As part of Israeli Week and the 35th anniversary of relations between Israel and Georgia, the Israel-Georgia Chamber of Business is preparing for its annual economic forum and beginning to address long-standing challenges. The Chamber of Business is analyzing the post-October 7 situation and recommends that businesses act as economic ambassadors. Meanwhile, despite the global crisis, Georgia is, for the first time, entering the luxury real estate market.
“We must learn to swim in a new economic sea,” says Itsik Moshe, President of the Israel-Georgia Chamber of Business. He expresses hope that the biblical sinusoidal pattern will repeat—believing we are now reaching the end of the seven difficult years that began in 2019 with the COVID crisis and were followed by wars, rising global antisemitism, and widespread social, political, and economic instability.
The central question now is whether a new, prosperous seven-year cycle will begin in 2026—will there be momentum in bilateral economic activity, and will it extend beyond the borders of both countries?
The Israel-Georgia Chamber of Business has traditionally sought to shape a new reality and is now preparing for its annual economic forum. This year’s event coincides with the 35th anniversary of Israel and the global Jewish community entering the post-Soviet space—a milestone marked by the official arrival of the Jewish Agency and the beginning of large-scale emigration (Aliyah) from the Soviet Union.
Reactions from antisemitic media outlets quickly followed the forum’s announcement. Alongside the first Georgian article about the event, Al Jazeera published a piece targeting Israel, the forum, and Itsik Moshe, referring to it as “Israel’s takeover of Georgia.”
In response, Moshe asserts that Al Jazeera seeks every opportunity to disrupt Israel’s bilateral relations around the world. Moshe, who has organized business forums in Georgia for three decades, is also head of “Israeli House”—an organization that Iran’s Revolutionary Guard once targeted for physical elimination due to its bilateral initiatives and active presence in 25 countries.
“The world has changed. We are in a difficult period, and while Israel undergoes an internal reboot, we must also represent the country abroad as economic ambassadors—overcoming the general decline and doing so with integrity,” says Moshe.
He explains that the purpose of the forums is to strengthen economic ties between Israel and its ally Georgia, and to meet the evolving needs of the Israeli business community in a different business culture. This time, the top priority will be solving concrete problems accumulated during the past seven difficult years, in cooperation with Georgia’s highest authorities.
Moshe emphasizes that Israel’s contribution to Georgia’s tourism industry and investments exceeds $2 billion. The upcoming forum, organized in partnership with international organizations, is expected to bring over 100 businesspeople to Tbilisi, with more than 1,000 participants anticipated for the Israeli Week events.
The Israel-Georgia Chamber of Business was the first to build economic bridges between the two countries, and has initiated many related projects. Alongside members of the Knesset, it was the first to initiate the preparation of a bilateral free trade and investment protection agreement between Israel and Georgia.
The forum will cover a range of topics. Starting today, the Israel-Georgia Chamber of Business will begin collecting questions from Israeli investors, accepting inquiries and reports of problems, and working to resolve them through joint efforts.
Itsik Moshe is also actively involved in supporting Israel and advocating for its legitimate interests on the international stage. He believes that, as an Israeli, he has a natural responsibility to his country. “I am, above all, an Israeli, a Zionist, and a Jew,” he says.
“In my work, there is genuine concern for the other side as well—but that concern also stems from Israel’s own interests. Secondly, while we are not judges and must primarily think from the Israeli perspective, there are situations where improper behavior by Israeli actors harms not only the other side, but also Israel’s economic image, and erodes trust in Israeli companies. Israelis are highly respected in Georgia thanks to the business community’s efforts over the past 35 years—both through investments and humanitarian initiatives benefiting Georgian society.”
Despite regional wars that have devastated leading economies in the post-Soviet space, Georgia has maintained stability across the board. Following the coronavirus pandemic, it quickly returned to record levels of performance, especially in tourism.
Georgia now hosts over 5 million tourists annually, with more than 310,000 coming from Israel. This reflects a 200% yearly increase compared to the global average. For Israel, the growth is triple the world average, reaching 20%. For instance, in the first quarter, Israel led with a 73.7% increase in tourism, and an average spend of 114.2 million US dollars.
“Progress began in the late 1990s. Under a bilateral agreement, we opened the first official representation of Georgia’s Ministry of Tourism in Israel, with the participation of tourism ministers. This changed the sector. Progress will continue, and the potential is great, as Israeli tourists are still less engaged in Georgia’s cultural tourism. In this area, Georgia is one of the global leaders in classical culture,” Moshe notes.
“On the other hand, it’s also possible to increase tourist flow from the post-Soviet space to Israel. To that end, the Chamber of Business has prepared a plan. Hopefully, the Ministries of Tourism will put aside their egos and consider recommendations from the third sector, which could generate hundreds of millions in revenue for Israel,” he adds.
