Vanity Fair Italy wrote an article recently about prospective investments abroad for Italian entrepreneurs where it listed Albania in one of the three best places to conduct business with. “Would you like to open an activity abroad? Doing business outside of Italy is not easy but not impossible either. Paraguay, Estonia and Albania are (in our opinion) the three countries that are ‘blinking their eyes’ of Italy, for the opportunities they offer, as well as the talents,” wrote the magazine.
Vanity Fair Italy further wrote that these three countries are possibly considered the new frontiers that Italian businesses can do business with, transfer to, and exploit tremendous opportunities. The magazine also noted that to be successful at work a business should pay attention to factors like bureaucracy, taxes, and have an overview of not just investing but also the country they want to capitalize on, in addition to assessing the right market and business partners. The article added that apart from looking at the economic aspects on the one hand, they businesses must also consider the life and customs of that country, in case they want it to become their new home.
“Albania, for some, is the twentieth region of Italy,” wrote Vanity Fair Italy.
This comes due to the proximity to Italy and the deep ties that merge these two countries. For example, Italy has always been a supporter of Albania’s EU accession, for which the negotiations are said to start in June 2019. But Albania is an attractive market, and this, the magazine writes, is confirmed by Domenico Letizia who is President of the Institute for Economic Research and International Policy.
“Low labor costs and a very convenient flat fee have made Albania a very attractive destination for our companies. Competitive costs, tax benefits, low taxation and bureaucracy, a legal framework that does not provide for specific constraints and facilitates the flow of foreign direct investment and a regulatory economic framework that is in line with European laws: these are only a few of the advantages offered by this state,” said Letizia.
He added that Albania is the main trading partner of Italy, holding a share of 37 percent of the total trade exchange. According to data released by the Albanian Institute of Statistics (INSTAT), Italy also holds the first place in the number of foreign and mixed capital companies operating in Albania, with 46 percent of the total and an annual growth of 21 percent.
Another interesting aspect Letizia told Vanity Fair regarding Albania is the actual objective set and declared by our country which is to enter the European Union, and thus official Tirana is doing everything to strengthen its ties with Europe and with key international institutions.
The sectors in which Italians are mostly investing are energy, infrastructure, telecommunications, and agriculture. Letizia oversees the “Made in Albania” portal, which has potential to fascinate Italian entrepreneurs. This is a project that is still embryonic and according to the website it will serve as a catalog for the promotion of quality Albanian products, and to head towards the future in the international markets.