TIRANA, June 17 – Italy’s largest business lobby, the Confindustria, are now represented in Albania, with the Confindustria Albania association, a new initiative aimed at boosting already consolidated Albanian-Italian business ties.
Prime Minister Edi Rama described the launch of Confindustria Albania as a key instrument to build new cooperation bridges with Albania’s top trading partner.
“I believe this is a very important event because Confindustria can now become an instrument of vital importance for three reasons, the entrepreneurship culture, the recognition it may convey and building new cooperation bridges between Albania and Italy which means bringing more Italian investment and enterprises to Albania,” said Rama.
“Of course, Confindustria’s presence will be vital to continue the fight against stereotypes, fears and prejudices which to tell the truth In Italy are to a smaller degree compared to other European countries, also because we are more similar,” he added.
Italian ambassador to Albania Alberto Cutillo praised investment opportunities offered by Albania, but said Albania has to strengthen its rule of law.
“Entrepreneurs seek countries offering opportunities such as Albania, but also request a very stable regulatory and legislative framework on investments. They want the labor and commercial legislation in compliance with European standards. They want an efficient and transparent justice system,” said the Italian ambassador.
Confidustria Albania, established as part of the Italian lobby group’s Balkan expansion, says it will guide and inform Italian firms about the opportunities and the risks of the Albanian market, simplify the creation of partnerships and collaborations, strengthen the dialogue between Italian and local companies in Albania, divulge the knowledge of the Albanian economy in Italy and consolidate the business culture in the country.
Italian companies, mainly focused on the services sector, increased their numbers to 2,753 at the end of 2015, up from 2,267 in 2014, accounting for almost half of the foreign enterprises operating in the country. Italy is the country’s main trading partner and one of the top investors in Albania with key enterprises mainly operating in the banking, energy and the garment and footwear sectors but also in the booming call center sector.
Seven years after the onset of the global financial crisis, Albania’s trade exchanges with top trading partner Italy have remained unaffected but suffered a sharp cut with neighboring Greece, the country’s traditional second largest partner.
INSTAT data shows trade exchanges with neighboring Italy rose to 288.7 billion lek (€2 billion) in 2015, accounting for 36.6 percent of the total trade volume compared to 177 billion lek (€1.28 billion) or 33.2 percent of the total in 2009.
The Albanian economy is expected to benefit from a slight recovery in the euro area in 2016 especially top trading partner Italy although uncertainties in neighboring Greece continue.
In its latest World Economic Outlook, the IMF expects Italy, the country’s top trading partner accounting for 50 percent of total exports and 30 percent of imports, to accelerate to 1 percent in 2016 after a 0.8 percent GDP growth in 2015 when it returned to positive growth after three years of contraction.
Italy is the host of some 500,000 Albanian migrants while some 20,000 Italians live, work and study in Albania.
