Jaço: “New economic measures need to be taken in order to cope with the impact of the COVID-19”

TIRANA, March 10 – The President of the American Chamber of Commerce, Enio Jaço, told ‘Voice of America’ during an interview that new economic measures need to be taken in order to cope with the current situation, as the coronavirus will certainly affect the economy in the country. “ It’s a bit early to measure the economic impact right now, but there certainly will be [an impact]. It is important not to panic because it hurts us, not only economically but also in other aspects. However, it is not too early to start looking at possible economic measures, to cope with the situation caused by the coronavirus, ” said Jaço.
As regards the investment climate in the country, the AmCham president said that monopolies and unfair competition remained a concern for businesses. According to Jaço, Albania is also placed on the gray list of money laundering.
“This undermines Albania’s credibility in the eyes of international investors. Something has not gone well with the progress that Albania should have made, therefore settling in what we call a gray area,” he said.
The government is expected to announce a capital amnesty soon, through which small and large businesses will benefit, but the AmCham president said the initiative should be consulted with businesses before implementation.
“It is the political will, which I do not think it does not exist, as well as the technical capacities that must be made available for the immediate improvement of this situation. I hope that next year we will see better progress, “Jaço added.
However, US companies have shown interest in investing in the agriculture, tourism and energy sectors, according to Jaço.
“Agriculture is an interesting sector because it provides employment to about 45 percent of the population, and has products that have the potential to be exported to Europe and also to the U.S. Tourism is also a sector that is changing all the time; it is growing and has potential. Albania has natural resources, but it also has the potential to become a regional hub in terms of energy distribution, “Jaço said.