Enterprises Investing in Technology

Enterprises Investing in Technology

The government projects on public investments and commitment of private manufacturing enterprises has had a positive impact on an important indicator of productivity growth as that of investments in machinery and equipment. According to Albanian Statistics Institute (INSTAT), the import of machinery, equipment and spare parts amounted to Lek 108.341 over January- October this year. Excluding the temporary effects of investments in the energy sector or in road construction, machinery purchases have increased on a year-to-year basis, confirming the steady interest of Albanian enterprises to invest in technology. Expansion in volume of machinery and equipment import was dictated by increase of foreign investments. The expansion in volume of machinery and equipment imports was dictated by increase in the volume of foreign investments in our country. In the last four years, foreign direct investments have hovered around 8 to 9 percent of GDP, becoming one of the main drivers of economic recovery. For 2016, referring to Bank of Albania records, Albania has absorbed more foreign investments compared to the previous year, maintaining this trend. In concrete terms, versus EUR 890 mln in 2015, the influx of foreign investments in 2016 hit the level of EUR 983 mln. Foreign companies have invested in Albanian economy 10,5% more than the previous year. In the first half of this year, foreign investments have an estimated value of EUR 380  mln. According to Bank of Albania, foreign investments have concentrated on sector of energy with around 35% of the total followed by hydrocarbons by 17% and investments in banking system, by 13%. The focus for development of Albanian economy will be on attraction of foreign direct investments to sectors of economy with untapped potentials such as in natural resources, as well as development of sectors performing below their potential, such as renewable energy, tourism, agribusiness, infrastructure and services. The government's project "1 bin in reconstruction" is headed for this direction as well. Through commitment of the companies' monetary capital, the government aims to increase the flow of investments in economy, mainly in infrastructure, education and health.

 Source: Albanian Daily News



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