News

The Board of FIAA has been following carefully the economic situation created by the pandemic and has tried to bring out main industry concerns of the members and addressed them to the authorities. Several virtual meetings have been conducted during April and May and continuous communication has been kept with the members directly by the Chairman. The Chairman of FIAA has also sent officially the main concerns on the main industries and raised the importance of gradual Opening of the economy.

The Board of FIAA has stressed out the importance of sectoral analysis and the continuity of communication, not only with the Members, but also with the Authorities. As such, it was sent a letter to the authorities with feedback from FIAA members.

During the last weeks, FIAA has been following with serious concern the situation created by the lock down and measures imposed to prevent further spread of the Covid-19 throughout Albania.

FIAA is aware that the business is living in critical moments and from many contacts with most of its members, FIAA has understood that this emergency situation has caused an unprecedented impact on their daily business. Business community is very concerned not only due to the current situation, but most of all from the uncertainty of the future.  The main issue being faced now is how to deal with work force and related costs, and also with payments to be made to the state budget and to third party suppliers. This is even of a bigger concern for those businesses that are completely locked down, therefore, FIAA has continuously asked for the Government’s attention and requested their intervention.

On 14^th of April, the Investment Council organized an extraordinary Zoom teleconferencing meeting to discuss on the impact of the COVID-19 pandemic on business in Albania, focusing on the financial and economic measures taken by the government to cope with the consequences of the pandemic, main business concerns, including as well potential measures to be taken in the near future.

FIAA was represented by its chairman Mr. Constantin von Alvensleben, who, together with the other business organizations participants, have urged to the government to take meaningful support measures. The requests mainly extended to: unemployment, fiscal relieves at central and local government level (e.g. timely VAT reimbursement and alleviation of penalties by the tax administration), liquidity and subventions for the re-boost of specific sectors such as the agro-industry. For certain industries, measures need to be taken for the companies to avoid employee lay-offs, including options for reshaping penalty requirements which should be mitigated during this period.

The Foreign Investors Association of Albania (FIAA) on February 26^th held its Annual Assembly Meeting. In this meeting there were presented the main activities and the work program of the association along with the main challenges of its 2020 Agenda.

During this Meeting, the Assembly of Members elected the President of FIAA along with the new members to the Board of Directors that will lead the Association in the next two years.

“EXPECTATIONS FOR 2020”

Tom Kristian LARSEN

CEO and Country Head Albania of STATKRAFT/Devoll Hydropower

I encourage the public as well as private sector to push for continuous improvements and implementation of reforms and measures for increasing transparency as well as decreasing corruption and unfair competition. Only by relentlessly handling such endemic legacies can the country truly move forward to realize its full potential for a stronger economy and broader prosperity.

The second edition of Tirana Economic Forum, entitled “PATHS TO PRAGMATIC REFORM”, was held on January 30th, 2020, in Tirana.  Tirana Economic Forum is a high-level meeting of the most influential Albanian and international political, corporate, and intellectual leaders to address pressing challenges currently facing Albania and the world.

FIAA hold its end of year Get Together in late November 2019, bringing together in a very warm atmosphere a large part of the Foreign Business Community, representatives of the diplomatic bodies along with several representatives of the Authorities and state institutions in the country.

The Deputy Chairman of FIAA, Mr. Mario Bracci and Executive Director Ms. Marinela Jazoj expressed some remarks and reflections on 2019 experiences and gratitude to the members who have trusted FIAA along the years and have stayed together for almost 20 years.

IMF Tax Administration Mission on Medium Term Revenue Strategy (MTRS) visited Tirana during November and meet with FIAA Representatives. During the consultations with the FIAA, were discussed the main concerns and challenges Business is facing while operating in Albania. The main focus the business was giving in the meeting, was also on the progress of tax and customs reform in the country along with some ideas and recommendations they were proposing for improvements in this area. FIAA members in this meeting were coming from various industries, but what they stressed out, was a common concern when it comes with the relation they have with Tax Institutions in the country.

After the Ministry of Finance and Economy  released the Draft Law “On invoices and the system for monitoring the transactions” and the meeting of the Fiscal Council, the FIAA Tax and Financial Committee met at the beginning of November to comment and discuss on these drafts along with other changes and draft amendments part of the Fiscal Package 2020 such as:

• Draft Law on Tax Procedures and its Report
• Amendment on Tax on Incomes and its Report

Minister/Counselor Mrs. Edith St-Hilaire, in charge for Commercial Sector at the Canadian Embassy in Rome and Mr. Matthew Kalisz, First Secretary and Trade Commissioner, paid an official visit during October in Tirana. During the visit, they met FIAA Representatives Mr. Perparim Kalo, Board Director and Mr. Perparim Alikaj, Chairman of FIAA Committee of Mining Oil & Gas. During this meeting, FIAA representatives presented a general view on the present Albanian foreign investment and economic situation, potential areas for investments and random barriers faced by investors while doing business in the country.