„The government of Georgia plans to initiate new investment draft law in the fall of this year, the goal is to improve the investment environment,” – the report of the executive authority on the progress of the implementation of the government program says.
As it is written in the document, work on the new law has been actively underway since March, 2023.
"In order to improve the investment environment, from March 2023, with the support of the International Finance Corporation (IFC), work is actively underway on the project of the Georgian Law on "Promotion and Guarantees of Investment Activity", the provisions of which will be in line with the best international practices and will encourage the inflow of local and foreign investments into the country.
The new draft law will revise the existing investment policy, increase the area of protection of investors' rights and offer guarantees provided by the international investment law. As part of the reform, a document on the Regulatory Impact Assessment (RIA) is being prepared, which will analyze in depth the possible impact of the new regulation on the business sector.
The process of working on the draft law is ongoing with the involvement of the private and public sector, and its submission to the Parliament of Georgia for consideration is planned for the fall session of 2023," the government report reads.
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