News

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.

On June 2018 the Ministry of Economy and Finance had started a presentation and consultation process of the New Fiscal Package 2019 part of which will be applicable from this year. In this ambit, FIAA was asked for a discussion round table with the Deputy Minister of Ministry of Economy and Finance Mrs. Albana Shkurta. FIAA representatives present in the discussion among others, proposed legal amendments respectively for the Draft Laws on Income Tax, VAT on Agri-tourism and Local Taxes. FIAA proposals were officially sent to the Ministry and will be active during the second part of the year for the consultation of other laws and relevant amendments which should be in focus of the coming Fiscal Package.

Tirana, June 2018. Investment Council (IC) held a special meeting chaired by the Minister of Finance and Economy, Mr. Arben Ahmetaj, and with the participation of EBRD Vice President, Mr Alain Pilloux. In this meeting FIAA was represented by the Deputy Chair Mr. Turker Sengonul. The agenda focus was the ‘Legal Framework on Investments in Albania’ aiming to discuss on how to motivate and easily apply the current legal framework on investments, and to facilitate the process of drafting a simplified legal framework which can retain and attract new investments. This subject comes also in the context of the integration processes of the country to the EU and at a regional level, with the Regional Economic Agenda (REA). A REA component is also the Regional Investment Reform Agenda (RIRA), which inter alia aims also an alignment of the legal and regulatory framework in the country with the best international practices.

For more information please visit: https://www.investment.com.al/investment-council-for-a-simplified-legal-framework-on-investments/

European Bank for Reconstruction and Development (EBRD), European Union (EU)  and its partners are stepping up their support for strategic transport links in Albania. The Western Balkans Investment Framework (WBIF) has made available up to €35.5 million in grants to complement an EBRD loan of up to €36.9 million.

A signing ceremony in Tirana was attended by Damian Gjiknuri, Minister of Infrastructure and Energy and Erjon Luci, Deputy Minister of Finance and Economy on behalf of the Albanian Government, Christian Danielsson, Director General for Enlargement, DG NEAR, European Commission and Matteo Colangeli, EBRD’s head of Tirana office.

The WBIF is a joint initiative of the European Commission, international financial institutions, bilateral donors and beneficiary governments to support strategic investments in energy, environment, social and transport sectors in the region.

For more information please visit: https://www.ebrd.com/news/2018/ebrd-and-partners-support-key-transport-links-in-albania.html

The Energy Charter Secretariat based in Brussels, an intergovernmental organization administering the Energy Charter Treaty (ECT- a multilateral energy agreement comprising more than 50 countries and 40 observers), at the request of the Energy Charter Conference conducted a pilot project in 2017 which established the foundation for a flagship publication on Energy Investment Risk Assessment (EIRA). The 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. The ultimate goal is to have an annual publication with a global reach which countries can use to improve the investment climate and investors can take informed decisions on establishing an investment in the host country.

May 2018/ Tirana. Minister of Agriculture and Rural Development of Albania organized a meeting with representatives of foreign businesses in Albania to introduce IPARD II – EU fund for Albanian agri-processing businesses, 2014-2020 along with other available opportunities in the agriculture.

IPARD II consists in the financing of 71 million euro fund to be used for investment in the territory of Albania. Investments may be movable or immovable and the grant scheme will be supporting only investments and costs to be implemented after the signing of the Grant Contract. Investments must comply with Minimal National Standards and EU Standards related respectively to: Environment Protection, Animal Health, Alimentary Safety and Quality etc.  Investments in the first measure will be focused in the sectors of Milk Production, Meat Production, Fruits and Vegetables Production and vineyards. Applicants may be individual farmers, physic or legal persons and agricultural joint companies, start up businesses.

For more information about the Program of IPARD II please visit: http://www.bujqesia.gov.al/programi-ipard-ii-2014-2020/