ALBANIA CALLS INDEX

▶ COUNTRY PROFILE

▶ TOP 4 REASONS TO INVEST IN

▶ INVESTMENT AND BUSINESS CLIMATE

▶ MACRO-ECONOMIC INDICATORS Albania has started a new chapter of sustainable and long-term economic development. The Government has designed a new economic model based on deep structural reforms with a specific focus on boosting domestic production, exports and foreign direct investments. Over the last 24 years, Albania has experienced a difficult transition process. During this process, Albania has encountered many successes and hardships. The country’s economic potential has never been fully used. With the EU ambition in mind, the Government of Albania has committed itself to create a new economic model and a more competitive investment climate. The 2014 was the year of deep reforms for Albania. The Government has undertaken structural reforms aiming to reshape the business climate and environment. The new legal framework on tourism, strategic investments, public-private partnership and free economic zones, will ensure productive inputs of economic growth contributing to increase the foreign investment inflow. The Berlin Process marked the beginning of a historical process for the Western Balkan countries, with main focus the connectivity in the Region. A number of important projects in infrastructure are designed. The TAP project is very important for Albania because it will enable the connection of Albania with the natural gas network. Foreign investment is a key factor for the new government, not only because FDIs provide liquidity, employment and development, but especially because they assist raising the performance level of economic sectors. As a result, the Albanian Government is fully committed to be a determined and reliable partner to investors, ready to assist them to overcome all the obstacles to a free and competitive market. Today we are fully aware that in order for the economy to make a quality jump, a strong partnership between the public and private sector must be established, to address the mistakes of the past and to build a new future together. Today Albania is more open to investors and this readiness will determine the economic success of the country. Namely for this reason, today more than ever, we want to invite you to discover Albania as a country of opportunities.

Arben Ahmetaj Minister of Economic Development, Trade and Entrepreneurship

KOSOVO Bajram Curri

Shkoder Puke Kukes

Lezhe

Rreshen Peshkopi

Burrel Kruje MACEDONIA

Adriatic Durres Sea Librazhd

Elbasan Lushnje

Pogradec Gramsh Berat

Corovode Korce

Vlore Erseke Tepelene Permet

Gjirokaster

Ionian Sea Sarande

0 50 miles

0 50 km COUNTRY PROFILE COUNTRY PROFILE General Information • Surface area: 28,748 km2 • Length of coastline: 316 km • Capital city: Tirana • Currency: (ALL) Location • Time zone: GMT +1 hour • Situated in South-eastern • Borders the Adriatic and Ionian Seas • Directly borders Greece, Macedo- nia, Montenegro and • It is entry gate to global markets through its four ports Population • Language: Albanian • Total population: 2.8 million (Data from INSTAT) • Median age: 31.6 years (2014 data from CIA Fact book) • Literacy rate: 96.8 % (data from CIA Fact book) Political System • The Albanian government is a Parlia- mentary Republic • President since 2012 is HE Mr. Bujar Nishani • Prime Minister since 2013 is HE Mr. Edi Rama Climate • Albania has a mild climate with 270 to 300 days of sun per annum Natural Resources • Albania is a country rich in natural resources • Key resources include petroleum, gas, bauxite, chromium, copper, iron ore, nickel, salt and timber • Huge potential to produce signif- icant amounts of water, wind and solar energy 7 ECONOMIC TRADE INTEGRATION

Albania benefits from extensive Free Trade Agreements with:

▶ EU ▶ Central Europe (through CEFTA) ▶ Europe (through EFTA) ▶ ▶ USA (under the Generalized System of Preferences (GSP) program)*

Free access to a market of over 600 millionNORWAY customers. Albania is also a member of (WTO) and applies WTO rules to all import licensing. FINLAND * Trade benefits for preferential duty-free entry for about 5.000 products.

Turku Helsinki

ALAND Oslo Tallinn Stockholm ISLANDS

Moscow Göteborg Gotland Riga¯

Öland Malmö Vilnius Copenhagen Minsk Kaliningrad RUSSIA Dublin Bornholm BELARUS Gdan´sk Hrodna IRELAND UNITED Chernihiv KINGDOM Warsaw Brest Berlin Amsterdam Kyiv NETH. Zhytomyr London UKRAINE Brussels L'viv Lille BEL. Vinny tsya Prague Kraków

CZECH REPUBLIC Chernivtsi Mykolayiv Paris LUX. SLOVAKIA Strasbourg Bratislava Odesa Vienna Budapest Bern SWITZ. Ljubljana Bucharest a¸tnatsnoC

Belgrade Varna MONACO BULGARIA Pristina MONT. Sofia KOS. Istanbul Podgorica Skopje Corsica Rome MACE. VATICAN Thessaloníki PORTUGAL2800 MadridKM 2300 KM 1700 KM 1200 KMCITY 600 KM 280 KM TURKEY Lisbon ALBANIA Sardinia GREECE BALEARIC Athens ISLANDS

Sicily

Valle“a TOP 4 REASONS TO INVEST IN ALBANIA TOP 4 REASONS TO INVEST IN ALBANIA

Healthy Growth, Young Workforce, Vibrant Industries and Comprehensive Reforms.

Export-oriented Growth 1 Albania has a dynamic export sector. Albania’s export has a 24% annual growth rate for the past five years and its trade with many EU countries has been surging. Exports has grown from 1 billion USD to 2.5 billion these years. Trade is playing an increasingly important role in Albania, contributing to almost half of the country’s GDP in 2012.

Competitive Human Capital 2 • 57% of Albania’s population is under the age of 35 • The average wage in Albania is one of the most competitive in the region. The minimum wage is the lowest in the region • Albania has over 1 million well-educated, highly-motivated professionals • English, Italian and Greek are all widely spoken while French and German are included in education curricula at school • Each year, more than 100,000 students enroll at university

Promising Sectorial Opportunities 3 Albania has a range of public-private investment opportunities It also has a range of opportunities in stable and growing sec- tors such as: Manufacturing, Energy, Agriculture, Mechanic industry and Tourism

Comprehensive Structural Reforms 4 Government is launching major reforms to better share growth with foreign investors: • Free Economic Zones • New PPP Law • Strategic investments law • Tourism law 9 INVESTMENT AND BUSINESS CLIMATE

A SUPPORTIVE LEGAL FRAMEWORK ON FOREIGN INVESTMENTS No prior government authorization is needed for foreign investments and no sector restrictions. Business Environment and Economic Freedom In the last year Albania jumped 40 positions (from 108 to 68) in the ’s Doing Business Report 2015, performing exceptionally well in three indicators: pay- ing taxes, registering property and providing investor’s protection (ranked 7th in the world, and best in the region). According to EBRD, Albania was the top reformer country in the region in 2014. The Heritage Foundation’s 2015 Index of Economic Freedom ranks Albania very fa- vorably compared to other countries in the region. Albania scores highest in trade, fiscal and investment freedom indicators.

