Mamuka Khazaradze: The Anaklia port will have its own legislation – we want to have the analogue of London arbitration in this zone

The Anaklia port will have its own legislation that will enable investors to resolve any legal dispute on the ground. Businessman Mamuka Khazaradze, one of the founders of "TBC Bank", stated at the meeting with students of Caucasus University.

According to him, there is a need to introduce legislation in the free trade zone that will allow any investor who has arrived from a modern country to make business in a clear and legal framework. Mamuka Khazaradze noted that there are many gaps in the Georgian legislation in this regard.

In addition, at the meeting Mamuka Khazaradze stressed the importance of the Port of Anaklia.

“This is our big competitive advantage over the other countries. Because if you look at non-member states of the EU, even CIS and Central Asian countries, it's the same as China for them, because the product made here will enter the European market without taxation. This is a main key. However, this is not enough. There is a need to introduce legislation that will allow an investor arrived from any modern country to do business in a clear and legal framework. This is the most important thing. We have been working on it for two years with the world’s famous lawyers. Just a month ago we signed an agreement with the President of the British Irish Bar Association. There are 180,000 lawyers in this association and we are developing the legislation together with them.

We want to have the analogue of the London arbitration in this zone. We do not rule out to bring leading lawyers (from these 180,000 lawyers) as judges to say that the business done here is the same as in Hong Kong, Singapore, London or in any other developed city, because you are in the most sophisticated, legal framework and any legal dispute can be solved on the ground without looking into any Georgian legislation, which has a lot of gaps, "Mamuka Khazaradze said.