1 bln euro in Foreign Direct Investment in four years prompt economic boost for Albania
Foreign direct investment in the past four years in Albania have reached the level of 983 million euro, or 10.5% more than the previous four years, according to data published by the Bank of Albania.
The Executive Director of the Albanian Investment Agency, AIDA, Gent Beqiri, has commented on these figures, saying that they confirm the upward trend of money injected into the economy in the form of foreign direct investment, which have brought an increased domestic demand and improved employment figures.
In a press release Beqiri said that the law on strategic investment “and other reforms were reflected in the substantial improvement of Albania’s ranking in the latest World Bank report “Doing Business”. The figure of almost EUR 1 billion injected into the economy, accounting for 10% of GDP, has given a direct contribution to the economic growth of the country”.
The largest increase in the inflows is reported in the energy sector, thanks to two important projects, the Devoll cascade and TAP pipeline, with the latter is expected to bring about 1.9 billion euro in Albania by 2019 .
According to Beqiri “a record of nearly one billion euro of foreign direct investment is an incentive for the agency to continue its mission not only in terms of promoting Albania as a favorable investment destination, but at the same time providing all necessary assistance and expertise to companies already operating in the country.”
“At the same time AIDA aims to increase the capacity of Albanian SMEs and to support the creation of new businesses through its funds. Encouraging signs are also coming from the growth in exports in 2016.”
AIDA Executive Director states that currently the Ministry of Economic Development is drafting a law to harmonize investment, which coupled with the launch of the implementation of the reform in justice, as well as some qualitative investment in tourism, is expected to boost investment in Albania, thus affecting directly the country’s economic growth.
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