Forbes Georgia in English – Issue N29

Forbes Georgia in English – Issue N29

We are pleased to present the 29th English issue of Forbes Georgia. This issue features a variety of articles on topics such as business, entrepreneurship, and technology. We hope you enjoy reading it as much as we enjoyed putting it together.

Cover Story: Leading Educational Progress – Nina Chikvashvili

The education establishment, started by Nina Chikvashvili in the city of Kutaisi, today unites three schools in Georgia, with 2,000 students and a broad network of graduates. The history of American International School Progress has been more than 20 years in the making. However, the vision of the business is much more ambitious than the achievements of the past.

This edition also features the latest insights, analysis, and trends from the dynamic world of business, finance, and entrepreneurship in Georgia and around the world.

◾ Visualizing Global Attitudes Towards AI | Analytics by Marcus Lu

Artificial intelligence (AI) is one of the fastest growing and most disruptive technologies in the world today. Because it has the potential to drastically impact society, it’s important to measure how people are feeling towards it.

◾ The State of Economic Freedom in 2023 | Analytics by Avery Koop

The concept of economic freedom serves as a vital framework for evaluating the extent to which individuals and businesses have the freedom to make economic decisions. In countries with low economic freedom, governments exert coercion and constraints on liberties, restricting choice for individuals and businesses, which can ultimately hinder prosperity.

◾ The Places That Rich People Are Leaving | Analytics by Katharina Buchholz

Newly published data by Henley & Partners shows that while China and India are losing the most millionaires (or billionaires) to emigration, the United Kingdom and Russia are also expected to be left behind by a substantial number of their very wealthy residents in the years 2022 and 2023.

◾ Where Are Georgia’s Top 10 Exported Goods Being Sold? | Analytics by Beso Namchavadze

In 2022, the export of goods from Georgia increased by 32% year-on-year to $5.6 billion. However, the share of re-exports out of the country’s exports is traditionally relatively high. Re-export refers to the export of goods that have been imported to georgia. Georgia’s exports increased by 18.4% year-on-year to $3.7 billion without re-export. The share of local exports out of total exports was 66%.

◾Why Does Georgia Have Low Wages? | Opinion Piece by Beso Namchavadze

The average monthly salary of employed personnel in Georgia is GEL 1,600. However, average disposable income after tax is GEL 1,280. For comparison, even in the lowest-income country of the European Union – Bulgaria, the average monthly salary is around USD 1,500, almost three times higher than the average salary in georgia.

◾ Why Everyone Should Pay More Attention to India | OpEd by Misho Zghuladze

“As a frequent visitor and fellow developing country native, I will walk you through why you should be paying more attention to this colossus stretching from the Himalayas to the tropics. It’s simple arithmetic – if humanity is to flourish on this planet, India’s rise has to happen. So, let’s welcome it. This is the story of India, from conquering the internet to giving money to a beggar with a QR code. Trust me, it’s a journey worth taking, even if only on paper for now.”

◾ Corporate Slaves | OpEd by Giorgi Bakradze

“It is difficult to identify the cornerstone of modern capitalism. If you were to hold a survey on this topic (if indeed it would make sense to do so), respondents would most certainly mention private property, individual freedom, self-interest, competition, free markets, freedom from state interference, and more.”

◾ Georgia Stuck in the Russian Economic Trap | OpEd By Giorgi Tskhadaia

“Georgia’s growing economic dependence on Russia will complicate any peaceful change of government in our country. Moreover, even if an anti-Russian government were to come to power, it would be difficult to break the strong economic ties with Russia immediately.”

◾ A Journey on the Crypto Sea | Tech story by Tamta Nachkebia

Wealth has always been in the hands of a small section of humanity – feudal lords, kings, rulers, and their associates. The emergence of financial institutions improved the situation, but the principles of distribution remained the same – the trail of wealth led to the centers of power. The revolution started in 2008 when cryptocurrency became equally accessible to anyone who believed in it. One of the believers was Ioseb Bolkvadze. Deciding to help others in pursuit of digital treasure, he founded cryptal with his friend in 2018. CEO Khvicha Kopinadze soon joined the company. Now employing a team of 70 people, cryptal strives to pave the way to a new world and better opportunities.

◾ Leading Educational Progress | Cover Story by Davit Tsiramua

Step by step towards progress – For many years, Nina Chikvashvili has been guided by this philosophy both in her career and in her education company.

Progress in the city of Kutaisi began in the early 2000s. First, there was an English language learning club, followed by a non-governmental organization, a private school in Kutaisi, and later in Tbilisi and Batumi. Today, Nina Chikvashvili takes responsibility for the academic and personal development of more than 2,000 students while simultaneously envisioning ambitious plans, aiming to establish the prominent brand of Progress and expand its reach outside of Georgia.

◾ A New Voice in the Development Sector

To add a new chapter to the urban biography of the city, the Wissol Group founded the development firm Biograpi. The highly experienced management team entrusted the leadership of this new commercial real estate company to young Vasil Pkhakadze.

◾ A Strategic Player in the Real Estate Market | Business Story by Davit Tsiramua

Planned investments worth $300 million and a nine-project portfolio with a total construction area of more than 600,000m² – this is the development company White Square, which appeared on the market three years ago and is part of BK Holding. Forbes Georgia spoke to the Managing Partner of BK Holding, Irakli Burdiladze, about the company’s ambitious vision.

◾ The Leader in a Technological World

The past two years have demanded exceptional leadership from various global industries, including the digital and financial sectors. Diana Kiguradze has been the regional manager in Georgia and Armenia for the international digital payment industry leader Visa in the Caucasus throughout this period. In a challenging environment and at a difficult time, she has made the payment network even more innovative, reliable and secure.

◾ In Blockchain They Trust – THE BLOCKCHAIN 50 | List Edited By Nina Bambysheva and Michael Del Castillo

Crypto is in crisis, but many of the world’s biggest financial institutions are still banking on the underlying tech as the best way to build confidence with customers— and with one another.

◾ Horse-Drawn Railway – Konka | Story from the Past by Giorgi Cheishvili

In 1883, something significant happened in the history of Old Tbilisi. A new form of public transport was launched in the shape of the “Konka,” or horse-drawn railway. Prior to that, the whole town was talking about the proud horsemen of Tiflis, their speed and self-control: “Nowhere can you find such spoiled and proud horsemen as in our city.” The “Konka” became the main topic of conversation across the city.

◾ The American Friendship Club Held a Special Celebration for American Independence Day on the 4th of July

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