Standard & Poor’s improved twice the outlook for the country, from B (-) to B (stable) to B (+)

Credit Watch / Outlook Action / Sovereign Credit Rating Doing Business 2015 Globally, Albania has a good performance and is ranked 7th out of 189 economies related to investor’s protection.

Source: Doing Business 2015

10 INVESTMENT AND BUSINESS CLIMATE According to the World Bank Report 2015, Albania has experienced the highest economic growth in the region. The business climate has improved significantly.

2013 2014e 2015f Albania 1.4 2.1 3.0 Bosnia & Herzegovina 2.5 0.4 1.5 Kosovo 3.4 2.5 3.0 FYR Macedonia 2.7 3.3 3.5 Montenegro 3.3 1.5 3.4 Serbia 2.6 -2.0 -0.5 SEE6 2.5 0.2 1.3

Source: National Statistical Offices and World Bank Projections. Note: SEE6 is a weighted average. For investors, Albania is a highly attractive, growing market with stable economic, political and legal structure, as well as a liberalized economic framework and good conditions for doing business. The Government of Albania is undertaking a wide range of structural reforms to strengthen the rule of law and to create an inter- nationally competitive business environment. A new economic model is in place, with focus on production and exports through major structural reforms. Further business climate reform is taking place in order to better share the growth oppor- tunities with foreign investors. Foreign direct investments (FDI) inflow figure in Albania, for the year 2014 reached 878 million Euro (preliminary calculations). FDI Inflow in mln Euro 923 878 793 717 746 746 665

2008 2009 2010 2011 2012 2013 2014*

Source: INSTAT, , Ministry of Finance

The focus for the future development of the Albanian economy will remain on attracting FDIs with a focus on sectors where the Albanian economy has un- exploited potential both in terms of natural resources as well as in developing sectors that are not yet performing to their full potential, such as renewable energy, tourism, agribusiness, infrastructure and services. Albania has adopt- ed a liberal framework which has been designed to create a favorable invest- ment climate for foreign investors.

11 THE NEW LAW ON STRATEGIC INVESTMENTS

The Government approved the New Law on Strategic Investments, which aims the promotion and attraction of The law foresees as strategic invest- strategic investments, both domestic ments the private, the public or pub- and foreign, in those sectors of the lic-private investments, in the follow- economy identified as strategic sec- ing sectors: tors by this law through special, facil- itating or accelerating administrative procedures. Energy and minings, The law aims to boost foreign invest- Transport, ments and will be in force until Decem- telecommunications, ber 2018, which means that during this infrastructure and urban period foreign and Albanian investors waste, will profit by accelerated procedures and supporting incentives. Tourism, The law foresees that AIDA is the re- Agriculture and fishery sponsible administrative structure for providing services to investors in Economic zones and Priority a “unique window”. AIDA performs the Development Areas that role of the assisting agent, and will fol- have impact on the Albanian low all administrative procedures till economy the realization of the investment pro- ject.

12 Albania has a liberal framework which THE NEW LAW ON STRATEGIC INVESTMENT encourages and protects foreign in- vestments. The law on foreign invest- ments offers guarantees to all foreign- ers (either physical or legal persons) who are willing to invest in Albania. The provisions include the following: ▶ No prior government authorization is needed for foreign investments and no sector restrictions;

▶ There is no limitation on the per- centage share of foreign participation in companies (100% foreign owned companies can be set up);

▶ Foreign investments may not be expropriated or nationalized directly or indirectly, expect in except in excep- tional circumstances in the interest of public use, as defined by law; Albania has bilateral agreements on ▶ Foreign investors have the right to the promotion and protection of re- expatriate all funds and contributions ciprocal investments with the follow- in kind; ing countries:

▶ In all cases, investments will re- Austria • Belgium • Bulgaria • ceive equal and unbiased treatment Croatia • • Denmark and will have complete protection; Egypt • Finland France • Mace- donia • Germany • Greece • Hun- ▶ In any case foreign investments will gary • Israel • Italy • have a treatment equal to what com- Malaysia • • Poland mon international practice allows; • Romania • • Swe- den • Tunisia • Turkey ▶ Special state protection through United Kingdom • replacement with full rights of foreign investors by the Albanian state in legal and civil conflict with private third par- ties. property purchase is allowed to for- eign investors, however they cannot Foreign investment in Albania is, purchase agricultural land which can therefore, generally permitted and only be rented for up to 99 years and treated according to conditions no commercial property may be pur- less favorable than those which ap- chased only if the proposed invest- ply to domestic investment in similar ment is worth three times the price of circumstances. Private residential the land. 13 BUSINESS CLIMATE

The Government is committed to locate and to identify new resources that will ensure the sustainable development of the economy. Indeed, ongoing reforms have been designed to in- crease the efficiency of the tax administration and the fight against corruption. Constant dialogue has also been estab- lished between the business community and the Government through the creation of the National Economic Council which is chaired by the Prime Minister and the Investment Council which is chaired by the Minister of Economic Development, Tourism, Trade and Entrepreneurship.

