Giorgi Khishtovani

Direction:Business Administration
Position: Professor

Dr. Giorgi Khishtovani is a Full Professor and Head of the Department of Finance at the Business School of the Faculty of Business, Technology and Education at Ilia State University. In addition, he serves as Head of the MBA Program in Finance and the PhD Program in Business Administration.

Giorgi studied economics, business administration, and law in Bremen (Germany), Trier (Germany), Lüneburg (Germany), and Tbilisi (Georgia). He holds a PhD in Economics from the University of Bremen (Germany). His dissertation examined the transformation of governance structures in Georgia during the years 2003-2012. Giorgi also holds an LL.M. degree from the University of Trier (Germany), a Master of Science (MSc) in Economics and Social Sciences from the University of Trier, and a Bachelor’s degree in Business and Law from the Georgian Technical University.

He has over 15 years of professional experience across the public, private, and non-governmental sectors in Georgia and abroad. Prior to joining Ilia State University in 2016, Giorgi served as Deputy Dean of the Faculty of Business Administration and Economics at Tbilisi State University (2009-2011). Between 2011 and 2014, he was a Research Fellow at the University of Bremen. From 2015 to 2016, he was Head of Research at the Institute for Development of Freedom of Information (IDFI), and from 2015 to 2017, he was Director of Grants and Programs at the Shota Rustaveli National Science Foundation of Georgia (SRNSF). Alongside his academic role at Ilia State University, from 2017 to 2025, Dr. Khishtovani also served as Research Director at the Policy and Management Consulting Group (PMCG) and as Director of the PMC Research Center.

His research interests include global finance, political economy and governance, economic and fiscal policy, human capital development, and international trade. Giorgi has published numerous papers in academic journals and has contributed as an author or co-author to several books. He has also authored and co-authored various applied research and policy papers, conducting studies in the fields of finance, tourism, migration, education, public administration, international trade, sectoral development, and regional competitiveness (see Publications section for details).

In parallel, Giorgi has extensive experience as a consultant and researcher within the framework of numerous international projects conducted by the World Bank, the IFC, the European Commission, various UN agencies, CAREC Institute, ADB, GIZ, the Federal Foreign Office of Germany, among others.

Scientific interests / research interests

Private Sector Development (Financial Development, SME Development, Sectoral Development)
Economic Development and Economic Policy
Political Economy, Governance and Public Administration
Education Policy and Skills Development
Migration and Development

