in the bill towards the titular ownership of agricultural land parcels should be known to potential investors in advance.
Georgia’s Ministry of Economy is launching a competition to choose commercial attaches to appoint to Georgian embassies abroad.
Georgia will widely promote its economic interests to foreign nations over the next 18 months, focusing on economic diplomacy within the country's foreign policy.
Today at the first Investors Council meeting in capital Tbilisi, potential foreign investors learned about the benefits they could receive if they put their money into Georgia.
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Georgia is establishing the International Court of Arbitration in order to resolve commercial matters with specially-trained judges and rules designed to promote rapid resolution of business disputes.
Georgia’s capital of Tbilisi will be the second city in Europe after Paris where the International Court of Arbitration will resolve commercial disputes.
Over 40 countries, including Georgia, have today signed a mediation convention in Singapore to settle trade disputes, announces the Ministry of Justice of Georgia. Justice Minister Thea Tsulukiani signed the United Nations (UN) Convention on International Settlement Agreements Resulting from Mediation.