Albania, Italy discuss energy projects

TIRANA, Sept. 24 – Albania plans to intensify cooperation with its top trade partner in the energy sector. This is reconfirmed by Edmond Haxhinasto, the Economy and Energy Minister during a meeting he had with Massimo Gaiani, the Italian Ambassador to Tirana. The construction of interconnection lines which would serve both countries to exchange energy was described of special importance.
In early 2012, government approved the construction of a new Vlora-Brindisi interconnection line linking Albania to Italy with works scheduled to start no later than Dec. 31 2012 and their completion scheduled for Dec. 31 2015.
Appreciating the presence of Italian investors especially in the garment and footwear sector, Minister Haxhinasto said that it’s high time the whole cycle of manufacturing is made in Albania, a process which would considerably increase supply for the Albanian and regional markets.
Renewable energy, mining and tourism are some of the sectors Italian investors travelling to Albania are offered as priority sectors during meetings with Albanian officials. ”
Government officials 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.