TIRANA, June 25
Greece counts for the highest foreign direct investment (FDI) stock in Albania. According to the official statistics provided by the Bank of Albania (BoA) on FDI stock, Greek companies in Albania have invested mostly in telecommunications and in the banking sector. Greek direct investments in Albania during the first quarter of the year account for €1.29 billion. The total FDI stock for January – March 2018 was €6.88 billion. The two largest telecommunication companies in the country consist of the Greek capital.
In the meantime, Switzerland ranks second with direct investment over €1 billion. FDI from Switzerland during the first quarter increased by €122 million compared the last quarter of 2017. The hike in FDI volume is related to the Trans Adriatic Pipeline (TAP), which consists of a group of companies from different countries, but has its headquarters in Switzerland.
The Netherlands ranks third with €896 million in direct investment in the Hydro Power Plants in Devolli River. Even though Devolli HPP projects are built by Statkraft, a Norwegian company, BoA confirms that Statcraft’s direct investor is Dutch.
Moreover, Canada that kept the second place for many years now ranks fourth with over €883 million in FDI. The change in ranking was related to the sale of Bankers Petroleum, which was sold to Geo Dade, but it’s still considered a Canadian investment.
Italy, despite being the main trade partner of Albania and also with the highest number of foreign companies in the country ranks fourth in terms of FDI. Italian enterprises are mostly small. Italian Ambassador to Tirana Alberto Cutillo said in a previous interview for Monitor magazine that the lack of major investments from Italian companies is related to corruption, property issues and ownership titles, the weak judicial system, etc.
The list continues with Turkey, Austria, and France. FDI inflow was driven toward the power sector, information and telecommunication, financial and insurance, the banking sector, the extracting and the processing industries.
News Source: Monitor