We are pleased to present the 31st 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: Continuing the Legacy: Thriving in Business and Philanthropy
Natia Pkhakadze-Chigirinskaya – upholding her father’s business legacy: nurturing Lutecia Group’s future with philanthropy as a core value.
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 100 Largest Georgian Companies By Revenue | Forbes List by Kakhi Chakvetadze
31.1 billion GEL – this is the aggregated income of the 100 largest private companies in Georgia excluding the banking sector.
This exclusive ranking, derived from an analysis of the 2021 financial statements of the featured companies, categorizes them based on their revenue streams. The dominant sectors within this list – energy, retail trade, healthcare, and communications, showcase the diverse nature of Georgia’s business environment.
◾ The Fastest-growing Economies in the World | Leaderboard by Beso Namchavadze
“The baseline situation in each country plays a crucial role in achieving high economic growth. Developing countries often find it more attainable than their wealthier counterparts due to unused resources, low domestic competition, and a relatively high return on capital.”
◾ Ranking of Georgian Banks and Microfinance Organizations | Leaderboard by Kakhi Chakvetadze
Georgian banks made a total net profit of 1.36 billion lari in the first half of this year, a 63% increase compared to the corresponding period in 2022 (836.1 million lari). The total profit of microfinance organizations in the first half of 2023 amounted to 54.7 million lari, 11% higher than for the same period last year (49.2 million lari).
◾ The Most Innovative Countries in the World in 2023 | Analytics by Niccolo Conte
“Which countries are the global innovation powerhouses? In many ways, the past year has represented an inflection point in technological advancement. Almost overnight, OpenAI’s large language model ChatGPT became a household name and AI was within reach to the masses. Yet looking under the surface, innovation is influenced by several unseen factors, from the institutional environment and high-tech exports to research talent and entrepreneurship culture.”
◾ Visualizing Investments of the Ultra-wealthy | Analytics by Dorothy Neufeld
“In 2022, there were roughly 579,000 people globally with wealth that exceeded $30 million. New York, Tokyo, and San Francisco are home to the most ultra-rich individuals worldwide. Over the next five years, this number is projected to reach 744,000—a 29% increase. As these numbers continue to climb, demand for luxury real estate, equity investments, and luxury items will likely grow given the investment patterns of the ultra-wealthy illustrated today.”
◾ Injustice Makes Us Poorer | OpEd by Egnate Shamugia
“The rule of law is a powerful and often-repeated political and legal ideal, which not only contributes to the formation of a just society but is also one of the key factors for economic development. That is why international aid is aimed mainly at improving the rule of law. Georgia is among the recipients of such aid.”
◾ What Drove Georgian Economic Growth in the First Half of 2023? | OpEd by Beso Namchavadze
“Despite the slowdown in economic growth this year, remittances from Russia and changes caused by the war in Ukraine still contributed significantly to growth. Similar trends are taking place in neighboring Armenia, which is expected to grow 7% this year. This would place it fifth in the world.”
◾ Transforming Warehousing in Georgia and Beyond | Interview by Kakhi Chakvetadze
Libo Group, one of the leading distribution and marketing companies in Georgia, has been operating since 2003 with the explicit goal of simplifying the relationship between companies and customers. Recently company introduced a new product named WELT, the details of which Forbes Georgia discussed with the company’s founder, Otar Badagadze.
◾ Diverse Ventures in Winemaking & Consulting in the Engineering Sector | Interview by Nazi Tapladze
Zurab Kviriashvili vineyards was the first family winery in georgia to start bottling and selling wine. This happened in 2002 when He returned to Georgia from the US. The winery currently produces 7,500 bottles of organic wine and hosts enotourists. Zurab Kviriashvili is about to finish building a hotel and has plans to operate a farm and double his wine production. However, wine and tourism are not his only interests: he also heads an engineering consulting firm.
◾ Continuing the Legacy: Thriving in Business and Philanthropy | Cover Story by Davit Tsiramua
Lutecia Group’s journey in Georgia traces back to the 1990s when Vakhtang Pkhakadze pioneered the business. Today, his legacy thrives as one of the nation’s foremost brands. Natia Pkhakadze-Chigirinskaya discusses her late father’s business legacy, outlines the initiatives of the Lutecia Foundation, and shares insights about her up-and-coming cosmetic brand with Forbes Georgia, shedding light on the promising future ahead.
◾ Striving for New Heights | Interview by Nazi Tapladze
Oxon Solutions, founded by Sandro Tavkhelidze and brothers Data and Giorgi Potskhveria, boasts a diverse portfolio consisting of development, construction and agricultural projects. The young founders have achieved rapid growth by basing their vision and decisions on market analysis.
◾ Trio: Comfort, Security, Diversity | Business story by Davit Tsiramua
The $35 million project Lisi Trio is the brainchild of Shalva Liparteliani, whose vision is to create maximum comfort in one space. Forbes Georgia visited the project’s construction site to speak to the company founder in more detail.
◾ A Project Adapted to the Solar Cycle | Business Story by Nunuka Chigladze
In the Ortachala neighborhood of Old Tbilisi, a multi-apartment complex is being built using modern green technology. Solar Energy Apartments (SEA) is a unique building designed to consume solar power. It is the only one of its kind in the Caucasus region. Sea Project Manager Levan Okropiridze is leading the project.
◾ Everything for Construction | Interview by Davit Tsiramua
In 2003, a new company appeared in the Georgian business sector aiming to achieve unconditional trust and become a leading player in the construction industry. Forbes Georgia spoke to Levan Jankarashvili, CEO of construction material manufacturing and importing firm GRC, about the company’s 20-year history.
◾ Greek Colonists in the Black Sea: Colchis’ Role in Ancient Commerce | History by Nika Khoperia
“Legends of “Golden Colchis” existed in ancient Greece before the start of significant colonization in the 8th century BC. When the Greeks began to exploit the Black Sea, they familiarized themselves with Colchis, established colonies, and started trading with the local tribes. Colchis became the eastern outpost of the Greek world and the border with the great civilizations of Asia.”
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