Featured publications

(2025) „The United States and The Future of Europe - Views from the Capital” (Michael Kaeding, Johannes Pollak, Paul Schmidt, Editors), Springer, co-author (co-author of the chapter „Changing Times, Changing Priorities: Will the U.S.-Georgian Partnership Weather the Storm? (together with Irakli Sirbiladze))
(2025) „Exploring Opportunities for Linking Emissions Trading Systems among CAREC Countries”, CAREC Institute Working Paper Series (together with Nana Kajaia and Guguli Tsukhishvili)
(2025) „The Black Sea´s Evolving Geopolitical and Economic Role for Russia Post-Ukraine Invasion”, Transatlantic Leadership Network (TNL) Policy Paper Series (together with Gocha Kardava and Irakli Sirbiladze)
(2025) “Policy Report on Russia’s, Türkiye's and China´s ambitions and leverage in the Eastern Neighbourhood and the Western Balkans”, co-author (Contribution to the Horizon Project: Invigorating Enlargement and Neighbourhood Policy for a Resilient Europe)
(2024) „Gender Pension Gap in Georgia: Gender Disparities within Georgia’s Funded Pension Scheme” (together with Shota Matcharashvili, Guguli Tsukhishvili and Mariam Berianidze)
(2024) „Economic Dependence: Russian Instruments of Political Influence in the South Caucasus and Europe“ (together Anastasia Chkenkeli)
(2023) „Maritime Trade in the Black Sea in the context of the Russo-Ukrainian War” (together with Nika Kapanadze, Anastasia Chkhenkeli, Shota Matcharashvili, Irakli Sirbiladze and Iryna Kosse)
(2022) „The role of the foreign students in the Georgian higher education system and it´s effects on Georgian economy” (together with Sopo Basilidze, Nika Kapanadze, Mariam Berianidze and Nika Bakradze)
(2021) „Professional Development of Civil Servants in Georgia – Supporting the Shift to Online Learning” (together with Mariam Berianidze and Maya Komakhidze)
(2021) “Leveraging SME Finance Through Value Chains in Georgia”, Co-author of the chapter together with Sopo Basilidze and Mariam Saghareishvili, pp. 115-168, in: “Leveraging SME Finance Through Value Chains in CAREC Landlocked Countries” (edited by Peter J. Morgan and Naoyuki Yoshino), ADBI Institute, 2021
(2020) “Analyses of SME ecosystem and identification of SBFIC interventions aiming at support of rural finance development in Azerbaijan” (together with Sopo Basilidze)
(2020) „Tourism Sector Review in Georgia” (together with Sopo Basilidze, Mikheil Skhiereli and Nika Kapanadze)
(2020) „China, EU and Georgia Nexus: Unpacking the Economic and Political Relations” (editor)
(2020) „Reviewing Migration and Development: The Role of Local Authorities in Central Asia”, CAREC Institute Working Paper Series (together with Maya Komakhidze)
(2019) “Connectivity, Trade and Financial Integration of the South Caucasus Via the Belt and Road Initiative (BRI)”, In: Caucasus Analytical Digest No. 11 (October 2019), pp. 3-9 (together with Mariam Zabakhidze, Rezo Beradze and Irakli Gabriadze)
(2019) “Identification of functional regions and their competitive advantages in Kakheti, Georgia, Co-author (together with Maya Komakhidze, Sopo Basilidze, Samo Drobne, Miha Konjar, Nino Pataraia)
(2019) “China's Belt and Road Initiative: Potential Transformation of Central Asia and the South Caucasus”, SAGE Publishing, Co-author (author of the chapter: “The Belt and Road Initiative in the South Caucasus” (together with Mariam Zabakhidze, Rezo Beradze and Irakli Gabriadze))
(2019) “Labor Migration from Georgia and Sectoral Analysis of Private Employment Agencies in Georgia”, Co-author (together with Maya Komakhidze and Ani Zurashvili)
(2019) “Leveraging Small and Medium-Sized Enterprise Finance Through Value Chains in Georgia”, ADBI Working Paper Series No. 968 (together with Mariam Saghareishvili and Sopo Basilidze), https://www.adb.org/sites/default/files/publication/508716/adbi-wp968.pdf
(2019) “The Belt and Road Initiative in Central Asia and the South Caucasus”, Conference Paper, Emerging Markets Forum 2019 Eurasia Meeting, Co-author (author of chapter: “The Belt and Road Initiative in the South Caucasus” (together with Mariam Zabakhidze, Rezo Beradze and Irakli Gabriadze))
(2018) “Analyzing Competitiveness of the Hospital Sector and its Value Chain in the City of Tbilisi – Using Smart Specializations Methodology Components” (together with Nino Pataraia, Sopo Lebanidze, Lasha Kavtaradze, Sopo Basilidze, Tatuli Dushuashvili)
(2018) “Handbook of Public Administration in Georgia”, Co-author (Author of chapters: Public Finances and Budget, Civil Service)
(2016) “Transformation von Governance-Strukturen in Georgien, 2003-2012”, Hamburg, Verlag Dr. Kovac (http://www.verlagdrkovac.de/978-3-8300-8735-9.htm)
(2014) Predicted Financial Impact of the Health Care Reforms on Private Insurance Companies between 2006-2013 in Georgia - The Case of “Aldagi-BCI”, in: Economics and Business (TSU), #2, pp. 115-138, March-April
(2012) Corporate Political Responsibility (CPR) and its Impact on Firm’s Financial Performance - Case of Georgian Insurance Sector, in: Economics and Business (TSU), #5, Sep.-Oct. 2012, pp. 157-182 (together with Erekle Pirveli)(go to following Link for Working Paper in English: http://www.idfi.ge/?cat=researches&lang=en&topic=57&header=)
Capital Market Development in Georgia, in: Economics and Business (TSU), #6, Nov.-Dec. 2012, pp. 79-91(go to following Link for Working Paper in English: http://www.idfi.ge/?cat=researches&lang=en&topic=58&header=)

Current Courses

Foundations of Business (Bachelor)
Basics of Financial Management (Bachelor)
Introduction to Financial Analysis (Bachelor)
Firm Valuation (Master)

Course Catalog

Foundations of Business (Bachelor)
Basics of Financial Management (Bachelor)
Introduction to Financial Analysis (Bachelor)
Corporate Finance (Master)
Advanced Finance (Master)
Firm Valuation (Master)
Regulatory Impact Assessment (Master)
Financial Analysis (Master)