Consultation of the Draft Law “For the Support and Development of Innovative Start-ups”

Tirana, November 25, 2020 / The Secretariat of the Investment Council consulted with interested stakeholders the draft law “For the Support and Development of Innovative Start-ups”. Organised in collaboration with the Minister of State for Entrepreneurship and the Ministry of Finance and Economy, the meeting drew the attention of 50 participants, mainly representatives of chambers of commerce and business associations, legal and financial consulting firms, as well as companies interested in investing in innovative start-ups.

During his speech, Minister Eduard Shalsi thanked the project “EU for Innovation” for the support provided in the drafting of this draft law, and the Investment Council as the appropriate platform for the effective consultation of the draft law. The draft law is intended to stimulate the ecosystem of innovative start-ups which not only deal with innovation technologies but also bring special business models, products or services with value-added and increase the opportunity for young people to show their potential.

Deputy Minister Besart Kadia said that the draft law is ambitious, aiming the country’s long-term economic growth. Mr Kadia invited the parties to cooperate in proposing the best ways to increase the local state capacities but also those of the private system, to finance and to find better schemes of relation with the international risk capital to be implemented in Albania in the future.

During the meeting, the participants raised comments related to the definitions in the law, the exigence for infrastructure to support innovation, the need for regional cooperation, the improvement of funding for research and development, the need for more fiscal incentives, etc.

Consultation of the draft laws which have a direct impact on the investment climate is one of the main pillars of the work of the Investment Council. The draft law for the development of innovative start-ups aims to make Albania more competitive by stimulating and supporting the ecosystem that regulates the relations between public and private actors and universities — a function which also the IC has been working to improve through proper dialogue between the parties since 2015.