Investment Development Agency set up

TIRANA, June 30 – Government has approved a draft law establishing the Albanian Investment Development Agency in a reform aimed at improving private, domestic and foreign investments. The new agency will replace Albinvest, the Albanian foreign investment promotion agency, becoming a one-stop shop center. The Albanian government has assigned the new agency three strategic goals including assisting and accelerating the inflow of foreign investment into the Albanian economy, improving the competitiveness of Albanian exporters, and providing professional services to assist the growth of Albanian SMEs. Former AlbInvest agency provided investors with up-to-date information on the investment climate, investment incentives, and the legal framework relating to the investment process in Albania. It also assists investors to obtain the permits and licenses required by national and local authorities, speeding and facilitating their investment projects.