Close co-operation with international organizations such as the World Bank, the International Monetary Fund and the is helping to ensure steady economic development. The implementation of wide-ranging economic reforms is also contributing to the country’s broader social-economic development with the ultimate aspiration the integration into the European Union. 14 BUSINESS CLIMATE National Economic Council Investment Council The National Economic Council The Council is the newest structure (NEC) is a new important structure set up by the Albanian Government, of the Government. supported by EBRD. The aim is to NEC is the highest – level public-pri- intensify the dialogue between the vate dialogue mechanism where the government and the private sector, business community can represent to improve the business climate and voice its concerns. and to promote good governance. The National Economic Council The council will act as an interme- (NEC) has as primary objective the diary between the business com- provision of concrete recommenda- munity and the government aiming tions for the Government to improve to contribute on the improvement the legal and institutional frame- of the business environment for work which has a direct impact on investments. It is composed by key the business climate. decision-makers from the business community, as well as government The Council is a decision making officials and representatives of in- body composed by representatives ternational financial institutions. of central and local institutions as well as other organizations. Administrative Simplifications ▶ The registration of a new business may be completed within 24 hours with a minimal cost of 100 ALL (<€1)

▶ This can be done at the service window of the National Registration Cen- tre’s (NRC) office in Tirana or at any of the other 32 NRC offices throughout the country

▶ Requests for licenses and permits may be submitted at the service window of the National Licensing Centre’s (NLC) office in Tirana or any of the other NLC offices throughout the country.

Double taxation treaties are currently in force with the following countries: 1- Austria 2- Belgium 3- 4- Bulgaria 5- China 6- Croatia 7- Czech Republic 8- Egypt 9- France 10- Greece 11- Hungary 12- 13-Italy 14- Kosovo 15- Latvia 16- Macedonia 17- Malaysia 18- Malta 19- Moldova 20- Monte- negro 21- Netherlands 22- 23- Poland 24- Romania 25- Russia 26- Serbia 27- Singapore 28- Slovenia 29- South Korea 30- Spain 31- Sweden 32- Switzerland 33- Turkey 34- United Kingdom 35- Ireland 36- Germany 37- Singapore 38- Qatar 39- Kuwait 40- United Arab Emirates. 15 COMPETITIVE TAX RATE Personal Income Tax Profit Tax 0 - 30 000 ALL (approx € 214) Annual turnover of 2 million ALL or less (€ 0 – € 14,000)

25 000 ALL 0% (approx € 178)

Annual turnover between 2 and 8 30 001 - 130 000 ALL (approx € 924) million All (€ 14,000 - € 57,000)

13% 7,5%

130 001 - and above ALL Corporate

23% 15%

Withholding Tax 15% VAT 0%, 20% Customs/Import Tax 0%, 2%, 5%, 6%, 10% or 15% Excise Tax Depending on goods

The Government has introduced a number of new business- friendly initiatives such as: ▶ The and Footwear Industry Package 2014, giving a strong stimulus to the fashion industry (The Plastic Industry Package and the Agriculture Sector Package are being drafted to support these industries); ▶ NO VAT on machinery that cost of over 360,000 € that is used to increase productivity; ▶ NO EXCISE on the fuel used by oil-producing companies; ▶ NO VAT on the import of cement and steel used for the construction of hydropower plants;

16 COMPETITIVE HUMAN CAPITAL MACRO-ECONOMIC INDICATORS In terms of human capital, Albania has a young workforce that is well educated and highly motivated. 57% of Albania’s population is under the age of 35 and the medi- an age is 31.6 years.

▶ Proficiency in oreignf languages; ▶ Approximately 116,000 students register annually in all the universities. ▶ Professional Trainings driven by market needs;

Labour relations between employers and employees, are regulated by individual employment contracts in accordance with the Labour Code of the Republic of Al- bania. The Albanian National Employment Service Institution (www.epunesim.gov. al) has been established, with the main goal to pursue active operations in order to fully support employment in line with EU standards.

WAGES

Minimum Wage 22,000 ALL (approx. € 157)

Average Wage (private sector) 37,305 ALL (approx. € 266)

Source: INSTAT

Average Gross Wage in the Region 972 € 997 €

528 € 476 € 340 € 266 €

ALBANIA BULGARIA ROMANIA SERBIA MONTENEGRO CROATIA

Source: Federation of European Employers, SIEPA, INSTAT

17 The macroeconomic situation in Albania is characterized by stable prices, low MACRO-ECONOMIC INDICATORS rates and solid exchange rates. Average annual inflation has remained relatively stable for more than a decade with 1.9% inflation recorded in 2013 and 1.6% recorded in 2014.

GDP Growth Inflation Rate

3,7% 3,6% 3,4% 2,3% 2,6% 3,5% 2,1% 1,63% 2,04% 1,6% 1,4% 1,94%

2009 2013201220112010 2014* 2009 201220112010 20142013

Unemplyment Rate Exports by Year (In Mln €)

17,4% 1.760 1.827 13,6% 13,3%13,7% 1.522 12,5% 13,0% 13,0% 1.406 1.154 747

2008 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 Albania’s domestic currency The Lek (ALL) is extremely stable, with €1 being the equivalent of 140.0 ALL throughout 2014.

Item 2009 2010 2011 2012 2013 2014 Exchange Rate (Eur/ALL) 137.96 138.77 1 38.93 139.59 140.20 140.14

STRONG BANKING SECTOR Albania has 16 commercial banks, 14 of which are foreign owned including Raiffei- sen, Intesa San Paolo, Societe Generale and Credit Agricole, Alpha, NBG, Pro Cred- it, Pireaus, Veneto, etc.

▶ Foreign capital in the Albanian banking system reached the level of 93%; ▶ 75% of all invested capital comes from the European Union; ▶ There are no exchange rate restrictions in Albania; ▶ There is a floating exchange rate regime.

19 RENEWABLE ENERGY

Albania is the most dynamic renewable energy country in Europe. Through strong political commitment and an ambitious national strategy, the Govern- ment has placed renewable energy at the top of the country’s development agenda. The long-term vision of the Government is to position Albania as one of the world’s leading renewable energy-driven economies.

For investors in the renewable sector, the Government of Albania offers the following benefits: ▶ Attractive feed-in tariffs for small hydropower plants (HPP) ▶ New laws on electricity market

Albania has huge potential for hydroelectric energy: ▶ Total installed capacity of 1,878 MW; ▶ Potential installed capacity of 4,500 MW; ▶ Average power production of 4.2 TWh; ▶ Potential annual power production of 16-18 TWh; ▶ Only 35% of hydroelectric energy potential is currently being utilized.

