The announcement followed protests where demonstrators broke window grates at the parliament and stormed the building.
In response, security forces threw several smoke grenades into the crowd, a Sputnik correspondent reported from the scene.
"The presidential administration is preparing a document on the withdrawal from the parliament of the draft law 'On the ratification of the agreement between the government of Abkhazia and the government of Russia on the implementation of investment projects by Russian legal entities on the territory of Abkhazia'," the statement read. "This decision was made in order to stabilize the situation in the republic."
Clashes between security forces and opposition supporters began earlier in the day outside the parliament building.
Protesters used a truck to break down part of the fence and hurled flares, bottles, eggs and wooden planks at the police cordon.
Gunfire-like sounds were heard near the building. The unrest later spread to the nearby presidential administration, where opposition supporters rammed the gates with a truck.
Security forces blocked access to both the parliament and the presidential administration. A large crowd of protesters remained gathered but did not attempt to storm the parliament again.
The demonstrators waved Abkhazian flags, with Russian tricolors were also visible among them. Responding to accusations of anti-Russian sentiment, protesters chanted "Russia!" on cue from a megaphone.
According to Aslan Djopua, the head of Sukhum's ambulance service, two people were injured in the clashes.
Abkhazia's highest legislative body was scheduled to discuss the ratification of an intergovernmental agreement with Russia on investments on Friday, but the session was canceled by the deputies.
The presidential press office later announced that the administration was drafting a document to withdraw the ratification of the investment agreement with Russia in an attempt to de-escalate tensions.
The main reasons for the opposition's discontent and the ongoing protests in Abkhazia were:
The opposition believes that after the ratification of the investment agreement with Russia, Russian companies will begin building apartments in Abkhazia — which they claim will drive up housing prices.
They also argue that the construction of apartments could pose risks to the republic’s economy and harm small and medium-sized businesses in the country.
Russian State Duma deputy Konstantin Zatulin stated that building and selling apartments to Russians would be an act of justice. He said most Abkhazians hold Russian citizenship and have equal rights in Russia, while Russians in Abkhazia are unfairly prohibited from buying property.
The protesters' demands include:
Remove the ratification of the investment agreement with Russia from the parliamentary agenda or vote against it.
Postpone ratification until the presidential elections expected in spring, arguing it should be part of candidates' election platforms.
President Aslan Bzhania argued that without an investment agreement with Russia, the republic faces significant risks.
Alkhas Bartsyts, head of the parliamentary committee on international relations, said Abkhazia would be unable to independently secure the funds needed to restore critical sectors of its economy.