30 Italian entrepreneurs pledge investments

TIRANA, April 24 – Some 30 Italian investors have expressed their interest to invest in Albania after the turmoil in their North Africa traditional partners. The announcement came this week by Giovanni Firera, the Honorary President of Albania’s Konfindustria in Italy visiting Tirana this week along with a group of Italian entrepreneurs.
Expressing interest to invest in Albania’s construction, renewable energy, agriculture and pharmaceutics, Firera said “After recent turmoil in our traditional markets (Tunisia, Egypt etc), Italian investments have encountered difficulty, and see neighbouring Albania as the best alternative even because of its geographical position as very attractive for investment.”
Italian businessmen from the northern Piedmont region and southern Sicily visited Albania this week.
Albania’s deputy Economy Minister Enno Bozdo said Albania offers investment opportunities not only because of the flexibility of its labour market and one of the world’s lowest fiscal regimes, but also because of the tangible assistance to domestic and foreign investors.
Italy is Albania’s top trade partner with 50 percent of total exports and 30 percent of imports. More than 80 percent of footwear and garment products manufactured in Albania, which are the country’s main export, go to Italy. According to Italy’s Confindustria lobby group, some 300 Italian companies operate in Albania, mainly in the footwear and garment manufacturing.
Italy is the second biggest foreign direct investor in Albania with 401 million Euros of FDI until the end of 2010. FDI inflows from Italy have been on a rising trend climbing from Euro 213 million in 2007 to Euro 401 million in 2010, according to Bank of Albania data.