The article analyzes the existing specialization sectors of the economy of the Republic of Tyva, which are determined using the Hoover-Ballas coefficient. Today, the specialization sectors of the republic are mining and agriculture. Based on the analysis, we recommend increasing the number of specialization sectors in order to diversify the economy within the framework of multiple specialization and the concept of “smart specialization” and propose the development of promising activities for the region: food industry, antler reindeer herding, deepening the processing of raw materials of the mining industry, tourism.