Ministry of Economic Development has published a report on the performance of garment and manufacturing industry businesses during 2014. The official data show that garment industry exports increased by $140 ml and investments by businesses in equipment and machinery increased by 14%, compared to a year before. According to the report, investments increased even in the chemical and plastic processing industry since that has been reflected in the increase of exports by 40%.
As regards to the foreign direct investments (FDI), a Bank of Albania report shows that only in the first quarter of 2014, FDIs reached the amount of 226 million EUR. According to the Ministry of Economic Development, it is expected that until the end of 2014, FDIs to reach $1.3 bl.
Another important policy mentioned in the report relates to the Albanian’s government efforts to develop the country’s processing industry in sectors of hydrocarbons and mining industry. This relates to the current demands of the international market which does not need raw material products, but processed products.
The government seeks to find the adequate economic instruments which will enhance the domestic production and investments in the processing industry, since processed products’ exports bring more employment and revenues to the state budget.
News source/photo credits: ATA