We are pleased to present the 40th English issue of Forbes Georgia. This issue features a variety of articles on topics such as business, entrepreneurship, and economics. We hope you enjoy reading it as much as we enjoyed putting it together.
Cover Story
◾ Crossroads Capital | By: Anina Tepnadze
Karlheinz Dobnigg, President of the Board and CEO of Switzerland’s AURAC AG, is steering €250-300 million into Georgia’s mineral sector over the next three years, building a bridge between Europe and the Caucasus that positions the country as a strategic commodities hub. With Rothschild & Co LLC holding 89% of AURAC and a €200 million corporate bond under regulatory review, Dobnigg sees the country not as an emerging market experiment, but as the cornerstone of a €1 billion revenue target by 2030.
Leaderboard
◾ Georgia’s Most Profitable Car Dealers
Although Georgia does not have a domestic car manufacturing industry, automobiles remain one of the largest imported and re-exported goods. Recently, passenger cars accounted for 15% of total imports, with more than half re-exported, representing 36% of total exports.
◾ Georgia’s Most Valuable Real Estate Management Companies
The real estate sector is a major contributor to Georgia’s economy. Real estate activities make up about 9.5% of the overall economy. The industry primarily involves managing shopping malls and marketplaces, as well as leasing commercial spaces. As of 2023, the combined value of the ten largest companies in this sector was two billion lari.
◾ Georgia in the 2025 Rankings
Forbes Georgia traditionally showcases how Georgia’s position has shifted over the past year across 10 international rankings. These include rankings with direct economic significance, as well as those evaluating corruption, democracy, and media freedom. High levels of democracy and press freedom are essential prerequisites for a country’s stable and long-term economic growth.
Today, globalization is so advanced that a country’s economic borders mostly hold symbolic meaning. Investment flows into countries that offer the best conditions for generating returns. As a result, nations compete to provide the most favorable environment for potential investors. International rankings serve precisely this purpose—comparing countries based on the attractiveness of their conditions and providing a valuable tool for assessing government performance.
◾ Under 30 list
Forbes Georgia has, for the seventh straight year, selected young leaders under the age of 30 in Georgia as part of its Under 30 project. This year’s list highlights individuals for their reputations, leadership skills, and success in their fields.
The purpose of Forbes Georgia’s Under 30 list is to showcase talented young leaders with unique visions who make a significant impact across various sectors through their diverse accomplishments, hard work, resilience, and professional success.
Opinion
◾ Vivat Academia: Reform or Control? | By: Giorgi Tskhadaia
On October 16, Prime Minister Kobakhidze announced a major overhaul of the higher education system, which drew sharp criticism from some experts in the field. Much of the criticism focused on parts of the proposed reform related to education quality. However, it is equally important to highlight the political aspects of the planned reform, which I will attempt to do in this article.
◾ The PRC and Russia Are Exporting a New Model of Surveillance State | By: Gabriella Calder
Since the 2022 full-scale invasion of Ukraine, Russia, the People’s Republic of China (PRC), Iran and North Korea have augmented their capabilities and gone on the offensive against the West. Initially, these “axis of upheaval” countries increased cooperation in support of the Russian war effort; sharing information, defense technology, and deepening military ties. However, said cooperation also increased their capacity for power projection beyond Ukraine. With axis countries now expanding their presence deeper into the Black Sea and South Caucasus, they pose a growing challenge to the influence of the U.S. and its allies across the region.
◾ Human and Algorithm in the Same Room: Finding Our Place in the Digital Age | By: Mariam Janjaria
The labor market is undergoing one of the most radical transformations of the 21st century: old professions are disappearing, while new ones are still in the process of being defined. At the center of these changes is artificial intelligence (AI). What was just five years ago a character in a distant sci-fi book has now become a real, active force changing business models, productivity standards, and the perceptions that have long defined the meaning of work.
From Our Partners
◾ From Ideas to Impact | By: Kakhi Chakvetadze
From Georgia to the United States, spanning early-stage startups to some of the world’s most demanding companies, Nata Kavtaradze’s story is driven by curiosity, strategic risk-taking, and a constant desire to push beyond familiar boundaries. Her decisions were less about changing locations and more about seizing the right moments to grow.
