Canadian companies pledge further investments

TIRANA, Nov. 2 – Already present and successfully operating in the oil and mining industry, Canadian-based companies are showing increased interest in boosting their investments in Albania. This was reconfirmed this week by the Canada-Albania Business Council (CABC) which organized a multi-sector trade mission to Tirana.
During a meeting in Tirana with Prime Minister Sali Berisha, Canadian Ambassador to Italy also representing Albania, James Fox introduced potential Canadian investors.
Triple Five Worldwide, a multinational conglomerate and diverse development and finance corporation, unveiled a plan to invest in Albania’s oil, liquid gas industrial plants producing spare parts for cars, tourism and hydropower plants.
Thanking Ambassador Fox for organizing the Albanian-Canadian business forum, Prime Minister Sali Berisha encouraged the Canadian-based companies to extend their investments also in energy and tourism.
“Albania is a small country but with plenty of investment opportunities. The government’s goal is to make Albania an important energy hub in the region and Europe and attract more foreign direct investment,” said Prime Minister Berisha.
The mission and associated business forum held from Nov. 1 to 2 presented a unique opportunity for businesspeople from both countries to meet senior contacts and to explore commercial initiatives and partnerships. The mission was aimed at senior executives of Canadian firms already active in Albania as well as Canadian companies exploring this emerging market for the first time. Mission activities provided helpful information on doing business in the market as well as key priority sectors offering opportunities for Canadian firms, and featured networking events with high-level government and business contacts vis-ஶis the CABC’s extensive network of contacts in Albania.
Bank of Albania data show Albanian imports to Canada have been on the rise climbing to 12 million dollars in 2010, up from 10 million dollars in 2009, but represent only 0.25 percent of total imports. No data are made available on exports, which remain negligible.