“Tourism Doing Business in Albania”
The “Tourism Investments and Economic Development in Europe” conference, jointly organized with the Ministry of Tourism and Environment of Albania, was held within the framework of the UN Tourism Regional Commission for Europe. High-level delegates included investors from the hospitality, aviation and real estate industries, alongside private sector stakeholders and various heads of various international organizations.
Participants discussed and explored avenues how to revitalize Europe’s tourism sector through strategic investments, with a focus on long-term resilience and growth in line with the wider Agenda 2030 and Sustainable Development Goals.
Tirana, Albania
Investments and tourism employment growing
The guidelines offer a comprehensive overview of the investment landscape in Albania. Key takeaways include:
– Over the past five years, Albania has consistently attracted foreign direct investment (FDI) at levels surpassing the preceding ten-year average OF EUR 1,004 million. In 2022, the country received EUR 1.372 billion, and between January and September 2023, it received around EUR 1.089 billion.
– As of 2023, Albania registered more than 154 startups in different sectors including financial services, tourism, technology, and innovation.
– The ‘Startup Law’ supports the creation and development of high-growth potential startups in the technology and innovation sector.
Value and Investments strategy
Between 2018 and 2023, four greenfield projects were announced in the tourism cluster for a total of USD 135 million (according to fDi Intelligence Financial Times). Through that Strategic Investment Law, the country has promoted around 21 strategic investment projects related to tourism between 2016 and 2023. These projects, which have either been completed or initiated implementation, represent a total investment of EUR 3.09 billion, generating around 16,900 new jobs.
Source: Hospitality Net