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Connect Albania program, a new boosting investment mechanism in Albania

In the framework of the Programme “Engage the Albanian Diaspora to the Social and Economic Development of Albania” IOM Mission in Albania is presenting Connect Albania, an innovative investment-boosting mechanism. Connect Albania aims to engage members of the Albanian Diaspora all over the world as Development Agents, with a particular focus, in its first phase, on the Albanian Diaspora living in Italy, considering that the IOM Diaspora program is funded by the Italian Government. Through Connect Albania, the members of the diaspora will attract foreign investments to their home country.

The On-Line Event,

To take place on:12th MARCH 2021

Time: from 09:30am to 13:00 pm

Mode of development: ONLINE

To participate in the live broadcast just click on this link at 10.00: https://live.kudoway.eu/ad/220211032440

PLEASE NOTE: The E-Event has foreseen a LIMITED NUMBER of participants. To ensure access, please CONFIRM YOUR ATTENDANCE BY EMAILING US at: info@connect-albania.al

is to be considered a Significant Date for those interested in discovering the potential of the new program “CONNECT ALBANIA”  in particular for those members of the Albanian Diaspora who are interested in acting as development agents as well as for potential investors, who will have the opportunity to get a better insight on various investment opportunities in Albania – presented by High Representatives of the Albanian Government.

Focus Areas:

  1. AGRIBUSINESS
  2. MANUFACTURE
  3. QUALIFIED THIRD-SECTOR SERVICES

During the Online Event, the Audience will also have the possibility to enjoy a live demonstration of the Digital Interface of the “CONNECT ALBANIA” program.

 

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Albania has always had a strong link with Italy. The excellent relations between the two countries are based on deep historical, geographical, cultural, and economic foundations. These relations are even more solid by the presence in Italy of over 500 thousand citizens of Albanian origin. Italy hosts one of the largest communities of the Albanian diaspora abroad. This community, whose origins date back to the 15th century, performs an essential function of connection between the “two neighbor countries”.

Italian Cooperation (AICS) has been present in Albania since 1991. According to the Albanian Institute of Statistics, trade with Italy represents 36.2% of the total volume of trade. In 2018, 48% of Albanian exports were directed to Italy, while Albania imported 27.3% of total imports from Italy. There are more than 700 small and medium-sized Italo-Albanian companies in the Albanian territory.

Despite the temporary slowdown, caused by the Covid-19 pandemic, according to the World Bank, the Albanian economy will recover in 2021 with a growth rate of around 5%, thus continuing the positive trend of the last 10 years, during which, the country has experienced extraordinary growth. In particular, since 2013, based on the study of Growth Lab International Center for Development at Harvard University“, per capita growth has accelerated, obtaining an annual GDP in constant growth, around 3.5% on average. Overall, the

Country has macroeconomic stability, supported by a banking and financial market that has shown solidity and ability to resist crises.

Over the years, the Albanian government has been engaged in creating a favorable business climate by approving a series of fiscal and legislative reforms, which together with free trade agreements for free access of Albanian products in the main EU markets, aim to attract potential investments and entrepreneurs, whose interest has grown in a wide range of sectors, such as manufacturing, agro-industry, renewable energy, healthcare, tourism, and new technologies. And speaking of “new technologies”, Albania, after France and Malta, is one of the few countries in Europe to adopt “Blockchain” technology in a fully regulated framework and compliant with EU directives in the financial sector. It is estimated that, in the next ten years, the “technological innovations” in relation to the use of “smart contracts” and Blockchain technology, will revolutionize all sectors and markets for entrepreneurship.

The close links with the EU Market, the advantages of free trade agreements with EU, EFTA agreement, the membership of CEFTA, investment incentives offered by the Albanian government, the competitive land prices, low labor costs, the national and European financial support schemes, and the favorable fiscal policy are some of the economic advantages of Albania for the foreign investments.

Moreover, especially today, in the context of the crisis, due to COVID-19 that we all are experiencing, Albania, for the EU countries and Italy in particular, represents a real opportunity in the European Economic Region, because it is the gateway-country towards the Balkans, and also because labor costs are quite competitive. The global pandemic has shown some vulnerabilities that now demand a change of perspective by reshaping the current global business model, which will probably involve the reorganization of some supply chains, which will become more regional.

In this scenario, IOM in Albania has taken up the challenge of supporting the involvement of the Albanian diaspora in Italy for the development of Albania, through the implementation of an innovative and entirely online mechanism, called “CONNECT ALBANIA”, which aims to give a further boost to investments in Albania, also known as “The Land of Eagles”. The members of the Albanian Diaspora – through “CONNECT ALBANIA” – will be able to exploit their knowledge and experience by acting as “development agents”, thus representing and accompanying companies and investors who want to start a business in Albania directly from Italy in a smart and efficient way, in line with the current legislation in the country.

CONNECT ALBANIA investment mechanism is a crucial part of the program Engage the Albanian Diaspora to the Social and Economic Development of Albania”. It will contribute to increase investments in Albania, that will create new jobs and will impact on the economic growth. The program is implemented by the International Organization for Migration (IOM) Mission in Albania, the UN Migration Agency, with funding from the Italian Ministry of Foreign Affairs and International Cooperation in coordination with the Albanian State Minister for Diaspora, Ministry for Europe and Foreign Affairs and Ministry of Finance and Economy through and the Italian Agency for Development Cooperation (AICS).