US Ambassador to Albania Yuri Kim said at a ceremony held by the Chamber of Commerce that their three main priorities in Albania are democracy, justice, and business reform that will lead to a brighter future for the country.
“Our priorities are defence, business and democracy. We have all long focused on democracy and defence. I am pleased to be leading the embassy to an impetus to raise our economy to one level.”
Kim also said that the planned Skavica hydropower plant would attract American investment to Albania.
“Justice reform must be brought to an end, and fair competition must be a priority for all investors to play by the same rules of fairness and transparency,” she said.
“Over the last 30 years, we have come a long way, but when we see what has happened, I say that the future will be brighter,” said Kim.
American Chamber of Commerce: Business Confidence in Albania Lowest Since 2012
The American Chamber of Commerce’s Business Index for 2020 revealed that business confidence in Albania dropped by 0,5 % to 37.6 out of 100. While the drop is comparatively minor, this marks the lowest rate since the index’s inception in 2012.
The Index is released yearly and measures the business climate in Albania by surveying the perceptions of AmCham’s 220 members—that include American, foreign, and local companies.
According to the 2020 Index, “[m]ore than 71% of AmCham members perceived the business climate in Albania as unfavourable, while 9% consider it as positive and 20% as neutral.”
In terms of Skavica, the project between Bechtel International Inc, the Albanian government and the US Embassy in Tirana were launched last week.
The government will finance its construction through a loan from the American development bank – U.S. International Development Finance Corporation (DFC).
Skavica is Albania’s most strategic energy project and its most important water reservoir, holding about 7 billion cubic meters, making it Europe’s largest.
The project’s launching came after a memorandum of economic cooperation was signed between the two countries in October 2020.
On the same day last year, Albanian Minister of Energy Belinda Balluku signed another memorandum with American company Bechtel to construct the hydropower plant.
