Konfindustria opposes new foreign investments law

TIRANA, May 9 – Albania businesses have expressed their concern over a recent draft law government has approved granting special privilege to foreign investors. The reaction came by the Confederation of Albanian Industries (Konfindustria) which says the law on foreign investments gives foreign investors a series of privileges regarding the court system or local authorities, discriminating Albanian businesses.
Konfindustria says it would support the law only if it covers all investors without regard to the country of origin of capital.
“If special legal protection is granted only to foreign investors there would be a collapse in competition, transfer of capitals abroad and a barrier to investment initiatives.”
Konfindustria’s administrator Gjegj Buxhuku says the bill favours foreign companies in property disputes, allowing government to settle disputes with land owners.
“The draft law foresees stripping Albanian courts of the right to suspend or stop foreign investments and even starting procedures on expropriation for public interest when legally sought by third parties. Meanwhile, such a right is not foreseen for Albanian investors,” said Konfindustria.