Production During the period 2002-2013, there have been noticeable differences in the electricity production

Main indicators of electricity (in GWh)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Production 4,974 5,467 5,409 5,516 2,933 3,770 5,201 7,743 4,185 4,725 6,959

Import 937 567 365 633 2,828 2,417 1,884 0 3,262 2,538 1,424

Supply 5,900 5,945 5,933 6,121 5,750 6,300 6,592 6,773 7,342 7,617 7,961

PETROLEUM AND GAS ENERGY Albania has a significant volume of oil reserves, pro- ducing more than 1.4 million tons in 2014. The Government has designed a favorable policy to attract foreign investments in the natural resource sector. The Albanian oil, gas and byproducts market is a free, open, and liberalized market and where the Gov- ernment of Albania plays only a regulatory role.

2 POTENTIAL INVESTMENT SECTORS

HYDROPOWER Water resources are amongst the most important natural resources in Albania. Eight large rivers, fed by hundreds of smaller rivers and streams, run through the country from East to West. The average height of the hydrographic territory of Al- bania is about 700 m above sea level. WIND ENERGY Albania has unexploited wind power potential, especially along the Adriatic Coast where many areas with high wind ener- gy potential are situated. SOLAR ENERGY Key facts: Albania is part of the Mediterra- ▶ Average annual wind speed nean climate zone. This means of 6-8 m/s that it has a hot, dry summer fol- ▶ Average energy density of lowed by a relatively short and mild winter. For this reason, the 250¬600 W/m2 country has very favorable con- ▶ Potential for at least 20 ditions for the development of oleic electricity centrals solar energy including: The Government’s target is to ▶ Average daily solar radiation generate 5% of total electricity of 4.1kWh/m2 from wind sources, in the next ▶ Average sunshine hours per five years. year of 2,400 At present, solar energy is main- ly used for heating purposes. Photovoltaic energy has still to be properly explored.

3 MINING INDUSTRY

Exploration, exploitation and processing of mineral ores constitute a signifi- cant activity in the Albanian economy, and the sector is growing up each year. Albania’s mineral deposits include chrome, copper, iron-nickel, limestone, sandstone, asphalt and natural bitumen, decorative limestone, decorative massive sandstone. The exploitation sector represents a growing contributor to the Albanian economy. The sector represented about 1.2%-1.4% of GDP (in 2013, 1.2%). The total number of mining licenses is 640 and 40 of them, are foreign owned companies. The total licensed surfaces in mining sector is S = 75.40 km². The major foreign operators in mining industry come from Turkey, Canada, China, and Italy.

Key areas of mining include:

COPPER ORE serves are considered as the larg- est mineral deposits in Albania. This sector offers sizeable op- portunity to invest, particularly in Geological reserves are estimated Mirdita region: Spaçi and Perlati at around 364 millions tones and deposits and Korça region: Rehova the main deposits of them are lo- deposit. These regions cover about cated in: 28% of total geological reserves (with 1.79% Cu) or 6,8million tones. ▶ Librazhd Region with 85 million in 2014 the production of copper tones; ore was 259,137 tones and the pro- ▶ Prrenjas – Pogradeci region duction of copper concentrate was with 66 million tones; 20,357 tones. ▶ Bilishti Region with 111 million IRON-NICKEL & NICKEL tones; SILICATE ORE ▶ Has – Kukes – Lure Region with Iron-Nickel & Nickel – Silicate re- 103 million tones. 4 POTENTIAL INVESTMENT SECTORS Chromium Ore Map Copper Ore Map Iron-Nickel & Nickel Silicate ore Map

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CHROMIUM ORE Albania is well known for its high There are currently 26 active min- potential in chromium ore. ing exploitation permits, distribut- From the geographic perspective, ed in five administrative districts. there are 36.9 millions tones of geological reserves and three main There are several advantages on regions where chromium ore is lo- investing in the mining industry in cated: Albania: ▶ North-eastern Region –Tropoja ▶ Rich in various minerals with with 6.1 millions tones x 26.48% a proven record of successful in- Cr2O3 and Kukës Ultrabasic Mas- sif with 6.8 million tones x 21.4% vestments in the sector (both do- Cr2O; mestic and foreign); ▶ Central Region - Bulqiza and ▶ Huge untapped potential for Lura Ultrabasic Massif with 12 mil- further investments, both in ex- lions tones with more than 38% tracting and processing; Cr2O3; ▶ South-eastern Region – Shebe- ▶ A priority sector for the Govern- nik – Pogradec Ultrabasic Massif ment, which continues to develop with 7.5 millions tones, from which favorable investment policies; 1.2 million tons, more than 38% ▶ Availability of high quality, expe- Cr2O3 . rienced engineers and other tech- Currently there are 250 active ex- nical personnel; ploitation permits distributed on 13 districts in chromium industry. ▶ Easy access to international In 2014 the production of chromi- markets; um ore was 652,463 tonnes and the production of ferro chrome ▶ Competitive human capital. was 34,897 tones. 5 TOURISM

Unique Development Potentials; Attractive coastline, with long sandy beaches and clear water; Long, hot and sunny summer season; Proximity to major European cities by air;

Its range of archaeological, historical and religious sites:

▶ Natural protected areas: 56 protected areas ▶ International protected areas: 4 RAMSAR areas ▶ Cultural monuments: ~1600 monuments ▶ Archeological parks: 9 parks ▶ International protected sites: 3 UNESCO protected sites Foreign visitors in Albania 3.436.236 3.467.765 3.026.489 2.733.650 2.302.899 1.786.045 1.330.138 1.098.765

2008 2008 2009 2010 2011 2012 2013 2014

6 POTENTIAL INVESTMENT SECTORS

From Marseille to the , Five hot European travel destinations for 2015.

Touted as “the last secret of Eu- rope”, tourists from Italy and the have been visiting this glorious 120-kilometre stretch of coastline in the southwest of the country for some years, A global-recommended tourist but it’s only just starting to be destination; discovered by tourists from the rest of Europe. ▶ Albania is ranked 3d among 15 best tourist destinations for 2015 according to L’ Express Magazine. ▶ Albania was listed fourth on the Albania: The new pearl of ’ “52 places to go in Balkans 2014”; ▶ Albania is ranked the first With beaches as nice as in among 3 most special destinations Greece, lakes and mountains as in Europe, according to Albatross in Switzerland, the villages reg- Agency in Scotland. istered in the list of world her- itage by UNESCO, a tale mixes Key tourism segments to develop 2.500 years of history from the businesses: Romans, to Byzantine culture. ▶ Beach resorts Prices among the lowest in Eu- rope: it`s about time that Alba- ▶ Nature tourism (including trek- nia finds itself between the tre- king, climbing and rafting) mendous sunny destinations. ▶ MICE tourism ▶ Health tourism (SPA and Thermal)

Butrinti National Park in Albania In the south-west of the country, it is a must-see for fans of an- cient history; boasts a number of significant archaeological sites and is considered a “micro- cosm of Albanian history”.

