FDI Report
The Foreign Investors Association of Albania (FIAA) serve to facilitate a smooth transition for FDI, accompanying businesses right the way through the start-up process whilst acting as the go-to organisation for business development. This is a much welcomed network and support for FDI in Albania, with the FIAA lobbying the government for the development of new laws favouring foreign investment. Albania's econ- omy is one of the fastest growing in Europe. This is mostly down to the fact that Albania is starting to get its economy in order, and also due to the unique investment potential and in partic- ular, the very highly skilled workforce. North Vancouver based Cabo Drilling Corp., the only full time international mineral and spe- cialty drilling services provider in Albania is a prime example of business expansion that has taken full advantage of what Albania has to offer. The company is committed to employing local workers in Tirana, and building business relationships with neighbouring companies. Cabo Drilling Corp. made the decision to ex- pand into Albania some years ago. There are nu- merous reasons why a company like Cabo Drilling Corp. would move into this region. The corporate tax rate is set at a flat 10%, making it amongst the lowest in Europe and the exciting, cost-effective business opportunities Albania
pre-conceptions of Albania. It is a clear contender for current
your age old So forget
investment and a real hotspot for expansion.
foreign direct 106
03. Berat town center in Albania.
offers, to name a few. Cabo Drilling Corp. in Al- bania has formed important business relation- ships and has gained contracts from other companies like the Ekin Maden Group based in Istanbul, Turkey.
Albania can deliver a range of business serv- ices from a location that delivers huge cost sav- ings of up to 75% on other European locations, with its great geographical location, neighbour- ing both Italy & Greece. Albania possesses a young workforce with an average age of 28 years in 2010. For FDI, this skilled, youthful employment hub is an untouched resource. The labour costs are lower than the rest of Europe, while the skill and knowledge of the workforce is a major advantage. There is a high availabil- ity of workers with good language skills in Al- bania, especially in English and Italian. Productivity in Albania has increased in re- cent years and the country has achieved solid macroeconomic growth over the period of 2002- 2008, a trend the government is hoping to en- courage. It is currently backing fiscal and legislative reforms that will improve the busi- ness environment. New laws against corruption, low labour costs and low inflation rates are tar- geted at improving the economy and attracting foreign investment. "Albania 1 euro" initiative - - which aims to attract investors by offering overseas firms entry to the Albanian market for 1 euro and prioritising foreign investors' market
entry plans, is a sure fire way to attract investors and build a roaring economy. The law bans takeover, nationalization or any similar actions relating to foreign investments in the country, allowing for support, protection and safeguard- ing of FDI firms. Albania's foreign direct in- vestment (FDI) hit $1bn for the first time in 2010. This is a clear indicator of where things are headed for this country. So forget your age old pre-conceptions of Al- bania. It is a clear contender for current foreign direct investment and a real hotspot for expan- sion. If you are looking for an investment op- portunity, look no further, and focus your attention on Albania; a country with strong ge- ographical connections, FDI support and young, skilled workers - it is a region that demands attention.
New European Economy
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