News

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

In the frame of the communication that FIAA keeps with Diplomatic Bodies in Albania, the President Mr. Alessandro D’Oria and Executive Director Ms. Marinela Jazoj were hosted in a business lunch by H.E Mrs. Elisabeth Barsacq, Ambassador of France in Albania.

FIAA’s Executive Director, Ms. Marinela Jazoj met with the mission from DG ECFIN chaired by Mrs Sarah Jurreit and DG NEAR chaired by Mr Andrew Williams. The meeting was focused on the business climate and the efficiency of consultation mechanisms of state institutions with private sector.

FIAA, representing the largest foreign companies in Albania was very pleased to be represented by Mr. Ante Frens (FIAA Board Member) who shared its views with Mr. Mark Bowman, Deputy President of EBRD, on the topics of business climate and economic development in Albania.

FIAA is pleased to be among the Women’s Empowerment Principles signatories.

The WEPs global community of companies is extended to all Industry Associations and Chambers of Commerce and is committed to making a difference for gender equality and women’s empowerment in the workplace, marketplace and community.

FIAA is committed to strengthen gender equality as a reality in the organization and is represented by its CEO Ms. Marinela Jazoj, stating that ”Believing in women power leads to building opportunities towards a more sustainable future”!