About AlbaniaNordic Association for Trade and Business Development in Albania and Kosovo
Albania lies in the South-western part of the Balkan Peninsula, covering an area of 28,748 square kilometers and has nearly 450 km (280 miles) of coastline along the Adriatic and Ionian seas. It has a population of over 3.1 million and a vast majority live in the capital, Tirana.
Albania is a parliamentary republic. The head of state in Albania is the President of the Republic and the executive power rests with the Council of Ministers (the Government). Albania joined NATO in April 2008 and is working on the reforms to join the EU big family.
Described as a reforming country with a focus on the ease of doing business, free markets, low taxation and powerful incentives, as well as a motivated, educated and cost-competitive work force, Albania is considered a vital, interesting and attractive country for foreign investments. For some years the Albanian economy has been moving quickly towards a more open and liberal model with inward investments playing a key role in the overall economic transformation. Albania is a country that offers many investment opportunities to foreign entities and individuals. The country has considerable natural resources, including oil, gas, coal, iron, copper, chrome, water and hydroelectric potential.
The Albanian economy is increasingly facing the economic growth and the global crisis challenges. While the Albanian economy enjoys consolidated macroeconomic stability and sound financial foundations, aggregate demand has been weak during 2015. The GDP for 2016 was USD 13.2 billion with a growth of 3.2%.
Agriculture is one of the most important sectors, employing a significant proportion of the labor force and contributing to GDP with nearly 23% in 2016. Albania produces significant amounts of wheat, corn, tobacco, figs and olives. Tourism also offers great investment prospects. Albania has spectacular mountain scenery, a beautiful and pristine coastline, and ancient history and culture. Tourism could be one of the main attractions for foreign investors.
On June 2014 Albania earned the status of candidate for European Union membership and recognition of its progress in reforming institutions to meet EU standards. EU integration is the greatest national objective that tops the political agenda of the Albanian government. Aware that Albania’s integration in the EU is the most efficient way to dynamic democratization, the government is making concrete steps to fulfill key reforms to bring the opening of accession negotiations closer, after obtaining the candidate country status. EU Integration is a crucial process that dictates concrete results, dialogue and partnership. Therefore, serious efforts are in place to ensure fulfillment of obligations.