Israelis invest in hydro energy

TIRANA, March 13 – In less than one year since opening their embassy in Albania, the Israeli-Albanian economic relations have taken a new dimension. Israeli Ambassador to Albania David Cohen confirms new investments are already underway while a Chamber of Commerce representing Israeli interests will open in the next few days.
“Israeli investors are highly interested in the Albanian energy market, next May the Israeli companies will start the construction of a hydropower plant in the Valbona River (northeastern Albania), a special investment of Euro 110 million. Among others, we are interested in all projects the Albanian government has launched for the 2013-2014 period,” said Cohen at a meeting with the Tirana Chamber of Commerce this week.
Some 40 Israeli enterprises already operate in Albania, according to the Tirana Chamber of Comemrce.
Nikolin Jaka, the head of the Chamber, said both Albania and Israel were negotiating to scrap double taxation as an artificial barrier preventing the increase of economic cooperation.
“This is a good moment to make use of the impact fiscal and regulatory reforms are having and this could be a good step in attracting Israeli investors,” said Jaka.
The Israeli embassy in Albania is also negotiating with the Albanian government to hire Albanian construction workers for projects in Israel.