7 MANUFACTURING

Albania has a strong and vibrant manufacturing sector, which is driven by highly successful enterprises in the textile and footwear industry. This success has been achieved through es- tablishing extraordinarily close relationships with leading Italian brands over the past 20 years.

Key facts on the manufacturing sector:

▶ In 2014, exports increased by 24,6% or 165 million dollars; +18 ▶ 5000 new jobs were created within the year; ▶ 14% increase in imports of ma- 859 chineries and equipment; 694 621 ▶ Partnerships with major brands and retailers through- out Europe; ▶ Major markets in Italy, Germa- ny, France, Holland, Denmark and Greece. 2012 2013 2014

8 POTENTIAL INVESTMENT SECTORS Key advantages of the textile and footwear industry in Albania

▶ Highly skilled and cost-competi- tive workforce; ▶ Experience and tradition, high quality products; ▶ Short-time deliveries to EU countries with comparatively low transport costs to Europe; ▶ Competitive labor expenses due to lower salaries than the other Government Incentives countries in the region; ▶ Excellent language skills; The government has rolled out the Textile and Footwear Indus- ▶ Stable and favorable Invest- try Package 2014, giving a strong ment climate; stimulus to the fashion industry ▶ A consolidated legal framework • For the first time, the Govern- in compliance with international ment provides a symbolic tar- standards; iff of € 1 leasing contract, when ▶ Government policy to support renting government property. this sector for this business. • Instant reimbursement of VAT, in the case of taxpayers with a zero risk, and within 30 days in the case of exporter taxpayers • Exemption from VAT on ma- chinery and equipment • Different financing incentives for job training • Facilitation of Customs Proce- dures • Simplification ofprocedures on the Employment and Social Security • This sector is represented in the National Economic Council • A one-stop shop dedicated solely to and footwear investors has established within the Albanian Invest- ment Development Agency (AIDA)

9 AGRICULTURE

Agriculture remains one of the largest and most important sec- tors in Albania. Agriculture is a main source of employment and income – especially in the coun- try’s rural areas – and represents around 20% of the GDP covering about half of the total employ- ment. The main objectives for 2015 are the irrigation and the drainage systems and food secu- rity, in line with the EU priorities and conditions. . The Government aims to trans- form “Made in Albania” brand into a certified and reliable food brand in the international market.

10 POTENTIAL INVESTMENT SECTORS

There are many reasons to invest in the agriculture sector in Albania:

▶ Favorable climate • Average 16 degrees in the coastal areas • Diverse micro-climate suitable for different products

▶ Suitable soil and abundant water ▶ Preferential Trade Agreements with the EU on the increase of ex- ports ▶ The agricultural sector has grown steadily in the past five years ▶ This sector has not been affected by the European financial crisis ▶ 18% increase in exports within the year. ▶ The Government will launch a new package to support the sector

11 TRANSPORT & LOGISTICS

Albania’s location at the center of the natural crossroad of European transport corridors places the country in a unique geographical position. A decade of continuous investments in the country’s infrastructure has boosted the devel- opment of the transport sector, which continues to play an important role in the broader economic development of the country.

ROAD TRANSPORT

The Albanian national road net- work contains: ▶ 3,719 km of roads ▶ 1,198 km of primary roads and 2,083 km of secondary roads ▶ All the country’s primary roads are paved according to the in- ternational ▶ 67% of the country’s secondary network paved to international standards

Albania is connected to a number of regional logistics corridors The Pan-European Corridor VIII This strategic transport corridor is important for the Albanian trade: ▶ Joins the to the Black Sea, ▶ Passes through Albania, Mace- donia and Bulgaria ▶ Connects Durres and Tirana with Skopje, Sofia, Bourgas, Varna and Plodviv

12 POTENTIAL INVESTMENT SECTORS Albania also has several critical logistic corridors One example is the “Durrës - Kukës - Morinë” corridor, which is known as “Rruga e Kombit” It: ▶ Concidered as Albanian’s best link with Pan-European Corridor VIII ▶ 170 km long ▶ Connects the capital – Tirana – with the port of Durres and state of Kosovo Work is currently in progress on the completion of a number of other important corridors including: ▶ Between the east and west of Albania, a 64 km road connect- ing Lushnje, Fier and Vlore ▶ 63 km road between Qafë Thanë, Pogradec and Korçë ▶ 29 km road known as the ‘Tirana – Elbasan highway’, an important part of Albania’s Central-South axis ▶ 22 km bypass around the city of Fier, a significant project, which will connect two of Albania’s main highways

13 TRANSPORT & LOGISTICS

SEA PORTS Albania currently has ports in four main cities - Durres, Vlora, Saranda and Shengjini - with plans for continuous expansion.

Port of Durres is: ▶ The largest and most important port in Albania ▶ The main gateway to Pan – European Corridor VIII ▶ Covers 81.8% of all the country’s maritime transport ▶ Has a processing capacity of 4 mil- lion tons per year

Port of Vlora is: ▶ Albania’s second largest port ▶ Primarily a passenger port

Porto Romano: ▶ Located 6.5 km in the north of Dur- res city. ▶ It’s infrastructure supports coastal deposits of oil, gas and of their by- products and L.P.G

Petrolifera Port: ▶ Terminal port for petroleum, by- products, and LPG, in the Vlora Bay. ▶ Access to Corridor VIII ▶ Positioned nearby the Greek and Italian refineries. 14 POTENTIAL INVESTMENT SECTORS

RAILWAY TRANSPORT The Albanian railway network com- prises 441 km of single-track rails. The network serves to the Albanian industry and connects several im- portant cities. The Albanian Government intention is to revive the railway sector and to improve the Core and Comprehen- sive railway network in Albania, (cor- ridor VIII and the railway connection with Montenegro) as an important transport mean to increase trade in the region and to connect it with the European Railway Network.

