On January 17th, Anaklia City signed a Memorandum of Understanding with the Law Society of England and Wales, which will become Anaklia City’s strategic partner to for develop the legal framework for Anaklia City and Special Economic Zone projects. The meeting was attended by the founder of Anaklia Development Consortium, Mr. Mamuka Khazaradze and the deputy vice president of the Law Society of England and Wales, Mr. David Greene. The MoU was signed by the CEO of Anaklia City, Ms. Ketevan Bochorishvili and Deputy Vice President of the Law Society, Mr. David Greene.
The Law Society is the professional body that represents over 180,000 solicitors in England and Wales. It exists to represent, promote and support solicitors, so they in turn can help their clients. As an organisation, the Law Society works to ensure that no-one is above the law and to protect everyone’s right to have access to justice. It promote England and Wales as the jurisdiction of choice and the vital role legal services play in our economy.
The special economic and legal status of Anaklia is defined by the Constitution of Georgia. The Law Society will be actively involved in the process of establishment special legal framework for Anaklia Special Economic Zone . The legal framework of Anaklia City shall be based on the best practices of the international business, in order to be able to provide fair, transparent and flexible legal environment, which will allow companies to make long-term forecasts and enjoy predictability of the legal environment.
The Law Society will also be involved in development of Anaklia’s corporate governance structure, to ensure a modern and balanced system, providing the ground for proper and sustainable development of Anaklia City.
“We are actively cooperating with the Law Society and its members, who will be our strategic partner to establish the legal environment for Anaklia’s Special Economic Zone project. Our legal framework shall be based on the best international practices and ensure the attractiveness for multinational companies to select Anaklia. We will also work with them to develop the legislation that will attract various large multinational companies working in both industrial as well as service industries. Indeed, there is an important role in this process forAnaklia port and maritime legislation to drive the industry development, “said Keti Bochorishvili, executive director of” Anaklia City.
It should be also noted that the Law Society and its members were actively involved in the process of establishment of the Astana International Financial Center (AIFC). They have been actively cooperating with the AIFC Court team and the AIFC is the first to establish a commercial court based on the principles of English common law on a territory of the post-Soviet Union.