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• New Visa and Emerging Europe survey reveals women entrepreneurs want to develop their digital skills and take their businesses international

  Results of recent research in Eastern and Southeastern Europe, Central Asia and the Caucasus- conducted by Emerging Europe as part of the She’s NextEmpowered by Visa campaign - show female leaders in the region have a keen interest in digital marketing and social media and are willing to expand their businesses internationally. The survey proves women entrepreneurs in Georgia tend to acquire additional funding   

  Tbilisi, March 1, 2023 – Visa today announced the results of research into female leadership and entrepreneurship in Eastern and Southeastern Europe, Central Asia & the Caucasus conducted by Emerging Europe, a prominent growth hub with expertise in the region, as part of the She’s Next initiative.

  The extensive study comprised an online survey of 2,000 business owners or self-employed women in 11 countries, including Georgia, 75 in-depth interviews and focus groups. The findings provide a thorough profile of the average female entrepreneur from the region and will allow stakeholders to understand the struggles and challenges faced by women as they pursue their careers.

  “As one of our interviewees said, it is harder for women to raise funds. It is harder in Silicon Valley. It is harder in her country of Armenia. And raising funds is only one of multiple challenges that female entrepreneurs are facing,” said Andrew Wrobel, Founding Partner of Emerging Europe. “In this research, we wanted to explore female entrepreneurship as deep as possible and understand all potential obstacles that might influence the businesses and start-ups women create. We also wanted to explore their needs, as well as potential solutions that could empower them and help their businesses thrive and grow internationally.”

  Overall, most women-owned businesses in Eastern and Southeastern Europe, Central Asia and the Caucasus (84 per cent) don’t cross international borders, but female entrepreneurs are willing to learn about doing business abroad. 

  The leading sectors where women-owned businesses operate are beauty and wellness (17 per cent), retail (12 per cent), agriculture and food (12 per cent), education (eight per cent) and PR and marketing (seven percent). Two-thirds of female entrepreneurs do not use external financing, while three-quarters do not have any employees. Some 35 per cent of women-owned businesses in the region were set up with an investment of less than 1,000 US dollars. Only one in 10 women employs more than 5 people.

  “From its start in 2019, the She’s Next programme was all about empowering female leaders and local communities and helping them thrive,” said Vira Platonova, Visa Senior Vice President and Group Country Manager for 17 countries. “That is why it is very important for Visa to learn about the specific needs and concerns of women entrepreneurs in the countries where the initiative is active. We are happy to see female leaders of Georgia and the whole region of Eastern and Southeastern Europe, Central Asia and the Caucasus gradually transition to e-commerce and enjoy convenient and reliable digital payments. We will use the results of the research to bring many more initiatives promoting gender inclusivity in the region.”

  Key takeaways

  1. Women strive for professional and financial independence. The main sources of motivation for women to start their business are a desire to increase income (50 per cent), willingness to work for themselves (31 per cent) and fulfillment of a dream (21 per cent). In Georgia, the main motivation of women entrepreneurs is to increase their income (55 per cent).
  2. Female entrepreneurs care about their business and private lives almost equally. Respondents named business failure (29 per cent), a worsening financial situation (27 per cent) and neglect of family and children (25 per cent) among their biggest concerns. Women in Georgia are mostly concerned about business failure (41 per cent).
  3. Women-owned businesses struggle to survive competition and raise funding. Female entrepreneurs tend to face such challenges as high competition (40 per cent), raising capital (32 per cent), and unfavorable business conditions (31 per cent). Respondents in Georgia said that the biggest challenges of setting up and running a business in their country were high competition (36 per cent) followed by obtaining investments and financing (36 per cent).
  4. Female entrepreneurs want to learn about doing business online. The primary skills that respondents are willing to obtain are strategies to acquire additional funding (47 per cent), digital marketing and social media (37 per cent), e-commerce (24 per cent) and international business development (21 per cent). In Georgia, the most popular skills to be improved are obtaining additional financing (52 per cent), followed by e-marketing and management of social networks (42 per cent) and development of international business (25 per cent).
  5. Women-owned businesses stick to cash when paying employees and suppliers but tend to install POS terminals for customers. 42 per cent of female entrepreneurs pay their employees and suppliers in cash, while 37 per cent prefer card payments. For Georgia, those numbers are 22 per cent, who pay in cash and 45 per cent choose card payments. When it comes to customers, electronic payments are far more popular: 37 per cent of respondents named card payments the most frequent method to pay for their goods and services and 42 per cent said they prefer their customers to pay them by card. In comparison, 35 per cent of female entrepreneurs said their customers paid in cash more often, and only 28 per cent prefer clients to stick to cash. In Georgia 40 per cent choose card payments, only 29 per cent select cash.

