A moratorium is imposed on sale of agricultural lands in Georgia to foreign firms and citizens until the end of 2014. Due legal framework, regulating land divesture issues in the country, will be shaped out meantime. International Transparency Georgia finds the moratorium controversial to Georgian constitution and decision of constitutional court of Georgia admitting divesture of agriculture lands to foreign citizens a year ago. Part of sector pundits argues any decision of parliament is legal although some believe moratorium is not a solution but just a delay of the problem and appeal for settling the issue through economic tools.

A package of bills is undergoing parliamentary procedures at the moment; it is aimed to amend the law on securities market so as to boost the languid Georgian Stock Exchange, which is allegedly snagging over the banking sector’s latent opposition trying to keep their monopolist position at Georgian capital market. Banks indignantly refute the allegation while some experts believe the underdeveloped Georgian economy is the reason of sluggish trade at securities market.

To ensure fair market competition and smooth adoption of digital broadcasting system in Georgia, the Institute for Development of Freedom of Information suggests to the administration to permit limited- capacity bands for regional broadcasting companies in pursuance with the US model.

Unilateral cancelation of visa-free regime for Iranian citizens starting from July 1, 2013, is not supposed to have any serious negative impact on Georgian-Iranian economic ties.

To ensure better legal protection of consumers, more control is expected to be imposed on private lenders of mortgages, enjoying loose regulation for years in Georgia.

Founders of the biggest Georgian developer company Center Point Group as well as Dexsus company, managing the assets of Center Point, allegedly practiced financial pyramid scheme for years. Now they face penalties amounting to GEL 250 thousand and GEL 100 thousand, respectively. Whether or not they will face imprisonment, will be decided at the court session, scheduled by September 4, 2013.

Lately, Georgian administration highlighted development of innovation technologies. A discussion on the innovation-based economic growth and the role of communication technologies’ development was held on July 15, 2013. It was organized by the World Bank and the Ministry of Economy and Sustainable Development of Georgia.

Expected to insure better protection of employees, the newly enforced labor code misses the goal as it provides better protection to employers again.

Georgian agriculture cooperatives do not welcome foreign citizens as its members; however, it allows them to set up cooperatives on their own and take benefits but they will not enjoy the state preferences.