◾ Beyond Discounts: A Shift in Buying Power | By: Iza Gvaramadze
Maqro Development has transformed its payment terms to further improve the accessibility of its flagship project, Maqro City Tbilisi. As part of a special New Year offer, the company is giving customers a rare degree of choice—the opportunity to either save significantly or begin investing without any initial capital.
◾ Turning Location Into Strategy | By: Kakhi Chakvetadze
In a market characterized by rapid growth and oversupply, Tower Group positions itself as a long-term, full-cycle developer focused on quality, concept, and sustainable value. Sophia Tsuladze, Director of CMG, which oversees the strategic development of Tower Group’s projects, discusses how the company creates differentiated real estate offerings in Adjara’s evolving market.
Management
◾ Architects of Innovation | By: Anina Tepnadze
At Global Finance’s Best Digital Banks Awards, Bank of Georgia won Best Consumer Digital Bank in the World for the second year in a row, earning a total of ten awards—four of them at the AI in Finance Awards. Giorgi Vakhtangishvili, Director of Digital Banking Services, and his deputies Ana Saralidze and Maia Gorgiladze told Forbes Georgia how they built a digital infrastructure capable of competing with global financial giants.
◾ Tradition Takes on a New Flavor | By: Iza Gvaramadze
A small family business that began in the 1990s with cakes baked in a home kitchen has today grown into an industrial-scale confectionery that employs more than 200 people, produces around 70 types of desserts, and offers thousands of customers a mix of traditional and modern flavors every day. Bela Kadzanaia shares the 32-year history of developing the Bela brand and discusses future plans.
CEO
◾ A New Chapter in History | By: Anina Tepnadze
With its new headquarters, TBC begins a new chapter in its 33-year history. The 69,000 m² building—a combination of traditional Georgian motifs and modern Western architecture—clearly reflects the bank’s organizational culture.
TBC’s General Director, Vakho Buchukuri, shared with Forbes Georgia how the workspace was created to support the next phase of the company’s journey.
◾ A 30-Year Pursuit of Perfection | By: Anina Tepnadze
Every great company has a legend — Tegeta’s began in 1995, inside a Volkswagen van loaded with spare parts for Ikarus buses. During an eight-day journey, Temur Kokhodze crossed Hungary, Romania, Bulgaria, and Turkey to open a small shop in Georgia, which was then on the brink of collapse. Three decades later, that modest venture has grown into an automotive industry giant — with over 300 global brands, nearly 3,000 employees, and operations spanning several continents.
Strategy
◾ Exporters of Advice | By: Iza Gvaramadze
Consulting company SavvY has spent the past ten years helping businesses achieve financial success in both Georgian and international markets. Its portfolio includes over 100 projects and long-term collaborations with global organizations. In an interview with Forbes Georgia, SavvY’s founder and managing partner, Mariam Koiava, discusses the company’s development journey, international expansion, and future plans.
Technology
◾ Where Global Innovation Meets Local Talent | By: Iza Gvaramadze
Concentrix, one of the world’s leading companies in customer experience (CX) and intelligent transformation, partners with more than 2,000 global brands, combining deep human insight with advanced technologies to modernize operations and elevate customer journeys. Since entering Georgia in 2021, the company has grown from a small team to more than 400 professionals, becoming one of the country’s fastest-growing international employers and a key contributor to its digital and economic development. To discuss this progress, Forbes Georgia spoke with two leaders shaping Concentrix’s local vision – Alper Alten, Chief of Staff for the Middle East & Turkey Region and Managing Director of Concentrix Georgia, and Irakli Gemazashvili, Sales Manager for Concentrix Georgia – who shared insights on Georgia’s evolving market, the company’s people-first culture, global best practices, and Concentrix’s ambitions for 2026 and beyond.
History
◾ The Mdivani Index | By: David Gigauri
Paris, June 1933: the wedding of the century. When Alexis Mdivani wed Barbara Hutton, the world’s richest heiress, the city became a stage for unmatched splendour. Barbara commissioned eighty ensembles from Paris’s greatest couturiers. A black pearl engagement ring from Cartier accompanied her existing pearl necklace which had once adorned Marie Antoinette’s ill–fated neck.
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