Tourist resorts, yacht port construction given OK

TIRANA, July 25 – Albania’s Investment Development Agency (AIDA) examined its first projects, giving the OK to the construction of a tourist resort and a yacht port in the Kavaja coastal area, some 40 km from Tirana. The projects in the Gose and Synej villages with an estimated cost of 1 billion Euros each, will be built by a British and a Swiss consortium.
The project in Gose villages, expected to be implemented by UK’s Development consortium, foresees the construction of a multi-functional 650-hecatre tourist resort. The second project in the Synej village by Switzerland’s Finsec consortium will build a yacht port and a tourist resort on a 160 hectare area.
Speaking at AIDA’s meeting, Prime Minister Sali Berisha urged respect for construction and environmental standards.
“We have around 90 percent of our coastline undeveloped. This means that we should never be envious of intensive exploitation. We should stick to the best standards of exploitation and protection of environment, spaces and construction heights” said Berisha.
These will also be the first two projects in which AIDA will act as a central contact point for foreign and domestic investors.
AIDA also approved a draft project on grants government has made available on small and medium-sized enterprises as well as domestic exporters. The funds will be managed by AIDA and are aimed at increasing competitiveness and bringing innovation.
Established in late 2010 under a reform aimed at improving private, domestic and foreign investments, the Albanian Investment Development Agency (AIDA) replaced Albinvest, the Albanian foreign investment promotion agency, becoming a one-stop shop.
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.
Foreign direct investment registered one of its lowest quarterly levels during the first three months of this year dropping to 57 million Euros, down from 166 million Euros during the same period a year ago. The drop of 65 percent during the first three months of this year represents the lowest quarterly levels since the second quarter of 2007 when FDI was at 56 million Euros. The ongoing political crisis and its escalation during an anti-government protest in January 21, have also influenced the FDI retraction. However, the privatization wave launched by the government is expected to considerably improve FDI inflows throughout the remainder of this year.