Attracting new investments and protecting existing investments. This is the government plan in the next two years. This objective will be achieved through an action plan on investment reforms. As part of the Berlin Process on Western Balkans, the European Union is aiming for these countries to boost their economies through investments. But how will this be achieved in practice?
First of all, by the end of the year, Albania is required to review several laws and submit a list of things which are currently acting as obstacles for investors.
“You need to undertake several reforms regarding investments”, is the message addressed by the Regional Investment Agency to Albanian authorities. Meanwhile, this agency has also called on Albanian authorities to be open as to what is preventing investments to come to Albania and Western Balkan region. On the other hand, another reform that the country is required to undertake is the one relating to start ups. As far as this reform is concerned, the European Union is asking Albania to provide accurate information as to the procedures required for a start up to be functional in Albania. Meanwhile, these data will be compared with the data submitted by other countries of the region in order to determine the changes that the country will need to make.
“All international investment agreements should be reviewed”
Albania should review all international agreements. This is another reform that the country should undertake this year in order to boost investments. Meanwhile, authorities are then required to make a comparison between these agreements and the ones in Western Balkan countries. This way, the European Union is looking to identify the problems that exist with the Albanian economy as opposed to other countries of Western Balkans in terms of investments.
“Ask investors about their concerns in Albania”
Investors should be asked about the problems they encounter in their day to day activity in Albania. This is another reform that the European Union is demanding from Albanian authorities. This reform will need to be implemented in the next two years as the only way to find out why investors are not very eager to come and invest in Albania.