TIRANA, December 3
The Albanian Parliament approved a one-year extension to the term for the submission of strategic investment projects. The conclusion achieved during Thursday’s plenary session defines that the deadline for implementation of the law on strategic investment will be postponed to December 21st, 2021.
This means that companies and subjects interested in obtaining the strategic investor status have one more year to conduct their research and submit an application. MP Milva Ekonomi representing the ruling majority in the Parliament said that it was not possible to create a new draft law due to obstacles related to the COVID-19 pandemic. Hence, the delay to the existing law was considered as a solution to avoid a legal gap and the consequences that it might have.
According to Ekonomi, during 2016-2019, 25 investors applied for the strategic investor status. Twelve strategic investment projects were approved, of which eight were granted the status of the strategic investor through the assisted procedure. Meanwhile, the other four were granted the same status through special procedures. The value of the approved projects is estimated at Euro 343 million. In terms of sectors, seven projects are in tourism, four in agriculture, and one in the priority-development areas – the automotive industry.
The project proposals for strategic investment projects can be submitted to the Albanian Investment Development Agency (AIDA).
The list of strategic sectors includes:
Power and mining
Transport and infrastructure
Agriculture and fishery
Technical and Economic Development Areas (TEDA)
Business Process Outsourcing (BPO)
Read also: Investment Incentives in Albania
Photo credit: Fation Plaku