Juan David Latorre
The Business Forum on Business and Investment Opportunities in Albania was held yesterday, Thursday, at the Chamber of Commerce of Madrid, with the participation of the Minister of European and Foreign Affairs of the Albanian Republic, Igli Hasani, and the Ambassador of this country in Spain, Entela Gjika.
During the event, the speakers highlighted the geographical location of this south-eastern European country on one of the main corridors between East and West.
“Along with its tourist attractions”, they said, “Albania has a moderate to mild climate, with 270-300 sunny days a year and a population of 2.79 million inhabitants and an average age of 38.5 years, with a surface area of 28,748 square kilometres and a coastline of 316 km to the north and south”. The main ports are Durres, Saranda, Vlora and Sehguigjn. In addition, there are two international airports, Mother Teresa Airport in Rinas, 17km northwest of Tirana, and Kukes Zayed International Airport.
With a national road network covering 3,848km, Albania has resources such as oil, gas, bauxite, chromite, copper, iron, nickel, salt and timber, hydropower, solar and wind energy.
Albania’s location in the Western Balkans is very strategic, the speakers noted, at the crossroads of Europe’s main transit corridors, providing access to the world’s major trade and commerce, as well as connection to European markets through several ports on the Adriatic and Ionian Seas, and is a bridge between northern and southern Europe with a growing network of transport links such as ports, roads and airports. English, Italian and Greek are widely spoken, while French and German are taught in schools, with 46% of the population under 35 and 123,880 students enrolled in Albanian universities in the 21/22 academic year.
“This European country has one of the most competitive wage rates and a highly productive workforce, competitive income tax rates, overtime pay and social security contributions, along with vocational training for specific sectors”, experts said. The presence of Spanish investments in Albania has been characterised by an upward trend during 2018/2022. In 2021, the stock has increased by 50% while in 2022 it has a 100% increase of this indicator. The increase has continued in the period January-September 2023, making the Spanish investment stock reach 7 million euros.
According to CNN (National Business Centre) sources in January 2024, 17 Spanish-owned companies were active in the territory of Albania. Of these, 15 are 100% Spanish-owned, while two are joint ventures. Most of these companies operate in the territory of Tirana, 82% of the total.
The speakers concluded by pointing out that “the ‘Services’ sector is the most important economic activity with 53% of the Spanish companies operating in it, followed by the ‘Wholesale and retail trade’ sector, with 23%”.
