Italian companies mull over new investments

TIRANA, March 7 – Italian investors have expressed interest to increase their investments in Albania by exploring new sectors such as mining, fuel, fishing, agriculture and tourism. The investment plans were unveiled in a meeting an Italian delegation of senators and investors had with Albanian Economy Minister Nasip Naco in Tirana this week. The delegation was led by Senator Paolo Scarpa Bonazza Buora, chairman of the Agriculture Committee at the Italian Senate.
Already successfully investing in energy, the privatization wave government has launched is another opportunity for Italian companies to boost their investments in Albania.
Italy is Albania’s top trade partner with 50 percent of total exports and 30 percent of imports. More than 80 percent of footwear and garment products manufactured in Albania, which are the country’s main export, go to Italy. According to Italy’s Confindustria lobby group, some 300 Italian companies operate in Albania, mainly operating footwear and garment manufacturing. Government has identified 1,280 public assets including strategic enterprises it intends to privatize by the end of this year. The privatization list includes remaining state owned shares in strategic oil, and phone companies, small hydropower plants, military facilities and small and medium-sized enterprises, except for big hydropower plants and dams, schools, hospitals and public buildings and offices which will remain under state ownership. Privatization in key sectors such as banking, telecommunications and energy has been the main source of FDI. So far the government has retained no special rights or ‘golden shares’ when privatizing strategic companies, though the existing legislation allows it to.