AIR TRANSPORT Tirana International Airport – “” is located in an excellent geographical position at the heart of Albania. It is: ▶ 17 km (30 minutes) from the capital city ▶ 32 km (45 minutes) from Durres, the country’s biggest port Key facts: ▶ Located at a major cross- road between northern, south- ▶ Total Aircraft movements of ern, central and eastern Albania 17,928 in 2014 ▶ Located very closely to Al- ▶ Total passenger volume of bania’s core industries which 1,810,301 in 2014 are mostly located in or around ▶ Total cargo volume (in tons) of Tirana 2,324 in 2014

15 ICT SERVISES

Government recognizes the importance of ICT and has taken actions to facili- tate the development of the sector and integrate ICT in governance through a wide variety of ICT actions in cross-cutting sectors. The Government will work on three main directions to set measurable objectives: To improve and promote digital services, e- services for citizens and business. Priority will be the increase of transparency and improvement of public ad- ministration services in accordance with the principles of Open Government Partnership initiative. The massive introduction of services in education to overpass the digital di- vide and to enable youth. Policies will be oriented towards improving and ex- panding human capacities in order to increase the number of users and the number of local providers of e- services. This way will encourage the creation of jobs in this field for the Albanian, regional and wider markets. The consolidation of digital infrastructure in the territory of the Republic of Albania, strictly respecting European principles of free and fair competition.

TELECOMMUNICATIONS Operators Abcom, ASC, Nisatel, and AMC Fix are the most alterna- Albanian telecommunications ser- tive operators, holding about 26% vices include fixed telephony and of the total fixed telephony sub- mobile telephony. The main opera- scribers. tor of fixed telephone is Albtelecom The novelty that ALBtelecom Sh.a., governed by Turkish telecom brings with its fixed telephony ser- companies Çalik and Turk Telekom vices is the ‘3 play’ services, where with 77% of shares, and the rest of each user can get voice services, the shares of 23% owned by the Internet and ALBtv through one sin- Albanian government and other gle cable. stakeholders. 16 POTENTIAL INVESTMENT SECTORS INTERNET SERVICE At the end of 2013 , there were an estimated 210.000 internet sub- scribers (both fixed and mobile). During this year, more than 115 reg- istered operators offered internet and other related services locally. The main operator is Alb-Telecom, representing 32% of the market. Most of the providers are locat- ed in Tirana and other cities in western Albania. Internet mainly offered through ADSL and the Hy- brid Fiber-Coax. Number of subscribers to broad- band access from fixed networks at the end of 2014 amounted to about 207 thousand, compared to MOBILE TELEPHONY 183 thousand in 2013, which repre- sents an annual increase of 13.3%. the main operating Mobile tele- The rate of penetration (number of phone companies in Albania are: subscribers per 100 inhabitants) of fixed network broadband ac- ▶ Vodafone Albania (47%) cess by the end of 2014 was 7.31% compared to 6:40% in 2013. Tech- ▶ Albanian Mobile nology DSL represents 62% of the Communications (35%) fixed broadband connections and ▶ Eagle Mobile which is the subsequently with 24% cable ties . brand of Albtelecom (12%) Most DSL connections are related to optical fiber lines combination ▶ Plus Communication (6%) copper and 7% of subscribers of broadband access optical fiber At the end of the year 2014, the related to home / building (FTTH / number of mobile phone users B). About 60% of subscribers are (active SIM cards) reached about connected to 4-10 Mbps download apace. 4.9 million and 3.4 million of them, were active users of mobile teleph- ony. Penetration rate at the end of 2014 was 11,66%. Indicators of 3G services are all growing. The number of users of 3G mobile services in 2014 was 1.4 million which represents 51% pen- etration on the basis of population and 18% increase from 2013. The total volume of transmitted data to cellular networks with GPRS / UMTS 2014 increased by 148%.

17 TECHNICAL ECONOMIC DEVELOPMENT AREAS

Albania offers unique economic and location opportunities to develop modern industries. It is an attractive and stable country to live in, and the government is committed to long-term economic development.

One of the Albanian Government’s objectives is the development of economic zones based on pub- lic-private partnerships. The Government has approved three economic zones, which have the status of “Technical and Eco- nomic Development Areas (TE- DAs)” The Government of Albania seeks developers and investors to cre- ate world-class technical and economic development areas (TEDAs) on land areas in Koplik (Shkodër district, approx. 61 ha), Spitalla (Durrës district, approx. 213 ha) and Vlora (Vlorë district, approx. 230 ha). The Government has approved a new TEDA legislation, the objec- tive of which is to create maxi- mum conditions of predictability, productivity and profitability for developers and users of the TE- DAs. 18 TECHNICAL ECONOMIC DEVELOPMENT AREAS

INCENTIVES ▶ From the moment goods enter Albania, they are exempted from custom duties and VAT ▶ Albanian goods that enter TEDA are exempted from VAT taxation ▶ Goods can be transported from one TEDA to another without paying custom duties or VAT ▶ Capital expenses are 120 per- cent deductible during a period of 2 years if developers and us- ers invest in TEDA within three years of its operation ▶ Developers and users are also exempted from 50 percent of The draft legislation proposes meas- the profit tax rate (currently at ures, amongst other things, for: a rate of 15 percent) for a peri- od of 5 years PRODUCTIVITY ▶ A developer’s project is ex- ▶ Reliable infrastructure to the bor- empted from infrastructure ders of TEDAs taxes ▶ Fiscal incentives for R&D and ▶ Buildings in TEDA are exempt- training of labor force ed from real estate taxes for a period of 5 years PREDICTABILITY ▶ Buildings transferred to the ▶ Stabilization clause TEDA are not subject to the ▶ Use of International Accounting transfer tax on real estate Standards ▶ Wages and social costs are 150 ▶ Fair settlement of disputes percent deductible for the first through international arbitration year, and new expenses for wages and social costs com- PROFITABILITY pared to the previous year are ▶ Exemptions from VAT & customs 150 percent deductible for the duties on goods, raw materials and subsequent years machinery for developers, opera- ▶ Training costs are doubly de- tors & users inside the TEDAs ductible for a period of 10 years ▶ Tax incentives and exemption from income and real-estate taxes to ▶ Research and Development minimize start-up costs costs are doubly deductible for a period of 10 years ▶ Fiscal incentives to promote em- ployment

