BAKU, Azerbaijan, June 26
By Tamilla Mammadova – Trend:
In recent years, the main driver of economic growth in Georgia has been the services sector, in which tourism plays an important role, Trend reports referring to Georgian investment company Galt & Taggart.
According to the Galt & Taggart experts, the country needs an updated strategy to attract investment.
"Around the world, the coronavirus pandemic has highlighted the importance of local production and the need to diversify supply chains," the report said.
According to Galt & Taggart, the new economic model of Georgia should be focused on increasing production potential. In this regard, both the stimulation of local companies and the attraction of foreign investment are crucial.
"The potential for attracting foreign investment is observed in such sectors as the production of textiles, clothing and leather; manufacturing automobiles and auto parts; production of medicines and chemical products; and manufacturing electronic products and vehicles," the report said.
The company added that low qualification of the workforce and lack of infrastructure are among the main obstacles to investment along with weak legislative base.
The report also provides a detailed analysis of the development potential of production in the field of agriculture and building materials.
According to the company experts, the coronavirus pandemic will significantly change the global economic model for the next decade, and national economies will become more autonomous.
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