Albania with more FDI in 2007

TIRANA, Nov. 24 – Minister of Economy, Trade and Energy, Genc Ruli, said that the country had a significantly higher foreign direct investment in 2007 reaching 70 percent higher than that in 2006.
Ruli said that FDI in 2007 could be between 420-470 million Euros, also noting it could be higher than 500 million Euros. In 2006 the FDI was 260 million Euros.
The minister said the increase was a consequence of the improvement of the business climate, fiscal facilities, privatization of some strategic sectors, and concessionary contracts applied at this year, especially in the energy sector.
Ruli said that the government was generally optimistic about the energy sector. He mentioned that last week there was an international tender on hydro power plants in the Devoll River in the south where Austrian and Irish companies took part. When built, three power stations in that river will have 370 MWhs of production and the cost of the construction could be about 900 million euro.
The government will soon launch the tender for the Skavica station in the northeast which would cost some 650 million Euros and produce 500 MW of power. For the Bushat power station in the northwest, some ten international companies have expressed interest in the tender.
The minister also mentioned the ASG Powers investment for the regasification and power production plant.
In August this year, the government also signed deals with Medoil and Streamoil Gas Ltd for oil and gas production in western Albania.
Albania’s cement industry saw some 450 million Euros in investments from two international companies, Antea Cement and Cementos Agiula, which will soon begin constructing their factories in Fushe Kruje and Mamurras.
Other international companies have expressed interest and could possibly sign deals on building factories in 2008, the minister said.
The minister also said that Dutch and Japanese companies have shown interest in investing in the copper, chromium and iron minerals. Fishing is another sector of interest to foreign companies, said Ruli.