According to the World Bank, Georgia ranks among Europe’s leaders in “ease of doing business.” Its economic growth has reached approximately 10%—one of the highest in Europe—and its currency has remained stable, despite the 30% average decline seen in many neighboring countries.
Israeli investments in Georgia’s tourism industry have not slowed, largely due to high gross operating profit (GOP) rates in hotels, which exceed 50%—double the European average.
Simultaneously, cooperation has expanded into IT, software, kosher food production, and agriculture. Bilateral trade has increased by over 50%. In recent years, there has been growing demand for real estate—especially high-end apartments under international management.
A particularly striking development has occurred in the luxury real estate segment.
The top 10% of buyers in this market are primarily served by EUROPEAN VILLAGE, a company led by Israeli citizen Pavlo Broyde. Prices for real estate, specifically hotel-apartments managed by international chains—especially Wyndham—now range from $5,000 to $12,000 per square meter, aligning with prices in top global markets. This reflects a dramatic transformation: today, the price of one square meter is equal to the cost of an entire apartment in the past.
Moshe spoke with the company’s head, Mr. Broyde who manages a team of 100 realtors, and said:
“The Georgian market has long attracted oligarchs and wealthy individuals from the post-Soviet space. With more international companies entering the tourism sector, it’s easy to believe that demand will grow not just from neighboring countries, but globally—especially with declared investments from the Emirates reaching $6 billion.”
Pavlo Broyde, with extensive experience in the high-end market, explains that from a business perspective, whether a property costs $1,000 or $10,000 per square meter is irrelevant, as most buyers do not plan to live in the units. They expect an annual return of 5–8%, meaning the profit is comparable whether investing in ten $50,000 units or one $500,000 unit.
High-value purchases offer added security, as these properties are managed by international chains. Owners avoid involvement in maintenance, repairs, and community issues.
You can view a sample website with current prices and supporting documentation for this new market trend.
Looking ahead, the market is expected to continue growing, with Georgia moving closer to Western standards in pricing and taxation. As a result, prestigious projects are likely to maintain consistency in quality, maintenance, and compliance.
From a psychological and entrepreneurial perspective, an analogy can be drawn: Some people buy a Seiko watch for $100 to tell time accurately. Others spend $100,000 on a luxury watch—not because it tells time better (the Seiko works just as well)—but for status and craftsmanship. Interestingly, the expensive watch requires manual adjustment each day, unlike the Seiko. Yet, it remains highly desirable, prestigious, and a thousand times more valuable. There are different types of entrepreneurs—those who seek prestige, high-end projects, and a luxurious lifestyle. Despite Georgia’s current socio-economic conditions, its five-star hotels maintain nightly rates exceeding $1,000, and remain consistently booked.
Beyond business, Moshe also speaks on ideological matters and the challenges of working outside Israel: “First and foremost, it must be emphasized that every Israeli’s home is in Jerusalem—that is the source of our strength. This is respected in Georgia as well.
“Despite rising global antisemitism, Israel remains a strong brand state. Even in countries with anti-Israel sentiment, there is still interest in economic cooperation.”
“Don’t come abroad relying solely on written opinions from home—analyze the market independently and act accordingly,” Moshe advises, going on to emphasize the need to understand the local business culture: “A major barrier for Israelis is a lack of familiarity with local etiquette and limited knowledge of the country itself.”
To help address these challenges, the Israel-Georgia Chamber of Business has worked closely with the Chamber of Business for nearly 30 years.
With a 20-member team based in Tbilisi, the Israel-Georgia Chamber of Business offers free services to Israelis, including financial consulting and market research. Moshe advises becoming well-acquainted with the local business culture and seeking guidance before launching any activities in the country.
“The homeland comes first; everything else is secondary,” he says, going on to highlight a deeper aspect of working abroad: “As I’ve often said, it’s only when you operate beyond your country’s borders that you truly understand the meaning of that experience. So, beyond taking care of essential business parameters, another critical factor in our success is the strength and resilience of the State of Israel.”
The events of October 7th and the subsequent global wave of antisemitism have triggered a red alert, reshaping thinking across all sectors. As a result, many challenges and responsibilities now lie ahead.
“The burden is heavy—not only for the business community operating outside of Israel, but also for the third sector, which must engage in public diplomacy. We must act as economic ambassadors and, together with the global Jewish community, help strengthen the State of Israel at every level.”
The annual business forum, held during Israeli Week, also features a presentation on strategies for promoting Israel in the international arena.
Moshe concludes: “We know how to face the significant challenge of defining the problem.
The solution lies in maintaining control—continuing with life and work without fear or paralysis.
We will press on in our economic diplomacy and, from this point forward, prepare for seven good years ahead.”
He ends the conversation by congratulating Israel on its 77th Independence Day and expressing his hopes for continued successful cooperation with friendly nations.
Translated by Ana Dumbadze from the “Calcalist” newspaper
