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Chaired by the Minister of Finance and Economy, Ms Delina Ibrahimaj, the Investment Council (IC) held a plenary meeting to discuss the private sector’s concerns about the availability and quality of the workforce in the country. The meeting was attended by the majority of IC members and around 40 observers representing the public and private sector and development agencies.

FIAA’s Representative intervention during the IC Meeting

 “Skills is a global topic, complex that cannot be solved easily. While, also a specific topic that we discuss everyday with producers’ company as our clients, including also within the banking sector. We have done internally a survey on the topic, where youngsters up to 30 years old, are part of the sample.  There are two findings on youngsters’ expectation – learning opportunities and salary. Obviously cost of salary is related to companies’ competitivity”.

For more information read here: https://www.investment.com.al/investment-council-on-the-labour-skills-availability-and-quality/

FIAA’s Board of Directors paid a courtesy visit to the New President of Albania, His Excellency Mr. Bajram Begaj. The President of the Republic of Albania was very delighted to receive the Board of FIAA and to share his views on the business climate and highlight the role and importance of the foreign business in the country. He pointed out the role of a favorable investment and social climate in this particular time with challenges and crises Albania is going through.

The ongoing war in Ukraine and consequent sharp increase in energy prices and slowdown in the global economy are likely to constrain Albania’s growth path. Following robust GDP growth in 2021, the country’s growth is likely to decelerate to 3.2 percent in 2022, says the latest Western Balkans Regular Economic Report .

FIAA’s Executive Director Ms. Marinela Jazoj met with Mr. Franco Scaramuzzi, Market Analyst in the Economic and Commercial Office of Spanish Embassy in Rome Italy.

The Board of FIAA had the pleasure to meet with the new Head of the EU Delegation to Albania H.E Mrs. Christiane Hohmann. The President of FIAA Mr. Alessandro D’Oria welcomed Ambassador Hohmann and congratulated her on the mission at a critical moment with great challenges that Albania is undergoing.

During the meeting, the Board representatives talked from their industry’s perspectives as well as shared their views on the Albanian business challenges.

FIAA’s President Mr. Alessandro D’Oria and Ms. Marinela Jazoj welcomed in the association’s premises Ambassador of Germany in Albania H.E Mr. Peter Zingraf and the Deputy Ambassador Mr. Jannis von Oy.

The Ministry of Finance and Economy has started consultation on the Fiscal Package 2023 during October 2022, including several drafts to be reviewed. During this period, business community is expected to provide comments and observations for the suggested amendments to the following drafts:

• Law 92/2014 “On Value Added Tax in the Republic of Albania”.
• Law No. 61/2012 “On Excises in the Republic of Albania”.
• Law No. 9975/2008 “On National Taxes”.
• Law No.9920/2008 “On Tax Procedures in the Republic of Albania”.

The official mission from the IMF staff has recently concluded its visit to Albania and delivered the following concluding statement:

• The Albanian economy has weathered multiple shocks since 2019 relatively well. Although Albania’s direct exposures to Russia’s war in Ukraine are limited, with twin deficits and high government debt, Albania now faces challenges stemming from soaring international food and energy prices, tighter global financial conditions which are likely to persist, and the economic slowdown in Europe. Prudent policy and vigilance are required to stem rising risks and entrench the positive momentum in the economy. 
• Fiscal consolidation, underpinned by a sound Medium-Term Revenue Strategy, is vital for rebuilding room for policy maneuver and reducing demand pressure. Fiscal support should be temporary and targeted to the vulnerable. Strengthening the efficiency and credibility of public finances remains crucial for preserving market confidence and mitigating higher borrowing costs.
• Further monetary tightening is needed to tame inflation. Higher interest rates and the changing landscape of the financial system call for enhanced vigilance to safeguard financial stability.
• Even as Albania grapples with pressing short-term challenges, the authorities need to step up their efforts on structural reforms to lift Albania’s potential for sustainable and inclusive growth.

For more information please visit: https://www.imf.org/en/News/Articles/2022/10/10/ms101022-Albania