Foreign investments in Albania focused in the extracting industry, says report

Investments in the exploration of oil and gas have dominated the sector of foreign investments in Albania, according to official figures published by the Bank of Albania. During 2014, circa 58% of the total amount of foreign investments was recorded as investments in the extracting industry at an estimated amount of EUR 504 ml.

Investments in the extracting industry in Albania decreased by 14% during 2014 compared to 2013, but this type of investment is still dominant in the market. The increase of investments in the oil and gas field has been affected by investments made by Bankers Petroleum Canadian Company which is the biggest foreign investor in Albania.

The second sector were foreign investors have focused their investments is telecommunication, and Bank of Albania estimates that the invested amount by foreign investors in this sector reached EUR 122 ml during 2014. Investments in this sector comprise about 13% of the total amount of foreign investments in Albania.

Foreign investors have invested also in the energy sector and real estate which each comprise only 8.5% of the total amount of foreign investments. The government is applying several incentives and is providing many facilities for investors in order to encourage them to invest in the energy sector, since it is seen as a high potential sector for foreign investments.

In terms of the origin of foreign investments, Bank of Albania reports that Canada is currently the biggest investor in Albania which has invested about EUR 400 ml, followed by Greece with an investment amount of EUR 118 in the communication sector. Other foreign investors are Netherlands, Switzerland, Turkey and Italy.

News source:  Scan TV
Photo credits: 401 (K) / Wikimedia