“It is important that state institutions play a greater role in creating a business environment able to retain current investments and attract new ones”
FIAA: What is the IFC’s current long term finance investment strategy in Albania?
IFC was established in 1956 as part of the World Bank Group to support private sector investment in emerging markets to create jobs and raise standards of living. IFC’s financial products enable companies to manage risk and broaden their access to foreign and domestic capital markets. Our financial products consist of fixed and variable rate loans extended to the private sector, which finance both early-stage companies and expansion projects. IFC also makes loans to intermediary banks, leasing companies, and other financial institutions for on-lending. In addition to lending, IFC engages in equity investments that provide developmental support and the long-term growth capital the private sector needs. IFC invests directly in companies’ equity and also through private-equity funds.Read More
“Albania needs greater trust in law and order”
FIAA: During your time here in Albania, have you seen any change in the operating environment for foreign businesses in the country?
Mr. Larsen: Yes – several laws which have been passed, for example. I think the law on strategic investment is beneficial for investors that want to do business here in Albania. It gives businesses a one-stop window in terms of interaction with the government, and so on. We already have that kind of one-stop window in the energy ministry and in the project implementation unit which has been established in the Ministry of Energy, and I believe that the law on strategic investment should help all businesses.
The fact is that Albania is in a period of active reform and we are hopeful of seeing changes in the energy sector as a result. The whole energy sector is undergoing reform and the new energy law passed last year makes commitments to changes in the institutions, for example, liberalization of the market for power trading. We were originally expecting these things to be in place by now, but they will come. The government is committed to reform and it will make it happen. I think it will take some more years still before we have a fully functional power market here in Albania.Read More
FIAA, as a representative of the foreign business community in the country has recently expressed its concerns related to the amendment of the law for Chambers of Commerce and Industry which the Albanian Parliament approved during the parliamentary session of September 29th.
This legal amendment restores compulsory membership of business to the Chambers and a payment of the annual quota for all legal entities registered in Albania.
FIAA has stated that these changes were not part of any public discussion phase in the Ministry of Economic Development, Tourism, Trade and Entrepreneurship before they were sent to Parliament of Albania, contrary to the explicit commitment by the government for discussion and dialogue with business groups of interest on legal acts and regulations that affect business, as well as contrary to the legal obligation set out in law no. 57/2014.Read More
The World Bank in Albania has presented last month “South East Europe Regular Economic Report “ a bi-annual report series on recent economic developments and economic policies in South Eastern Europe (SEE6: Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro, and Serbia). The report looks at the economic performance and outlook for the SEE region and specific factors that affect the growth prospects.
For more information please visit: www.pubdocs.worldbank.orgRead More
The Investment Council (IC) held on September 29th its regular meeting. The meeting was chaired by the Minister of Economic Development and attended by the Minister of Agriculture, as well as a group of representatives from agribusiness associations and related donors. In her opening word, Minister Ekonomi highlighted the measures undertaken by the Government towards the improvement of the business climate and promotion of private investments in the country, including those in the agro-industry. She also mentioned that Investment Council remains a very good platform enabling a transparent, constructive and open debate with the business partners.
For more information please visit: https://www.investment.com.al/4184/Read More
Particip GmbH is carrying out a project on behalf of European Commission’s DG NEAR, with purpose of informing the public in EU member states about the progress that countries who are candidates and potential candidates for EU membership are making in fundamental areas, such as fight against corruption and organized crime, economic development etc. In this course, there have been organized in Albania two study visits for 15 journalists from different EU member states and 20 European Associations.Read More
Foreign Investors Association of Albania (FIAA), jointly with the Albanian Association of Renewable Energy (AREA), the Italian Chamber of Commerce and Industry and the Chamber of Commerce and Industry of France-Albanie, organized in late September a roundtable dedicated to the new normative framework of renewable energy. Present were the Ambassadors of Italy and France, representatives of the Austrian Embassy, the Ministry of Energy and Industry, ERE-s, IFC, EBRD, banks, state institutions, local and foreign investors in the energy sector in Albania.
The new Renewable Energy Law is considered as a unique opportunity to provide a satisfactory answer to the present concerns of both Albanian and Foreign investors in this sector. Under the condition of guaranteeing a proper regulatory frame to both existing and new investors, FIAA is fully convinced that the new renewable energy law represents a major opportunity to strengthen the energy sector and provide the much needed growth to the Albanian economy.Read More
FIAA strongly condemn the recent and violent criminal attack perpetrated against the Administrator of OMNIX Group in Albania, Mr. Fadi Mitri.
The event had occurred in a moment in which FIAA, the International Partners as well as the Government of Albania are intensively working together in order to improve the Business Climate and to attract new foreign investments, much needed for the development of the Country and the improvement of Albanian‘ standards of living. This is a clear case action committed by single out-of-Law-individuals which can put at risk the reputation of the whole Community.
FIAA, even assuming it is an “isolated case” and appreciating the timely reaction of the Law enforcement forces, urges the State Institutions to take the strongest possible measures against those “common enemies”. Moreover, FIAA takes the opportunity to remind how important was the approval of the Justice Reform, so effectively supported by the Association from the beginning.
FIAA, as a representative of foreign Businesses that apply the best practices and the highest ethical standards, stands ready to cooperate with all the healthy components of the Civil Society and with the State Institutions in order to avoid these unfortunate events happen again in the future.Read More
The European Commission is in process of preparation of the Country’s Annual Report for Albania. In this regard, FIAA as key stakeholder in the business environment of Albania has met with various representatives from DG ECFIN (Directorate-General for Economic and Financial Affairs) to specifically discuss on recent developments in the economic criteria of the country. FIAA has admitted the progress in different economic sectors and has highlighted views and experiences of the foreign investors in Albania stressing the two most important concerns of the Foreign Investors, Predictability and Stability of legal and tax system. FIAA acknowledges the several reforms the Albanian Government has undertaken in regards to the improvement of the Business Climate and is looking forward to their proper implementation and expected impacts.Read More