  The next stage of the Visa and Emerging Europe partnership — which has the ambitious goal of uniting female entrepreneurs throughout the region within the She’s Next community — is to provide them with a platform to communicate, mentor, exchange experiences, and expand the horizons of their businesses.

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  About Visa

  Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at visa.com.ge

  About Emerging Europe

  Emerging Europe is a London-based growth hub that empowers public and private organisations to grow and expand internationally. Our mission is to foster sustainable growth in emerging Europe. We are a go-to partner for those looking to navigate or grow in the region. Through in-depth analysis, market intelligence, research, programmes and engaging content we help businesses, governments, and civil society organisations thrive. We provide them with targeted insight, access to key stakeholders and data to make the right business decisions. Our online platform, Emerging Europe, is the world’s most prominent source of English-language analysis about the region.

• Visa: Georgia ranks 1st in contactless payments penetration globally

  Tbilisi, Georgia, February 1, 2023– Georgia comes first in contactless payments penetration worldwide, the latest update of VisaNet data revealed.

  The updated ranking saw Georgia being followed by Australia and Hungary among more than 200 countries and territories, where Visa operates. Georgia has been confidently taking the leading position in utilizing fast and secure contactless payment methods in recent years, including card tapping or payments made by smartphones, watches and other gadgets. Almost ten out of ten transactions using Visa cards in Georgia have been contactless, according to VisaNet recent data.

  Visa as a world leader in digital payments, unremittingly continues driving innovative technologies in all the countries it covers through its fixed agenda to uplift everyone everywhere. Over many years, Visa has been cooperating with a number of financial institutions, merchants and governmental organizations in Georgia to shape the most up-to-date payment ecosystem and drive a cashless economy.

  “This impressive achievement of Georgia makes us extremely proud at Visa. Claiming the first place in contactless payments penetration worldwide manifests the readiness of Georgian Visa cardholders to make safe, fast, and convenient payments. I would like to congratulate our cardholders and partners on this success. It also solidifies our unwavering imperative of facilitating digital payment ecosystem development in Georgia. In one way, it shows the result of our years-long efforts, and in the other way, it motivates us to get on. Overall, Georgia’s preparedness to accept all the technological advancement Visa can proffer stands out a mile,” – Diana Kiguradze, Visa Country Manager for the Caucasus region said.

  About Visa

  Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge

• New sector added to CPPCC members with focus on environmental development

  Upcoming two sessions to underscore China’s most important political event returning to normal following COVID adjustment: experts

