Memorandum of Understanding Signed between Anaklia City & the Law Society of England & Wales
On January 17, Anaklia City signed a Memorandum of Understanding with the Law Society of England and Wales, which will become Anaklia City’s strategic partner in developing the legal framework for the Anaklia City and Special Economic Zone projects. The meeting was attended by the founder of Anaklia Development Consortium, Mamuka Khazaradze and the Deputy Vice President of the Law Society of England and Wales, David Greene. The MoU was signed by the CEO of Anaklia City, Ketevan Bochorishvili and Deputy Vice President of the Law Society, David Greene.
The Law Society is a 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 organization, 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 promotes 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 establishing a special legal framework for the Anaklia Special Economic Zone. The legal framework of Anaklia City will be based on the best practices of international business in order to be able to provide a 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 developing Anaklia's corporate governance structure, to ensure a modern and balanced system, providing the ground for the 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,” Bochorishvili said. “Our legal framework will be based on the best international practices and ensure the needed attractiveness to encourage 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 and service industries. Indeed, there is an important role in this process for Anaklia Port and maritime legislation to drive the industry development.”
“We are delighted to have signed a Memorandum of Understanding with Georgia’s Anaklia City JSC and to help develop the special economic zone and disputes resolution center based on English common law,” Green said. “The Law Society of England and Wales is committing to sharing best practices in English common law with our Georgian colleagues and working together to protect and strengthen the independence of the legal profession and rule of law in Georgia. Our members are international in their outlook and this project will provide an opportunity for our members to work alongside their Georgian colleagues in the best interests of their clients.”
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.