In the current times of uncertainty, not many would take the risk of starting a new business or expanding their existing venture. Covid-19 has hampered growth for many ventures, replacing potential with uncertainty. Yet, in some areas, the old adage that crisis equals opportunity has been proven to be true once again. The country of Georgia is one such example.
If one goes over the statistics of how the pandemic had been handled by East European and Caucasus Region countries, it is clear that Georgia has been on top of the game. With one of the lowest infection rates in the Caucasus and Central Asia, the country has been praised by the Asian Development Bank and others for its early actions to combat the virus.
As businesses start to reopen, many research companies have begun studying the post-Covid countries and the likelihood of life going back to normal, the pace and how the tourism and business are going to recover. What may come as a surprise to some, Georgia has been named twice in such rankings Firstly, Tbilisi and Batumi as the Safest European destinations of 2020 (ranking 1st and 7th accordingly), according to Forbes.
The second mention concerns the potential of Georgia. Emerging Europe, a powerful news hub focused on social, economic, political and cultural issues of the Central and Eastern European region, has featured Tbilisi as the Number 1 in the Economic Potential category among 75 European cities . Highlighting the region’s innovation news, sustainability, challenges, opportunities and noteworthy projects, Emerging Europe is an online business-oriented hub of news to watch for, and the leading ranking of Georgia’s capital, based on a number of indicators, is quite an honour.
This title adds to the previous ranking carried out by the World Bank in 2019, naming Georgia the 7th among 190 countries in the Ease of Doing Business.
Georgia has always been focused on improving and modernizing existing services to simplify the day-to-day, mundane processes for its citizens and businesses. And honestly, the country has been continuously thriving in this area. For instance, Identomat, an AI-based KYC and AML platform that helps businesses onboard their customers in a fraction of time.
Simplifying customer experience has always been the focal point for any company. Take Aldagi, the leading Georgian insurance company. Aldagi has fully adopted Identomat’s AI technology and now, thanks to it, customers can renew their insurance agreement without the need of going to the branch office. These processes and multiple similar examples are the proof that innovation and modernization is the driving force of progress, which cannot be stopped even by the global pandemic.
Since around the world, technology and financial business have merged and become Fintech, Georgia has quickly adapted the trend and showcased the readiness to become a reliable partner and a leader among the best. Being named Number 1 in the Economic Potential Category gives Tbilisi the recognition and acknowledged in this and many other fields, promising further growth and potential for Georgia and its capital.
