ADB: Georgia’s success in fighting COVID-19 can boost its attractiveness for investors

BAKU, Azerbaijan, July 13 By Tamilla Mammadova – Trend: The COVID-19 pandemic has shown how dependent the economy of Georgia is on tourism and trade, highlighted an uneven pattern of growth, and given urbanites a taste for clean air, pedestrian-friendly streets and open spaces, Asian Development Bank (ADB) Country Director for Georgia Shane Rosenthal told Trend. "While the processes of restarting the economy requires continuing vigilance, Georgia has the opportunity to build on its strengths and initiate a new era of growth that is more resilient and delivers for all Georgians," Rosenthal highlighted. According to the country director, this can be achieved with investments and reforms that transform agriculture with higher productivity and better market linkages, and with programs that improve urban infrastructure and support balanced regional development. "Strengthening the social protection system can help ensure no one is left behind, and stronger vocational skills training would enable more people to participate in economic growth, and benefit businesses and investors," the director said. As Rosenthal added, this is also the right time for Georgia to better leverage its free trade agreements with the EU, China, Turkey and others. "As the recovery gains momentum, certain industries are positioned to tap into export markets but might need help doing so. A closer look at services may be warranted, as these have seen higher growth relative to trade in goods in recent years," he said. According to Rosenthal, the government and private sector can work together, tapping into new opportunities as global supply chains seek resilience in the post-COVID era, and move toward greater automation. "Georgia’s success in tackling the spread of COVID-19 could boost its attractiveness for investors," the director added. --- Follow the author on Twitter: @Mila61979356