“Canadian companies are willing to carry out investments and are aware of the opportunities in the renewable energy, agri-food processing and tourism. In fact, Canadian companies interested in doing business in Albania and continue contacting us all the time,” McGovern told reporters in Albania.
TIRANA, Jan. 22 – Having emerged as Albania’s top foreign investor in a short time thanks to huge investments in the oil and mining sectors, Canadian companies are willing to explore new sectors such as renewable energy, agri-food processing and tourism. New Canadian Ambassador to Italy Peter McGovern who also covers Albania reconfirmed the commitment of Canadian companies to continue and expand their investments during his recent visit to Albania where he presented the letters of credentials to the President of the Republic.
“Canadian companies are willing to carry out investments and are aware of the opportunities in the renewable energy, agri-food processing and tourism. In fact, Canadian companies interested in doing business in Albania and continue contacting us all the time,” McGovern told reporters in Albania.
Canadian companies in Albania have created more than 2,000 jobs and are responsible for 35 percent of Albania’s exports, significantly contributing to Albania’s growth.
Some 60,000 Albanians are estimated to live in Canada while around 3,000 Canadian live in Albania, the majority of whom have dual citizenship, said the Canadian ambassador.
In late 2013, Albania and Canada finalized negotiations on a foreign investment promotion and protection agreement, ensuring the business environment is more secure for Canadian companies looking for opportunities in Albania
“The deal is also further proof that the most ambitious trade expansion plan in our nation’s history continues to produce results for workers, investors, businesses and exporters,” said Canadian Minister of International Trade Ed Fast.
With only 1 million Euro in 2007, Canada has emerged as the top foreign investor in Albania mainly due to huge investments in the oil extraction and mining by several companies, taking over even traditional partners such as neighbouring Greece and Italy.
Bank of Albania data show Canadian FDI in 2011 climbed to Euro 566 million, up from Euro 294 million in 2010 and Euro 102 million in 2009. Already present and successfully operating in the oil and mining industry, Canadian-based companies are showing increased interest in boosting their investments in Albania.
While Canadian companies such as Bankers Petroleum, Petromanas and Stream Oil invest heavily in oil and gas development in Albania, Tirex Resources and Empire are involved in mining. Canada is officially represented in Albania through its embassy in Italy.
Albania’s oil exports in the past eight years have increased by more than 30 times, emerging as one of the key exports, mainly due to huge investments by Canadian-based Bankers Petroleum which since 2004 operates and has full rights to develop the Patos-Marinza and Ku谶a heavy oilfields under a 25-year concession contract with the Albanian government. A study carried out by Open Data research centre shows that Albanian oil exports reached around 1 million tonnes, worth 56.7 billion lek (Euro 396 million) in 2012, up from 41.7 billion lek in 2011 (Euro 291 million) in 2011 and a mere Euro 13 million in 2005 just before the signing of the first concession contracts in Albania’s oil sector.
