Galt & Taggart has published a presentation on the need to upgrade Georgia's economic model.
Following the document, the COVID-19 world pandemic has stressed the significance of local production and the need for the supply chains' diversification.
The presentation reads that the new model of Georgia's economy should focus on increasing production potential.
It says the stimulation of local companies and the attraction of foreign investments are of critical importance.
The document reads that the service sector was the key player in the economic growth for recent years in Georgia, and tourism played an essential role.
Tourism encouraged the development of trade, construction, and other service fields.
In 2019, Georgia received 1.3 bln USD out of 3.3 bln USD spent by tourists.
Experts state that Georgia requires an updated strategy to attract investments in the following sectors with the potential: textile, clothes and leather production, vehicles, spare parts, medications, electronic products, transports and logistics, and others.
Bela Gelashvili
News Author