AmCham: There’s an Increased Lack of Trust in the Business Climate in Albania

Tirana Times
By Tirana Times March 10, 2021 18:59

AmCham: There’s an Increased Lack of  Trust in the Business Climate in Albania

The President of the American Chamber of Commerce, Enio Jaço, in his remarks on the Annual Media Conference on developments that have affected AmCham during 2020 and beyond, declared that corruption is the biggest threat to the future of the Albanian economy. “If we do not address it we won’t make further progress,” said Jaço, adding that corruption is always one of the most problematic issues reported by the business community.  

Besides corruption, the President of AmCham made a summary of some of the problems identified last year which have had an impact on the business climate in Albania. “In the first place that non-positive, non-dignified situation for the business climate in Albania related to the American investor who came to invest in Rinas Airport; secondly, the index of the American Chamber of Commerce that suffered a decline, the largest decline in 2020 since the beginning of the index, by 5%,” said Jaço, adding that AmCham has also noticed “an increased lack of trust of the business community, of the civil society and investors regarding the business climate.” The delays of the court cases remains also a problem reported by many businesses.  

In order to create a better climate for business and investors, and to properly address corruption and other challenges, AmCham will submit to the government a package of over 40 recommendations.  These recommendations can be divided into three major categories, where the first category of recommendations will aim to create a genuine strategy for attracting investments, that will serve as a guide for the foreign and Albanian investors. The second group of recommendations will try to bring back the faith of the citizens on the business climate, by introducing also “various mechanism to create a program in the fight against corruption, for senior and middle officials involved in corruption […] the improvement of the public procurement,” adding that “regarding public consultations, we have a law but the law does not work well or is not applied, and we will propose some mechanisms in the law that will have implementing power.” The recommendations will try to give also suggestions on how to create further opportunities for economic growth.  

Regarding the challenges of the Pandemic, Jaço praised the resilience and contribution of AmCham members in the social and economic aspect of the country while bringing to the attention of the authorities three main issues that need to be addressed in relation to the Pandemic. The first issue will be access to financing and the possibility of having sufficient capital for business operations as well as the importance of creating alternative funds and financing instruments. Secondly, Jaço stressed the importance of building the right supporting infrastructure, legal or proper ecosystem to support trends where the Albanian economy is unprepared. And thirdly, Jaço stressed that it is important for the public sector to adapt and put at the service of businesses the right tools for this new normalcy created by the pandemic.

 
 
Tirana Times
By Tirana Times March 10, 2021 18:59