The number of Greek businesses to Albania has doubled in past years

More than 500 Greek businesses operate in Albania, according to the official statistics of INSTAT, while more than 300 Greek businesses seek for information regarding investing in Albania at the Greek Embassy to Tirana economic office.

Despite Greece’s bad economic situation where in the past five years more than 200 thousand businesses declared bankruptcy, there is an increasing tendency of Greek businesses to establish in Albania in the past years.

During 2011- 2013 period, the number of Greek businesses in Albania doubled and investments with Greek capital have reached the amount of EUR 1.1 billion, from EUR 782 million in 2012. In other terms, the number of Greek businesses to Albania has increased by 81% since 2010, knowing that the number of Greek businesses in 2013 comprised 26% of the total amount of foreign businesses. The main fields where these businesses operate in the country are the bank system, the construction sector, health care services, telecommunication, trade and education system.

According to the Greek government, one of the main reasons why Albania has become an attractive destination for Greek businesses is that many Albanian citizens who lived in Greece have migrated to Albania. Other reasons are the geographic position of Albania, the institutional framework regarding foreign investments, the facilities offered to foreign investments in the country, the human resources skills, the stable economic development of the country and tax coefficients.

Experts say that the adjustment of the European Union’s institutional framework by the Albanian government will boost the tendency of businesses to cooperate and set partnership relations with other countries’ businesses. In addition, this will improve the infrastructure in Albania by constructing new roads and ports, railways and develop the tourism sector.

News source: Top Channel

Photo credits: Marsel Polos (Wikimedia)