The International Chamber of Commerce (ICC) of Georgia will sign a memorandum with the government of Georgia to establish the International Court of Arbitration in Georgia – states the President of the ICC, Fady Asly. According to him, the memorandum will be signed with the Georgian government on December 20. The court is likely to start functioning in 2019.
“Today I would like to make the first public announcement that the Georgian government will sign a Memorandum of Understanding with the International Chamber of Commerce in Paris on December 20, to start working towards establishing the Court of Arbitration in Georgia. We have been working on this issue over the course of the last 11 years and we are happy that this is finally taking place. This will encourage the investors to come to Georgia from central Asia and eastern Europe. This will make Georgia an important player in the region. Overall, it will improve the position of the country in international ratings and have a positive impact on the country’s reputation as a good place for investment” – says Faly Asly.