BAKU, Azerbaijan, June 26
By Tamilla Mammadova – Trend:
By supporting agriculture and the production of building materials, Georgia can strengthen the country's potential for import substitution in the amount of about $850 million, Trend reports citing Georgian investment company Galt & Taggart.
The company noted that the worldwide coronavirus pandemic has highlighted the importance of local production and the need to diversify supply chains.
According to Galt & Taggart, the development of agriculture is observed in several sectors, including meat and dairy products, production of grain, vegetables and fruits, and food processing.
“Georgia has an import substitution potential of $400 million in this field. The main challenges in the industry remain land consolidation and low productivity,” the document says.
By encouraging local production in the construction industry, Georgia can ensure the import substitution in the amount of $450 million, experts of Galt & Taggart said.
“According to preliminary estimates, it is advisable to encourage the production of cables, fittings, plastic, paints, furniture, water heaters, metal materials, wood materials, ceramics and cement clinker. A strategy needs to be developed to attract investments in the country,” the report said.
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