We are pleased to present the 34th 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: Building Success on a Steel Foundation
Beka Gurgenidze, CEO of ERTI, has transformed Georgia’s construction industry with over 100 successful projects, leading towards eco-friendly, cost-effective solutions that have reshaped the country’s infrastructure.
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.
◾ The Top 10 Chinese Companies in Georgia by Revenue
China became Georgia’s strategic partner in 2023, following years of significant economic cooperation, including a free trade agreement and large-scale Chinese investment. By 2023, approximately 2,700 Chinese companies had registered in Georgia, with many involved in state projects and the trade sector.
◾ The Top Ten Airlines in Georgia
Georgia has a relatively open aviation market, with over 60 airlines operating, mostly foreign carriers, led by Wizz Air, Turkish Airlines, and Pegasus Airlines. Despite the pandemic’s impact, these three airlines dominate the market, with other prominent carriers like Lufthansa, Air France, and Qatar Airways also serving the country.
◾ The Most Expensive State-Funded Healthcare Programs
In 2024, Georgia’s Ministry of Health will allocate ₾1.6 billion to healthcare, with the majority (64%) going to the Universal Healthcare Program (UHP). After a peak of ₾2.4 billion during the pandemic in 2021, healthcare spending has slightly decreased but will rise by ₾21 million in 2024.
◾ Obstacles to Investment in the Caucasus Region
Foreign investment is crucial for developing countries, including Georgia, Azerbaijan, and Armenia, as it provides financing, technology, and knowledge that improve productivity. However, factors such as low institutional development, political instability, and weak rule of law hinder foreign investment in the Caucasus region, with Azerbaijan benefiting most due to its oil and gas wealth, while Georgia and Armenia face greater challenges.
◾ A Policy in Need of Change
Healthcare reforms in Georgia have been ineffective, with a universal healthcare policy leading to budget deficits, excessive government intervention, and poor-quality care. The system’s inefficiency stems from a failure to separate social assistance from health insurance, with the government acting as an insurer rather than focusing on supporting those unable to afford private insurance.
◾ At the Crossroads of Democracy: UK-Georgia Partnership
The UK has become a leading source of foreign investment in Georgia, reflecting Georgia’s transformation into a dynamic, well-regulated economy with growing ties to London’s financial markets. British exports to Georgia and Georgian exports to the UK are increasing, and upcoming direct flights between Tbilisi and London in 2025 are expected to boost economic and tourism exchanges, despite challenges like Russia’s continued presence in 20% of Georgia’s territory.
◾ A Risk Analysis of Chinese Investment in the Anaklia Deep Sea Port Project
The Georgian government has chosen a Chinese firm for the Anaklia Deep Sea Port project. ISET economists explore China’s rise as the largest bilateral investor in low and middle-income countries, its lending practices, and its experience. Forbes Georgia summarizes key findings from a detailed ISET report on the risks and recommendations related to the project.
◾ The First Non-EU President of the European Bar Association
Davit Asatiani is the first lawyer from a non-EU country to lead the European Bar Association, and his term is set to last for the next two years. The confidence shown by European colleagues in Mr. Asatiani highlights his personal achievements and reflects Georgia’s growing stature.
◾ The Gold Standard in Patient Care
The Caucasus Medical Centre has joined the ranks of the world’s leading hospitals by earning the Gold Seal of Approval from Joint Commission International (JCI), the foremost international accrediting body in healthcare.
◾ Who’s NEXT?
Only six years after its founding, Kakha Devadze’s company NEXT already has 20 projects in three countries to its name. The 39-year-old businessman’s ambitious goal is not only to erect buildings in cities but to build new cities from scratch.
◾ The Digital Heartbeat of the Healthcare System
The Georgian medical app Medik helps 39,000 registered users to manage their health. As the global trend of digitizing healthcare services gathers pace, Medik founder Lasha Murjikneli plans to take the app to the next stage of development.
◾ Building Success on a Steel Foundation
Under the leadership of CEO Beka Gurgenidze, ERTI has revolutionized Georgia’s construction industry by introducing advanced sheet piling technology. With over 100 projects completed, the company is driving a significant shift toward eco-friendly and cost-effective construction solutions, transforming the landscape of the country’s infrastructure. Forbes Georgia sat down with Beka to delve deeper into his journey, ERTI’s contributions to Georgia’s construction sector, and his vision for the future.
◾ America’s Self-made Richest Women
It was a record-breaking year for these 100 queens of capitalism, as their combined fortunes soared by nearly one-fourth, to $154 billion.
◾ The Spirit of 1856
In honoring Jack Daniel’s original distiller, the formerly enslaved Nearest Green, Fawn Weaver has quickly built the fastest-growing American whiskey brand in history and a $1 billion empire for which she has ambitious— and unusual—plans.
◾ What is Happening in the Tourism Sector?
Tourism plays a vital role in Georgia’s economy, contributing significantly to income, economic growth, and the stability of the Georgian Lari. Although visitor numbers in 2024 remain below pre-pandemic levels, higher-spending tourists have increased tourism revenue, which is expected to reach $4.5 billion for the year.
◾ Eva Mendes Comes Clean
She put Hollywood on hold a decade ago to raise a family with Ryan Gosling. Now the 50-year-old actress is re-emerging as a cleaning-supplies entrepreneur, and dishes on the joy—and business—of doing dishes.
◾ The Best of Watches and Wonders 2024
This year’s Watches and Wonders Geneva trade show showcased remarkable innovations in haute horology, including several record-breaking timepieces. Highlights included Piaget’s thinnest tourbillon at just 2 millimeters, Bulgari’s thinnest mechanical watch, and Vacheron Constantin’s Berkley Grand Complication, the most complicated watch in the world with 2,877 parts and 63 complications.
◾ Chess Moves in Georgia
A chessboard is a battlefield where two players compete within a set of rules to achieve victory. This immortal game, which has maintained its popularity across the globe for centuries, is deeply embedded in world history and culture. When was this universal board game created, how did it reach Georgia, and what mark has it left on world history?
