We are pleased to present the 32nd 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: Exploring Untapped Markets
For 25 years, corporation Georgian Wine has supplied various types of wine to the local market and more than 20 countries worldwide. The founder, Dimitri Nozadze shares his journey of growing the business and becoming a significant industry player.
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.
◾ Georgia and the Region: Measuring Institutional Quality
A country’s institutional environment is vital to its economic development. In response to the common question of why some nations are wealthier than others, many economists emphasize the role of institutions. Moreover, institutionalists consider institutional development, rather than the accumulation of human and physical capital, education, and technological progress, to be the primary driver of economic growth. They hold that growth results from the quality of a country’s institutions.
◾ The World Awaits the 2024 U.S. Election | Opinion Piece by Giorgi Tskhadaia
„It is critically important for Georgia and other U.S. allies to think ahead about what might happen if Trump wins and what we can do to protect ourselves from Russian aggression. For this, we must properly understand the risks that objectively exist and be prepared to defend our interests readily.“
◾ A Tough Year Ahead | Opinion Piece by Aka Zarkua
„“Victory will be ours” was the phrase flashing on a giant screen behind Vladimir Putin as he addressed his generals at an expanded meeting of the defense ministry board on 19 December. Indeed, for the first time since the initial phase of the full-scale invasion, there was a sense that Russia was winning the war against Ukraine.“
◾ What is Happening to the Russian Economy? | Opinion Piece by Aka Zarkua
„Two years have passed since Russia launched the full-scale invasion of Ukraine. Few could have imagined the reality facing our region and the world today. Expectations of a quick Ukrainian defeat failed to materialize, as did the forecasts of Russian economic collapse.“
◾ The Economy in 2023 and the Challenges Ahead | Analytics by Beso Namchavadze
„The Georgian lari strengthened in 2022-2023, but this had a specific reason in the shape of unexpected foreign currency inflows. We do not know how long this trend will continue. We must also consider the growing foreign trade deficit affecting the exchange rate. At the same time, the National Bank’s foreign currency reserves have increased significantly. If needed, these reserves will be sold by the NBG to ensure the stability of the national currency. The government will try to maintain currency and price stability before the elections.“
◾ Exploring Untapped Markets | Business Story by Kakhi Chakvetadze
For the past 25 years, corporation Georgian Wine has supplied various types of wine to the local market and more than 20 countries worldwide. Over this time, the winery has received numerous awards, expanded its operations, and become a significant industry player. Corporation Georgian Wine’s Founder, Dimitri Nozadze, shares details about the company’s history, activities, and plans.
◾ Portfolio Manager in the Land of Investment Funds | Interview by Kakhi Chakvetadze
Beka Pipia was driven by a strong desire for independent success, which led him to pursue his education and embark on a career outside of Georgia. He chose to establish himself in Luxembourg, where he now manages Threestones’ portfolio, which has a market capitalization of €1.5 billion. Beka Pipia is eager to share his experience with our readers.
◾ The Engine of the Georgian Car Business | Business Story by Kakhi Chakvetadze
Toyota Centre Tbilisi founder Irakli Gurchiani managed to attract the Japanese car giant Toyota to Georgia during the dark 1990s and opened the company’s first dealership in the South Caucasus. 27 years later, Toyota Centre Tbilisi is on the Forbes list of the 100 largest Georgian companies by revenue. Forbes Georgia spoke to Irakli Gurchiani about Toyota’s journey in Georgia.
◾ The Georgian Business Maverick | Business Story by Davit Tsiramua
After three successful decades in the oil business, Zaal Iakobidze is preparing to invest $100 million into the city of Kutaisi. Success in the oil business has allowed Zaal Iakobidze to control a multi-million-dollar business portfolio that includes companies in several sectors. His daughter, Ana Maria Iakobidze, will help implement their ambitious plan to invest $100 million into Kutaisi.
◾ Plastic Surgery in a New Clinic | Interview by Nunuka Chighladze
With thirty years of professional experience under his belt, Alexander Kalantarov has become a household name in plastic surgery. In the spring of this year, he will welcome patients to his new clinic.
◾ The Creators of Life | Interview by Nunuka Chigladze
Success at the Georgian-German Reproductive Centre is measured by the number of newborns. GGRC marked the fifth year of its existence by opening a new facility in Yerevan in January 2024. GGRC Armenia is the clinic’s first step towards international expansion and yet another triumph for the GGRC team led by Director Nino Museridze, CEO Giorgi Archvadze, and CFO Giorgi Chabakauri.
◾ From Hotel Security to General Manager | Interview by Iza Gvaramadze
Lado Mikeladze has been involved in the hospitality sector since 2017. Starting as a security guard in a hotel, he set himself the goal of learning a new profession and rising to the very top. He is currently the General Manager at Litz Resort and shared the story of his career journey with Forbes Georgia.
◾ Revenge of the Bootstrapped Startup | Story by Emily Mason
Interface.AI Co-founder Srinivas Njay built a powerful virtual financial assistant with just $1 million in capital. The VCs are lining up—but like many self-funded entrepreneurs, he doesn’t need them.
◾ The Billion-Dollar Unraveling Of The ‘King’ Of Silicon Valley | Profile by Steven Bertoni
Ryan Breslow rode his fintech unicorn Bolt to the bank. Then came the lawsuits and money squabbles — and a brutal valuation crash that wiped out much of his fortune.
◾ Trebizond: The Pearl of the Black Sea | History by Nika Khoperia
“Trebizond was a key political and economic center on the southern Black Sea coastline for centuries. Founded by Milesian colonists in an area inhabited by Georgian tribes, this great city attracted the interest of various empires. Major trade routes led to Trebizond and reached countries along the Black Sea coastline and beyond. The Trapezuntine Empire, which was created with the help of the Kingdom of Georgia, outlasted Byzantium and preserved its Roman heritage.”
