Albania to Manufacture Vehicle Lights for the German Market

Albania to Manufacture Vehicle Lights for the German Market

TIRANA, September 30

The Regional Cooperation Council (RCC), is currently leading the process for a joint investment attraction strategy on the Western Balkans, reported that the six countries share a mutual interested in the automotive industry. Hence, Albania is trying to join the automotive spare parts and equipment manufacturing sector. Albania will produce vehicle lights for the German market. It is expected that Albanian authorities finalize the projects on investment in this sector by November. Meanwhile, RCC will support with the coordination and promotion of Albania’s investment package.

The declaration on the joint investments policy will focus on the development of regional negotiating standards based on international investment agreements and bilateral investment treaties conforming to the European Union (EU) standards.
The unification of Balkans’ investment standards and international ones is expected to happen by the first half of 2020. According to RCC, the new standards must be ready within 2020.

The joint strategy will define the main sector and target markets. So far, the designated sectors are the automotive and light industries in Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, and Serbia. Meanwhile, tourism is defined as a priority sector for Montenegro.

RCC points out that the Albanian legal framework on investment was improved conforming to the EU legislation. Meanwhile, the joint investment law is expected to pass for approval by the end of 2019.

Source: Monitor

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