News

The second edition of the Forum and Trade Fair on Eastern Europe Hydropower organized by REECO Austria GmbH was held on 29^th- 30^th of November 2018 in Salzburg, Austria.

This activity provided a platform for presenting all investments in the energy field from different European countries with Participants of medium and small hydropower plants, who through this platform could strengthen existing contacts and also create new connections with companies and investors in the field of energy in Europe.

On November 8^th, FIAA Board met with its Members and presented the results of the conducted Survey on Business Compliance. The survey was focused on the issue of Business Integrity, as an important element for the business climate in the country. FIAA believes that talking and practicing good ethics, values and integrity in business is an integral part of the core values of the functional economies and necessary to fight corruption and to build transparency.

December 7^th, 2018, Plaza Hotel Tirana, Albania

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.

The forum will provide an opportunity to identify and assess key growth challenges, learn from policy experiences in other countries, support the adoption of corporate social innovation practices in the private sector and identify a course of policy actions towards more competitive and inclusive economies in Albania and South East Europe.

For more information please visit: http://www.tiranaforum.com

A delegation of FIAA representatives from the Mining Industry has meet with the Deputy Minister for Energy and Industry Mr. Aliko to discuss on the current situation of the mining industry. The talks were mainly focused on the recent changes presented in the New Fiscal Package for the increase of Excise Tax in bituminous coal and related articles which do fiercely affect the ongoing activity of the companies operating in this sector. Other concerns discussed with the Deputy Minister were related with the necessity to incentive Exploration activity in Albania and create new reserves of minerals. The sector representatives stressed out the need that the mining industry has for reviewing the existing legal framework and work towards a sustainable strategy which would make this industry attractive to the eyes of new investors.

Recently, the foreign business community was presented with the second package of Drafts for the Fiscal Package 2019. Being part of the Fiscal Council in the Ministry of Finances, FIAA distributed the proposed articles to its members ‘Community for opinion and feedback. Among the proposed articles which were subject to changes were related with: “Tax Procedures”;“Income Law”; “Excise Law”; “Withholding Tax”, and other articles. FIAA has officially addressed its position to the Ministry of Finances reflecting all the recommendations and opinion of its members. Most of the proposed articles were also addressed during the presentation of the Fiscal Package in the National Economic Council Meeting.

The Investment Council (IC) hold its regular meeting this time focused on “Formalization and Competitiveness in Tourism.” Chairing this Council, Minister Ahmetaj said that “Although the tourism sector has a substantial growth, its formalization remains a challenge for the country. During the last tourism season, many tax control structures were engaged, although in the focus were not penalties, but taxpayers’ education and, of course, further formalization. ”

EIRA is a distinct publication which aims at assessing specific policy, regulatory and legal risks concerning foreign and domestic investment in the energy sector of different countries.  Considering FIAA’s active role in the energy sector of the country, the Secretariat trusted FIAA to be a peer reviewer to the EIRA project, and bring attention to the challenges faced by the business and investor communities and maybe contribute to reducing the investment risk in the energy sector in the country.

President of FIAA, Mr. Tom K. Larsen and Deputy President, Mr. Turker Sengonul developed an introductory meeting with the President and CEO of Bankers Petroleum Albania, Mr. Xingyun Sun.

Bankers Petroleum is now part of the successful Chinese Oil Company  GEO -Jade, which has moved all out its HQ functions from Calgary to Fier with special focus on the only business in Albania. Mr. Sun has recently moved to Albania to lead operations of Bankers in the country which is among the most important foreign investments in Albania and one of the most outstanding members of FIAA. Mr. Sun sad that the company is expanding its investment and oil production in Patos Marinza oil field and plan to continue to heavily increase their investment next year in the oilfield. Meanwhile, he mentioned that for their business is very crucial having a stable and favorable environment in the Country. Mr. Sun stated that he will willingly commit to the FIAA’s mission along with bringing  more Chinese investors in Albania.

FIAA Executives welcomed his intentions and look forward to strengthen this cooperation.

FIAA Board has been recently working on the preparation of an Actions Strategy focusing on the main objectives FIAA will carry during 2018 and further. The Board  agreed working towards the following objectives:

1. Enhance the credibility of FIAA at the Government
2. Be the first point of contact for potential foreign investors
3. Augment the quality of the support to all
4. Increase number and contributions of members
5. Deliver progress at least in one of the “Working Groups” and in areas of specific interest to its members

In June 29th, FIAA Representatives in the Multi-Stakeholders Group at the Albanian EITI Secretariat were present in the Workshop for the presentation of a Transparency Assessment prepared by Deloitte Audit Albania in accordance with the EITI Standards requirements for the Albanian Oil Sector.

This Assessment was carried out due to the initiative of the International Secretariat in Oslo which invited Albania to be part of a Pilot Project for Commodity Trading.