Discussions of law on transparency of foreign influence and Business Environment

On June 18, a meeting of the Legal Committee of the European Business Association was held at the USAID Economic Governance Program office. Shorena Kopaleishvili, the chairman of the Association of Georgian Virtual Zone Persons, was invited to the meeting.

Main Topics: Newly Adopted law on  transparency of foreign influence

The primary focus of the meeting was the newly adopted law on transparency of foreign influence. The committee explored various aspects of the law, including the possibilities, prerequisites, and scope of its application to individuals, companies, and non-governmental organizations. The discussion aimed to provide clarity on how the law impacts different sectors and the necessary steps for compliance.

Business Environment Study

In addition to this law, the meeting announced the initiation of a Business Environment Assessment Study for the year 2024. This study aims to provide valuable insights into the economic landscape and identify trends that could influence business operations and strategic planning in the country.

Current Challenges and Regulatory Impact Assessments (RIAs)

The committee also addressed current challenges faced by companies, industries emphasizing the importance of Regulatory Impact Assessments (RIAs). These assessments are crucial for understanding the implications of new regulations and ensuring that companies can adapt effectively while maintaining compliance with legal standards.

Clarification for Association Members

Additionally, the Association will inform its members on how this law affects VZP (Virtual Zone Persons) companies, ensuring that all relevant parties are fully aware of their responsibilities and any potential impacts on their operations.