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Participation in the Roundtable: Albania’s Economic Development: Challenges and Opportunities

Tirana, 15 September 2021 / The Secretariat of Albania Investment Council participated in a roundtable organised by the British Embassy in Tirana on “Albania’s Economic Development: Challenges and Opportunities”. The objective of this roundtable was to discuss key development issues facing Albania, considering significant challenges posed by the rapidly changing climate, economic hardship stemming from Albania’s history and, more recently, COVID-19.

Attendees at the event included Sir Suma Chakrabarti, Chair of the Board of Trustees at ODI, Ms Sara Pantuliano, Chief Executive Officer at ODI, and H.E. Mr Alastair King-Smith, British Ambassador to Albania. Discussions focused on green development transition, how far Albania’s development is tied to the development and stability of the other Western Balkans countries, and how the UK can add value to international efforts to support Albania unlock its development opportunities and potential.

During her speech, Head of the Investment Council Secretariat, Ms Diana Leka (Angoni), focused on the presentation of the Investment Council’s mission, which is centred on stimulating investment and the debate on the improvement of the investment climate by respecting three principles: evidence, business integrity and inclusiveness. Regarding main impediments in the Albanian economy, the Investment Council has analysed and prioritised recommendations focusing on the formalisation of the economy, investment incentives, investment challenges in agro-processing, and the improvement of labour skills.

Based on the Investment Council’s work, key priorities for the sustainable development of the country remain a) the sustainability and focus of already initiated policies and established institutions such as in energy, b) responsiveness speed to challenges, e.g. formalising of the economy or respecting of property rights, c) developing priority sectors where the United Kingdom can play a unique role such as education, tourism, or other specific sub-sectors within the services sector. Albania offers competitive advantages in foreign languages, and the establishment of new campuses by reputable universities could help raise the standard of existing universities.

 

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