  By Chen Qingqing

  The list of the members of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) was unveiled with a new sector - the environment and resources sector - added, which some experts said has great significance as environmental protection constitutes a fundamental part in pursuing Chinese modernization. 
  Meanwhile, with the adjustment and optimization of the country's epidemic prevention and control measures, this year's "two sessions," one of the most important annual political events, is expected to return to normal, experts said. 
  There are 2,172 members from 34 sectors, with 85 from the newly established environment and resources sector, media reported on Wednesday. 
  The first session of the 14th National Committee of the CPPCC will start on March 4 and the 14th National People's Congress will kick off its first session on March 5, the country's top legislature announced on December 30.  
  In line with the guidelines of enhancing and improving the work of the CPPCC issued by the Central Committee of the Communist Party of China (CPC), the 13th National Committee of the CPPCC has been pushing forward the establishment of the environment and resources sector.
  In recent years, some regional committees of the CPPCC began adding this new sector and regional committees across the 31 provinces, autonomous regions and municipalities have added the new sector, called the environment and resources or resources and the environment. 
  "No matter whether it's about the comprehensive economic and social development or Chinese modernization, environmental and resource protection, as an important part of the Five-Pronged Overall Approach since the 18th National Congress, conveys great significance," Zhu Lijia, a professor of public management at the Chinese Academy of Governance, told the Global Times on Wednesday. 
  To pursue Chinese modernization, environmental protection and construction is fundamental, and setting up this new sector could help policy makers and advisors play bigger roles in formulating environment-related policies and measures, Zhu said. 
  Li Zhenhan, a member of the regional committee of the CPPCC in East China's Shandong Province, was quoted as saying in media reports on Wednesday that setting up this new sector could help allocate resources and bring members with various backgrounds in the environment, resources and energy who used to work in different sectors together. 
  Environmental protection will continue being a major focus of the work of the CPC in the future. In a report delivered by General Secretary of the CPC Central Committee Xi Jinping to the 20th National Congress of the CPC in October 2022, Xi pointed out that we will advance the Beautiful China Initiative and take a holistic and systematic approach to the conservation and improvement of mountains, waters, forests, farmlands, grasslands and deserts. 
  "We will carry out coordinated industrial restructuring, pollution control, ecological conservation and climate response, and promote concerted efforts to cut carbon emissions, reduce pollution, expand green development and pursue economic growth, he said. We will prioritize environmental protection, conserve resources and use them efficiently, and pursue green and low-carbon development," Xi said. 
  This year's two sessions will also be the first annual gatherings for the country's two main political bodies to set priorities and plans involving the economy, military, trade, diplomacy and the environment for the next year since the country downgraded its COVID-19 management. 
  Some experts believed that as the country's social and economic activities have been brought gradually back to normal following the adjustment and optimization of the epidemic prevention and control measures, the country's most important annual political activities are also expected to go to back to normal. 
  Some experts considered that the economic recovery and China's population decline would be major focuses of this year's two sessions, especially when many observers and analysts remain bullish on China's economic prospects. Also, the Chinese mainland's population declined for the first time in 61 years, which attracted the world's attention. 
  Among 2,172 members, there are 124 from the Hong Kong Special Administrative Region (HKSAR) and 29 from the Macao SAR. Junius Ho Kwan-yiu, a Hong Kong Legislative Council member who is also the member of the 14th National Committee of the CPPCC from the HKSAR, told the Global Times that he will focus on proposals such as legal services exchanges between the mainland and Hong Kong, high-tech development and energy-saving and environmental protection during this year's meetings. 
  "This year's two sessions will mainly focus on the economic recovery, including how to accelerate the production resumption and push forward high-quality growth," Zhu said. In terms of the declining population, Zhu said that it's a common question that many developed countries and developing countries face after economic and social development reaches a certain level. 
  "How to turn China's demographic dividend into a talent dividend will also be a major focus of this year's meetings," he said.

  Source: https://www.globaltimes.cn/page/202301/1284039.shtml

• USAID and Visa starting a new partnership aiming at supporting SME Development and Strengthening Digital Ecosystem in Georgia

  November 4, 2022, 10:15am, HotelPullmanTbilisi – the USAID Economic Security Program and Visa signed a memorandum of understanding for starting a new partnership aiming at supporting the strengthening of small and medium-sized businesses and the digitization of their activities, inclusive economic growth and extension of digital capabilities and access for citizens.

