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Since the collapse of communism, the vast majority of foreign investments in Albania came from European Union countries. But in recent years the foreign capital geography is changing.
"Traditional countries or traditional investors, such as Germany, France and Italy, are shifting, leaving room for investments coming from the east," Ardian Haçkaj said in an interview to Top Channel.After the crisis of 2008, Western companies have become more cautious in investment plans, avoiding countries that are considered as risky, such as Albania.
"This explains the attraction of traditional Western companies. On the other hand, East investors find it easier to enter in markets that are at risk," said Haçkaj.
The attraction of new investments from the West has become more difficult but not impossible. According to Haçkaj, Albania needs to improve its risk-taking factors.
In the first place is the negative reputation, secondly the infrastructure, and the third the administrative bureaucracy. But in addition to improving the investment climate, the government may also use fiscal incentives.
"Serbia provides 3,000-5,000 euros for every employee hired in 2019 by foreign companies. We give one billion euros to PPPs. What is the best to subsidize the jobs or two or three oligarchs?" Said Haçkaj.
Foreign investments have been one of the main sources of economic growth in Albania. But experts warn that the end of TAP construction and the Devoll Cascade will create a huge gap in the economy, which Albania is failing to replace.