The Sector Economy and Economic Policy Committee deliberated on the draft declarations to be made in regard to the Convention on International Interests in Mobile Equipment as applied to aircraft objects in view of the accomplishment of the accession procedures.

According to the Deputy Economic and Sustainable Development Minister, Mariam Kvrivishvili, the Convention aims at mitigating the financial risks in the case of the acquisition, renting or leasing of aircraft and other aviation devices.

As she noted, the Protocol, as an integral part of the Convention, regulates the effective mechanisms of the guarantees in the aviation sphere.

In view of the accession to the Convention and its Protocol, it is expedient to introduce the amendment to the Parliamentary Resolution of November 6, 2007, formulating Paragraph 2 taking a new edition of the declarations into consideration.

“By accessing the Convention, we improve the positioning of our country in the international aviation industry. The Convention ensures the harmonization of legal standards, which simplifies transnational leasing and financial operations. Correspondingly, Georgia will be positioned as a reliable partner for the international aviation market, which will facilitate the attraction of investments in the aviation sector”, - she stated.

The Committee approved the document.