  As part of the framework of cooperation, the USAID Economic Security Program and Visa will develop and implement joint programs that will focus on digital transformation, enhancement of digital literacy with specific focus on micro and small entrepreneurs, as well as on the economic empowerment of women and the integration of vulnerable groups.

  “We are delighted to launch cooperation between the USAID Economic Security Program and Visa to facilitate the strengthening and development of the country’s digital economy. Visa has global and long-standing experience in the digitalization of the economy, economic empowerment of women and support of financial technology and E-Commerce, all of which are also core values of USAID. The partnership will enable Georgian companies to implement smart digital solutions to achieve development goals and connect with the international market,” Mark McCord, Chief of Party of the USAID Economic Security Program said.

  „Today we are taking the partnership between Visa and the USAID Economic Security Program to a new level, to drive Georgia to the digital future. The expertise of both Visa and USAID Program will enable us to facilitate the digitalization of the country’s economy. For years Visa has been actively cooperating with the Government of Georgia, banks, financial institutions and donor organizations to assist the country’s advancement in terms of contactless penetrations worldwide. Strong multicultural organizations such as Visa and USAID play significant roles in bringing communities together and making progress, so I truly believe that our cooperation with USAID will contributes to Georgia’s economic advancement and bring value in coordination to your beautiful country, Georgia,“ Salvador Perez-Galindo, Senior Vice President, Head of Government Engagement for Visa CEMEA stated.

  “We at Visa are extremely honoured to sign Memorandum of Understanding with USAID Economic Security Program and are looking forward to our fruitful collaboration in various fields. The document envisages four strategic directions, namely women entrepreneurs’ economic empowerment, SME development and digitalization, FinTech and E-Commerce. I truly believe that the deepened partnership would enable us to further support and achieve a long-term positive effect of our mutual work for society,” Diana Kiguradze, Visa Country Manager for the Caucasus region said.

  The partnership between the USAID Economic Security Program and Visa will facilitate the extension of E-Commerce, financial inclusion and transactions, positioning Georgia as a regional hub and a safe place for investment.

  About USAID

  About USAID in Georgia: USAID is the world's premier international development agency and a catalytic actor driving development results. Over 30 years of partnership with Georgia, USAID has supported the country’s transformation into a developing democracy that is increasingly integrated into Western political, security, and economic institutions.  Today, more than 35 USAID programs strengthen Georgia's resilience to malign influence, consolidate democratic gains through enhanced citizen responsive governance, and enable high-value employment through increased economic growth.  For more information, please visit: https://www.usaid.gov/georgia

  About the USAID Economic Security Program: a 5-year $23 million project funded by the United States Agency for International Development (USAID) and implemented by DAI Global. The program is aimed at accelerating the broad-based growth of sectors outside of agriculture that show strong potential to create jobs, generate investment, and increase micro, small, and medium enterprise (MSME) revenues. For more information, please visit: https://www.facebook.com/EconSecProgram

  About Visa

  Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge

• EU4Environment trains experts from Armenia, Azerbaijan, Georgia and Moldova to test wastewater for COVID-19

  With the support of the ‘EU4Environment – Water and Environmental Data’ project, Armenia, Azerbaijan, Georgia and the Republic of Moldova have developed a COVID-19 monitoring concept and conducted pilot analyses in urban wastewater.

  In September 2022, the SarsCov-2 virus was analysed for the first time in wastewater samples from Yerevan, Baku, Tbilisi and Chisinau. The sampling, analysis and evaluation concept was developed with the support of the European Union. Experts from the Austrian Environment Agency and the Vienna University of Technology provided guidance on the development of procedures and allowed the first analysis of COVID-19 in wastewater in each of the countries. 

  Over the coming months, European experts will help the programme partners in the Eastern Partnership countries to implement the practice on a permanent basis and train them in interpreting the data. In parallel, sampling will be expanded to increase the coverage of COVID-19 monitoring. This will improve pandemic monitoring for overall health protection in each country and even internationally.

  Find out more

  Press release