19 TECHNICAL ECONOMIC DEVELOPMENT AREAS

TEDA SPITALLA TEDA VLORA World – Class location: World – Class location: ▶ 209 ha situated on the suburbs of ▶ Largest TEDA in Albania Durrës, second most developed ▶ 289 ha city in Albania ▶ Development in phases ▶ 36 km from the capital Tirana ▶ Direct exchange with Tirana – Dur- Strategic location rës motorway Highest concentra- ▶ 6 km from Vlorë tion of businesses in Albania Economic and touristic hub in ▶ 6.4 km away from Durrës Seaport Southern Albania Main Albanian seaport One of the ▶ 5.7 km from Port of Vlorë largest in the Adriatic and Ionian ▶ 151 km from the capital Tirana seas ▶ Part of Corridor 8 ▶ 33 km from Tirana International ▶ Adjacent to Adriatic- Ionian High- Airport “Nënë Tereza” way ▶ Crossroad of Corridor 8 and Adri- ▶ 147 km from Tirana National Air- atic-Ionian highway (Blue Corri- port “Nënë Tereza” dor) Potential Industrial Hub Potential Industrial Hub ▶ Electronics ▶ Electronics ▶ Mechanical Industry ▶ Mechanical Industry ▶ Light industry ▶ Light industry ▶ Agro-processing ▶ Agro-processing ▶ Automotive Industries ▶ Automotive Industries ▶ Trade and storage of goods ▶ Trade and storage of goods ▶ Services (excluding call- centers) ▶ Services (excluding call- centers) 20 TECHNICAL ECONOMIC DEVELOPMENT AREAS Accelerating economic development through privatization

During 2014, the privatiza- tion policy of the small and medium non-strategic sec- tor with 100% state capi- tal was revised. During this period there has also been prepared the first and sec- TEDA KOPLIK ond packages of privatiza- World – Class location: tion of state assets. There ▶ 61 ha of flat land by Shkodra Lake are 40 assets in total. ▶ Excellent for light industry, elec- tronics, auto parts manufacturing, The sale of assets is car- construction ried out through a public ▶ Near the biggest city in the north, auction procedure and the with educated workforce and out- former owners of the land standing natural beauty have priority to purchase ▶ Near the border with Montenegro, the assets. enjoying reasonable access to two ports Privatizations in sectors of ▶ Connection hub for Montenegro, particular importance as: Serbia and Kosovo ▶ 15 km from Monte Negro (Hani - ▶ Privatization of state- Hotit custom point) owned oil company Albpet- ▶ 34 km from the Port of Bar (Mon- rol S.A. tenegro) ▶ Privatization of INSIG ▶ 127 km from the Port of Durrës S.A. It is the only state- ▶ 2 km from Koplik owned insurance company ▶ 20 km from Shkodra in the marketplace. It oper- ▶ 115 km from the capital Tirana ates in Albania, Kosovo and in Macedonia, and offers life and non-life insurance Potential Industrial Hub products. ▶ Electronics ▶ Mechanical Industry ▶ The sale of 16.8% the state share in the Albtele- ▶ Light industry com S.A. ▶ Agro-processing ▶ Automotive Industries ▶ The sale of 14.9% the ▶ Trade and storage of goods state share in the ARMO S.A. ▶ Services (excluding call- centers)

21 PROJECTS

RENEWABLE ENERGY: Key hydropower production projects:

DRINI I ZI RIVER SKAVICA ▶ Instaled capacity 181 MW ▶ Average annual energy production 694 GWh ▶ Investment Value 350 milion Euro

VJOSA RIVER ▶ Instaled capacity 365 MW ▶ Average annual energy production 1 500 GWh ▶ Investment Value 1 000 milion Euro

Key electricity transmission projects include:

Albania - Italy Through the Adriatic Sea 400 kWh

▶ Through Porto Romano: 250 km length Investment value 530 Mln Euro ▶ Through Vlora: 135 km length, Investment value 380 Mln Euro

Albania - Macedonia 400 kWh

Electricity distribution Investment. 1. Low voltage and medium voltage network, MV / LV Cabins. 2. “Smart Meter-s”

22 PROJECTS EAST – WEST ROAD CORRIDOR (PART OF CORRIDOR VIII) East-West National Road Corridor which links Port of Durresi and Mac- edonia is important part of Corridor VIII. This corridor foresees to link three Balkan Region capitals Tirana – Skop- je - Sofia together and also links the important ports in Italian coast (Bari Transport Infrastructure and Brindizi) with Durresi and Vlora Priority Projects in Adriatic Sea with port of Varna and Burgas in Black Sea. The transport infrastructure is The entire road corridor now is part fundamental to the economic and of the Core Network, (total length of social development objective of the about 236 km), and according to the country but also a direct contributor methodology must be completed to the . within 2030. The total estimated cost for bringing Road Transport Infrastructure this road corridor in the Core network Major Projects standards is estimated approx. 468 million Euros. ADRIATIC – IONIAN CORRIDOR Maritime Transport The Adriatic – Ionian Road Corridor (which based on the South East Eu- Infrastructure rope Transport Observatory SEETO New Port of Shëngjin Transport Infra- regional development plan) is part of structure Maritime Transport the Albanian North-South Road Cor- ridor which will link the Montenegro This project consists of the develop- Coast with the Greek Coast). Start- ment of the New Port of Shëngjin on ing in Hani-Hotit and going through the Northern part of Shëngjin. Refer- to Kakavija, this road is a must for ring to the Feasibility Study this port the development of the economy and is meant to substitute the Port of Dur- tourism, giving tourists access to vast res as the biggest industrial port in seaside areas. Albania, and one of the biggest in the The entire road axis now is part of the region, by building a capacity to sus- Core Network, (total length of about tain not only the national needs but 380 km), and according to the meth- those of the region as well. Through odology must be completed within its 60 Million Tons of capacity per 2030. year, the New Port of Shëngjin is ex- The total estimated cost for bringing pected to fulfil the needs of Kosovo, this road corridor in the Core network Serbia, Macedonia and further. The standards is estimated approx. 875 project includes the multimodal port million Euros. connectivity due to its focal position. The construction cost of this project No feasibility study available for the stands at 1.2 Billion Euro. axis, no detailed design available for the axis. 23 PROJECTS

Air Transport Infrastructure Airport in Southern Albania The development of the Airport in the Southern Albania project idea goes in line with the increase in capacity of the Albanian civil aviation sector and the increased access to the tourism potential of the Albanian southern region. Kukesi Airport This Airport is located about 3 km in south of Kukësi city, in “Fusha e Me- teorit”. It is the second civil airport in Albania. The GoA intent to start the negotia- tion for a concession agreement, in order to reactivate the operation in this airport.

