“Despite the global crisis, we will be here to support Albania’s development,” said IDB’s Halid Al Abudi
TIRANA, June 6 – Renewable energy, tourism, mining and the oil industry are some of the sectors Arab entrepreneurs from member countries of the Islamic Development Bank (IDB) will find the Albanian government support for their investments. The appeal was made by Prime Minister Sali Berisha in a meeting with business representatives from 30 IDB member countries ahead of the investment conference held later this week.
“I believe that every entrepreneur has more reasons to invest in this country and I assure you that my country will make every effort and provide any support to create a success story for everybody who puts their dreams in this country,” said Berisha.
“In these 20 years, the Islamic Development Bank has been an excellent partner for Albania. It has contributed in dozens of investments in different fields from schools, healthcare facilities, roads and highways, projects which have turned into important development factors for the country. The Tirana-Elbasan highway remains the peak investment, changing transport conditions for 1.2 million Albanians,” added Berisha.
The Prime Minister also reiterated the government offer of tax-free investments for up to 8 years for investments in mountain areas.
“We are discussing with the Albanian government and some representatives of the private sector a series of projects that will bring prosperity for the Albanian citizens. Despite the global crisis, we will be here to support Albania’s development,” said IDB’s Halid Al Abudi.
Addressing the forum central bank governor Ardian Fullani appealed to foreign investors to include Albania in their investment and partnership projects mentioning the country’s plentiful natural resources, qualified labour force and improved legal framework.
“The drafting of policies to attract foreign direct investment even through further improvement of business climate and legal framework must be a continuous part of the country’s development strategy,” said Fullani.
More than 100 foreign companies from 30-member countries of the Islamic Development Bank examined investment opportunities in Albania in a two-day conference in Tirana, which is the third international conference on foreign investment in Albania organized by IDB.
This is a good opportunity for Albanian companies to sign contracts with foreigners, said Eneida Guria, the executive director of the Albanian Investment Development Agency (AIDA).
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 two day conference served to connect foreign investors with companies and individual entrepreneurs from Albania who have viable business projects which require foreign partners. The Conference aims at reinforcing the position of Albania on the world investment map by highlighting profitable business opportunities readily available in the country.
The event held from June 6 to 7 was dedicated to presenting Albania’s economic potentials and investment opportunities, and also the facilitation of one-on-one business matchmaking meetings.
With its developing market economy, Albania offers many opportunities for investors – property and labor costs are low, the young and educated population is ready to work, and tariffs and other legal restrictions are low in many cases and being eliminated in others. Albania’s location offers a notable trade potential, especially with EU markets – it shares a border with Greece and is just across the Adriatic Sea from Italy. Albania has also entered into free trade agreements with all Balkan countries creating the opportunity for trade throughout the region.
During 2000-2009, there were an average GDP growth of 6%, and even in the period of the financial crisis the growth was positive and it averaged 3.5% for the year 2010, and 3.9% for 2011, says the brochure of the event.
