Economy
Posted: 1 month ago

G&T: Georgia has Potential to Replace Imports of About $ 850 Million

Georgia has the potential to replace imports of about $ 850 million by promoting agriculture and construction, as well as diversifying exports.

Galt & Taggart, an investment asset management company, believes that Georgia's economic model needs to be renewed.

According to a new report, the development potential of agricultural production in several fields is: meat and dairy products, grains, vegetables and fruits, food processing.

"In this regard, Georgia has the opportunity to replace the import of $ 400 million and also to diversify exports. Land consolidation and low productivity remain the main challenges in the field, ”said G&T experts.

The new report states that the construction has potential too, and in some areas, by encouraging local production, it will be possible to replace the $ 450 million import.

"According to initial estimates, it is advisable to encourage the production of the following products: cables, fittings, plastics, paints, furniture, water heaters, metal materials, wood materials, ceramics, cement clinker. In order to attract investment, the country needs an updated strategy, especially in the face of intensified competition in this area around the world, "the report said.

Analysts believe that the new model of economic growth in Georgia should be focused on increasing production potential. In this regard, both the stimulation of local companies and the attraction of foreign investment are critically important.