In a recent workshop held in Tirana by the Italian Trade Agency in collaboration with the Association of Engineering, Architecture, and Technical-Economic Consultancy in Italy, Emanuel Salinas, the Office Manager of the World Bank in Albania, emphasized the need for a transformation of the country's economic model towards a stronger focus on exports and the sustainable utilization of natural resources.
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| Emanuel Salinas, 12 June 2024 in the workshop held in Tirana by the Italian Trade Agency in collaboration with the Association of Engineering, Architecture and Technical-Economic Consulting in Italy |
Current Sector and Challenges Ahead
Salinas pointed out that Albania's current economic structure heavily relies on construction and consumption sectors. However, he highlighted the necessity for Albania to shift towards a model that increases productivity and job creation through higher value-added production, particularly oriented towards exports.
"When we look at the composition of GDP, the construction and consumption sectors dominate. For Albania to move from middle-income to high-income status, a transformation is needed. We must move from low wages and low productivity to higher value-added production that is export-oriented," stated Salinas.
Human Capital and Workforce Challenges
Salinas also addressed workforce issues, noting the rapid loss of human capital in Albania, similar to other countries in the region. He expressed collaboration with the government to enhance the quality of education and healthcare sectors, crucial for retaining skilled individuals and attracting foreign companies.
Priorities and Economic Recovery
Salinas outlined the World Bank's priorities in Albania, focusing firstly on job creation with higher wages, secondly on human capital development to benefit both the country and foreign investors, and thirdly on the country's recovery post-disasters such as the 2019 earthquake and challenges posed by the COVID-19 pandemic and energy crises.
Infrastructure Development and European Integration
The workshop in Tirana drew inspiration from recent advancements in Albania's infrastructure sector and its future growth prospects linked to government investment programs aimed at future EU accession. Efforts included strengthening mutual cooperation to align Albanian and Kosovar entrepreneurs with European standards, particularly in sustainable engineering projects for public works and private investments across Albania.
Conclusion
The call for transforming Albania's economic model reflects a strategic imperative to foster sustainable growth, enhance productivity, and create a conducive environment for both domestic prosperity and international collaboration. Salinas's insights underscore the importance of strategic planning and targeted investments to propel Albania towards a more robust and resilient economic future.