The President of the American Chamber of Commerce (ACC), Enio Jaço, called for urgent and profound reforms as the only way to attract new foreign investments in Albania.
In an annual press conference of the ACC today, Jaço again stressed the need for new FDIs given that the two major projects of Trans-Adriatic Pipeline and Devoll Hydropower Plants are almost finalized.
“These two projects have made a significant contribution to the economy and therefore their completion should be replaced by something else, in order for us to maintain the GDP at least at previous level.”
Jaço also pointed out that American investments in Albania are below potential and lower than other countries in the region. He blamed the poor business climate as one of the main reasons that drives foreign investors to other Western Balkan countries.
“Albania is ranked 82nd in the World Bank’s Doing Business Report […] Montenegro’s 50th. Kosovo 57th. Serbia 44th. 17th Macedonia […] No wonder then that most of the foreign investment in the region goes to Serbia and Northern Macedonia.”
One element that has badly affected foreign investment is government’s frequent changes in the (fiscal) stimulus package, which are carried out without consulting the business community, according to Jaço.
He concluded that a deep reform is needed in order for Albania to become competitive in attracting FDI. Jaço said the government would have the support off the business community in such an endeavor, as the only opportunity to attract foreign investment and exploit the country’s potential.
