Open menu Close menu Open Search Close search Open sharebox Close sharebox
. . Support our Sponsor

. . Flags of the World Maps of All Countries Home Page Countries Index

Albania Activities of Foreign Companies in Albania
Sources: The Library of Congress Country Studies; CIA World Factbook
    << Back to Albania Society

    Albania's 1976 constitution specifically prohibited joint ventures between Albanian enterprises and foreign firms. However, the severe economic crisis of the early 1990s persuaded the government to create a rudimentary framework for regulating the business activities of foreign firms on Albanian soil. Decrees were issued providing for investment protection and the creation of joint ventures between Albanian and foreign companies. At least in theory, the August 1991 law on economic activity allowed foreign companies to repatriate, in foreign currency, accumulated capital and profits from economic activities. More than two dozen foreign companies had already signed joint-venture contracts by August 1991. Almost half of the joint ventures involved small investments in shoe and textile manufacturing, fishing, retail trade, tourism, and construction. Foreign petroleum companies also signed agreements to explore for petroleum reserves beneath the Adriatic Sea. Other potential investors came from Italy and Greece, the Albanian émigré community in the West, and Kosovo's community of ethnic Albanians.

    In October 1991, Albania joined the IMF and afterward worked to secure the IMF standby credit agreement prerequisite to receipt of credits from the World Bank and other international institutions. Albania also became a member of the Multilateral Investment Guarantee Agency, a part of the World Bank Group; signed bilateral trade accords and foreign-investment protection agreements with Italy, Germany, Greece, and Turkey; and signed an agreement with the Overseas Private Insurance Corporation, which insures foreign investments by United States companies. Greek businessmen also began operating clothing and yarn factories, and Greek firms signed agreements to transport natural gas as well as contracts for road construction, machinery sales, and shipping. Albania also signed import-credit arrangements with Turkey, which agreed to give Albania technical assistance in banking and other areas.

    Data as of April 1992

    NOTE: The information regarding Albania on this page is re-published from The Library of Congress Country Studies and the CIA World Factbook. No claims are made regarding the accuracy of Albania Activities of Foreign Companies in Albania information contained here. All suggestions for corrections of any errors about Albania Activities of Foreign Companies in Albania should be addressed to the Library of Congress and the CIA.

Support Our Sponsor

Support Our Sponsor

Please put this page in your BOOKMARKS - - - - -

Revised 10-Nov-04
Copyright © 2004-2020 Photius Coutsoukis (all rights reserved)