Rail Transport Infrastructure The project of Railway Infrastructure The Albanian railway lines that link the ports of Adriatic and Ionian Seas, (Durrës, Shëng- jin and Vlora) make the territory of Albania very important, in terms of SEETO Compre- hensive Network, as well as Core Network. The Albanian railway network is an important part of the South East Europe Transport Observatory (SEETO) initiative. GoA intention is to revive the railway sector and to improve the Core and Comprehen- sive railway network in Albania, (corridor VIII and the railway connection with Monte- negro) as an important transport mean to increase trade in the region and connecting the region with the European Railway Network. Currently the extension of the Albani- an railway network is positioned in a very convenient way for connecting ports with all neighbour countries. The Albanian Railway network comprises of 420 km of single-track rails. ▶ In the north, it is functionally linked with Montenegro and hence with all existing net- work in the Balkans and beyond; ▶ In the east, a 2.8 km missing line would create the link to Macedonia.

24 PROJECTS On going high profile projects

Black Sea Adriatic Caspian Sea Georgia Sea Tbilisi Albania Tirana Italy Istanbul Ankara SCP TAP Baku Azerbaijan Greece TANAP

Turkey Athens 1. The (TAP) 2. The Ionian Adriatic Pipeline (IAP) The Trans Adriatic Pipeline (TAP) provides the only realistic trade alternative, from the strategic point of view, to enable the arrival of gas in the markets of Southeast Europe (SEE). The TAP project is very important for Albania because it will enable the connection of Albania with the natural gas network, the so-called Southern Gas Corridor, enhancing the National and European security for energy and by contributing to the diversification of gas supplies to the Region. “TAP is not only a gas pipeline, because through it, Albania will become a ‘hub’ pow- er supply from Shah Deniz, Greece and Italy in both directions, from the region to- wards the European Union and vice versa” www.trans-adriaticpipeline.com

Tirana Business Park (TBP) is the largest german real estate, direct private invest- ment in Albania. It is located nearby the International Airport “Mother Theresa” in an area of 22 ha. By 2022, 17 buildings will be erected, with a total built up area of app. 176,500 m2 and 3600 parking spaces. TBP is divided in two main areas PDA (Project Development Area) and RA (Resale Area) each of them 110.000m2. PDA will be dedicated for offices, retail space, commercial areas, shops, food, storage, internal and external parking spaces and supporting services while the Resale Area will serve to any demand arising, so it is an area to be tailored to the needs of TBP’s customers.This ambitious, 100 million euro project is being implemented by Lindner Group of Germany. TBP is on its way to become one of the hot spots in SEE, by bringing together indus- tries, entrepreneurial models and creative impulses. www.tiranabusinesspark.com 25 Tirana Logistic Park, TLP has 20 ha of space and a fully constructed 15,000 m2 ware- house with 11.5 m height and 7 mt/m2 floor bearing capacity, multiple direct level docking and substantial parking storage available. It is suitable for warehousing, distribution or light manufacturing. Leasable spaces are available from 800 m2 to 7000 m2. There is also the ability to “build to lease” for up to 25,000 m2 of space. Custom clearance and rail access are on site. For information: [email protected] - www.tlp.al

26 INVESTORS ALREADY IN ALBANIA AND DON’T JUST TAKE OUR WORD FOR IT….

TIRANA LOGISTIC PARK, TLP SHQIPERIA TRIKOT Albania is ideally suited at the centre of the Bal- Shqiperia Trikot, a manufacturer specializing in kans with excellent port and road infrastructure the production of underwear for men, women to access 4 countries and over 8 million people. and children, 100% Italian investment capital, has With an excellent port in Durres, you can be in the been in operation in the city of Scutari since 1995. heart of Europe within 24 hours from leaving Alba- The principal client of Shqiperia Trikot is Cotonel- nia via Italy. la Spa, headquartered in Sonico (BS), Italy. The collaboration with Shqiperia Trikot has allowed Albania makes an excellent regional centre to COTONELLA S.p.A. to be competitive both in the serve the surrounding countries and as an alter- Italian market and internationally thanks to the native gateway into south central Europe. low cost of labour. All work is done by Albanian personnel whose professionalism has continual- SIGAL ly improved over time with the support of Italian SIGAL s.a was established on 22 February 1999 as technical training. one of the first private insurance companies that Today, the high professional level reached, com- entered the newly liberalized insurance market, bined with the favourable €/$ exchange, places investing a starting capital of 400,000 USD from this business in a situation of absolute advantage local investors. In a single decade, SIGAL UNIQA in the European market, under both economic got transformed from a local company to a region- and professional profiles, such that it is able to al insurance group whose 82% shares belong to compete with the most aggressive Asian manu- foreign investors. facturers. SIGAL UNIQA is the insurance market leader in Albania and Kosovo and manages 8 companies H&A LAW FIRM that offer life and non-life insurances, re-insur- “H&A” is an Albanian Law Firm founded on the ance and private pensions to more than 7 million beginnings of 2000. With more than 10 associate inhabitants to Albania, Kosovo and Macedonia. attornay at law, we have a distinctive national and Believe in our experience. international way of thinking, working and behav- ing across issues and practice. FACILE.IT Our full range of services covers: Banking & Facile.it was established in Albania by the end of Finance; Taxation, Competition, Compliance; 2012 and in less than 3 years has reached the num- Employment Law; Energy & Renewable; Infra- ber of 500 employees. A well-educated, motivat- structure; Intellectual Property & Information ed and skillful young workforce is the main advan- Technology; International Arbitration; Investment tage of Albania at the moment. It makes Albania Funds; Real Estate & Construction; Business competitive in the region and will guarantee suc- Crime, ect. We share an uncompromising commit- cess for entrepreneurs who want to invest here. ment to excellence, which explains why more of our lawyers are included as leading lawyers and If a company in the field of telemarketing wants enjoy a good reputation. Our offices are located in to be competitive in the Italian market, it certainly the centre of Tirana. should create a branch in Albania. www.ha-lawfirm.al INVESTORS ALREADY IN ALBANIA

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