Sustainable development challenges in Georgian business

Abstract

Sustainable development issues are becoming increasingly relevant in Georgia, with growing interest in companies engaged in sustainable business development. There is a rising curiosity about how these companies address the key challenges that Georgian businesses face on the path to sustainable development and how they resolve issues that could have a significant impact on their operations.

Sustainable development encompasses economic and social aspects, meaning that growth should be both economically viable and socially just. This paper explores why businesses should adopt international sustainability standards, which provide a framework to balance environmental, social, and economic responsibilities. It also discusses innovative approaches and technologies that play a crucial role in achieving sustainability goals, particularly in the business sector. These innovations not only reduce negative environmental impacts but also create new opportunities and enhance competitiveness.

Additionally, the paper examines Georgia’s key business sectors and analyzes the cultural factors that should be considered when conducting business in the country. Special attention is given to the serious challenges that sustainable development faces in Georgia. The study outlines various risks present in the country that hinder sustainable progress for both businesses and the nation as a whole. Based on research findings, the paper provides recommendations for overcoming these challenges.