Investment Council Main News, January – March 2024
- April 11, 2024
Cooperation between IC and Academia - "Tung Ideas" competition organised by Epoka University
23 February 2024
In the frame of the ongoing collaboration between the Investment Council and Epoka University, which commenced in 2017, Ms Diana Leka (Angoni), the Head of the IC Secretariat, served as a jury member in the “Tung Ideas” startup competition. The competition, structured as a workshop and inspired by renowned international institutions, aimed to equip participants with entrepreneurial and problem-solving skills using Design Thinking methods.
Additional cooperative activities with Epoka University throughout the years encompass student involvement in business surveys pertaining to various aspects of the investment climate, the Secretariat's active participation in the university's scientific symposiums, and the support extended to outstanding students in preparing and publishing scholarly works through in-depth and comparative analyses of the Secretariat's survey findings and analyses on business-related topics.
Assessment and Guide on Readiness for Online Courts
29 February 2024
Secretariat’s Legal and Regulatory Expert, Mr Elvis Zerva, participated as a panellist in a regional webinar on “Assessment of the Readiness of Online Courts” organised in the frame of the EBRD Regional Framework Project. This event brought together stakeholders from 17 EBRD economies to discuss the landscape of online courts and propose actionable steps for implementation. During his intervention, Mr Zerva emphasised the need for dedicated projects focusing on the digital transformation of courts in Albania to enhance access to justice, reduce costs, and improve efficiency, particularly for micro, small, and medium-sized enterprises.
On the Challenges of the Competitiveness of the Economy in 2023
4 March 2024
Interview of Ms Diana Leka (Angoni), Head of IC Secretariat at Monitor Magazine. An article focused on the performance of the Albanian economy during 2023, the expected factors that may positively and negatively affect it during 2024, some of the main business concerns identified by the Secretariat, and the Investment Council’s recommendations for their solution.
On the appointment of new business members to the IC
11 March 2024
In line with the decision of the Council of Ministers (VKM) no. 754, dated December 20, 2023, the number of business members to the IC increased by four additional members. The representation of business members now stands at 13, comprising three permanent members, eight members with a two-year temporary mandate, and two members with an ad-hoc mandate. Upon the recommendation of the Secretariat, Mr Blendi Gonxhja, the new IC Chair and Minister of Economy, Culture, and Innovation, appointed eight new members from the business community for a two-year term (March 2024 – March 2026). They are as follows:
- Association of Foreign Investors in Albania (FIAA)
- Albanian Association of Banks (AAB)
- International Chamber of Commerce (ICC Albania)
- American Chamber of Commerce (AmCham)
- Confindustria Albania
- Women’s Economic Chamber (WECA)
- Albanian Electronic Commerce Association (AECA)
- Greek Business Chamber in Albania (HBAA)
Topic of the Upcoming IC Meeting: "Private sector's challenges in the interaction with the tax administration, innovation and productivity"
March 2024
The next meeting of the Investment Council will discuss the interaction between the private sector and the tax administration to drive innovation and productivity.
Among other things, the discussion will focus on four main pillars:
- Fiscal Policy – effectiveness in supporting businesses and the economy as a whole
- Innovation in Business – encouraging innovation
- Impact of Informality – on fair competition
- Increased productivity – at work and beyond
The Secretariat engages with public and private stakeholders on the upcoming topic of IC Meeting (survey and interviews)
March 2024
In pursuit of an informed and inclusive dialogue, the Secretariat consulted with 25 stakeholders representing the public and private sectors. Additionally, perspectives from 601 local companies were gathered through an online survey, focusing on their interaction with the tax administration, informality, productivity at work, and regulatory burden. This preliminary work and input aimed to equip the IC to approve valuable recommendations for a tangible impact on the business environment.
Focus group meeting on the Secretariat’s findings and draft recommendations
25 March 2024
The Secretariat organized a focus group meeting to review its findings and draft recommendations before their presentation at the plenary meeting of the Investment Council. Experts analysed and discussed the draft recommendations to ensure their suitability and effectiveness for the Albanian business environment. This process is integral to the Secretariat’s work methodology, ensuring the validation of recommendations before they are presented to the Investment Council.
IC Meeting: Addressing Private Sector Challenges with Tax Administration, Innovation and Productivity
26 March 2023
The IC held its first meeting of 2024 under the chairmanship of the newly appointed Minister of Economy, Culture, and Innovation, Mr Blendi Gonxhja. The agenda focused on addressing productivity challenges facing entrepreneurs, particularly in relation to fiscal policy and administration, aiming to propose solutions to enhance national competitiveness in line with the ERP 2024-26 and the Balkans Growth Plan.
During his speech, Minister Gonxhja highlighted progress in modernising government-business interactions through enhanced communication with tax administration and the widespread adoption of electronic services. Minister Gonxhja highlighted the significance of developing long-term revenue collection strategies and promoting engagement and accountability transparency to drive sustainable economic growth.
During the open discussion session, business representatives acknowledged positive steps regarding the establishment of the new Ministry of Economy, emphasising the importance of policies supporting Made in Albania products, electronic services, and fiscalisation.
IC Recommendations Monitoring Report for 2023
26 March 2023
In line with its transparency principle, the Investment Council prioritises reporting on the implementation of its recommendations. Since 2015, the Council has approved 326 recommendations. Currently, 47.5% of these recommendations have been implemented, with 16.6% in the process of implementation. However, 35.9% remain unimplemented.
During the monitoring activities in 2023, significant progress was observed in three key areas: ‘Innovation in Entrepreneurship’, ‘SMEs Challenges to Transitioning to Alternative Energy Sources’, and ‘Internationalization of MSMEs’. Furthermore, an accelerated response from some public institutions regarding the implementation of these recommendations was noted.
SECRETARIAT’S RECENT PUBLICATIONS
IC Recommendations Monitoring Report for 2023
Monitoring Report
ABOUT ALBANIA INVESTMENT COUNCIL
The Investment Council is a platform set up by the Albanian authorities with support from the EBRD and the Swiss State Secretariat for Economic Affairs (SECO) to intensify dialogue between the government and the private sector, improve the business climate, and promote good governance.
