"Produce in Georgia" names five business sectors interesting for investors (Exclusive)

Business Materials 27 September 2019 18:29 (UTC +04:00)

Baku, Azerbaijan, September 27

By Tamilla Mammadova – Trend:

Hospitality and Real Estate, Logistics, Energy, Manufacturing and Business Process Outsourcing (BPO) are five core business sectors in Georgia which will be interesting for investors in the coming years, "Produce in Georgia" agency told Trend.

"Hospitality is one of the fastest-growing sectors of Georgia’s economy. In 2010 we were receiving only 2 million international visitors, but in 2018 we reached a record high of 7.9 million visitors," said the agency.

As reported by the agency, according to the Georgian Tourism Development Strategy inflow of visitors will reach 11 million by 2025 and these growing numbers of visitors generate a steady demand for the industry development.

As the agency noted, the current situation with the Belt and Road Initiative has once again strengthened Georgia’s strategic location. Alternative route through Georgia takes 10-15 days from China to Europe instead of 45 days of traditional route.

According the agency, energy resources are key driver of economic development and regional integration. The Georgian energy sector itself is increasingly attractive for foreign investment and is full of opportunities.

"Specifically, we have a great untapped potential in renewable energy and a steadily increasing consumption. Georgia is among the top countries in terms of water resources per capita and only 20 percent of the total electricity is utilized from HPP’s", said the agency.

"Manufacturing is also a key sector of Georgian economy, which contributes about 16.4 percent to national GDP. Georgia offers competitive utility and labor costs, numerous free trade agreements and investment incentives for potential investors in manufacturing sector and therefore is advantageous for Foreign Direct Investment (FDI)", said the agency.