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The Ministry of Finance is working on the unification of investment legislation, which ultimately aims to simplify procedures, reduce bureaucracy and ensure more transparency.
The draft law, which is in an advanced stage of drafting, will repeal the multitude of laws, Government decisions and regulations that are currently in force, including the controversial strategic investors law.
The intervention in the legal framework was announced by the Minister of Finance, Ervin Mete.
"We are also working on drafting a new legal framework for a unified investment law, which aims to make Albania even more attractive for foreign investors, stimulating investments in general and investments in priority sectors", the minister declared during the activity of presenting the findings of the survey of the association of foreign investors on the business climate in Albania.
The Law on Strategic Investors was passed in 2015 as a temporary measure until a new law was passed that would unify investment practices for both foreign and domestic businesses. Its entry into force repealed the law on foreign investments at the time, while it was defended by the majority with the argument that it would absorb foreign strategic investors.
From this law, almost 50 projects have benefited from the status of strategic investor. The vast majority of them are Albanians and the investments are concentrated on the coast in the construction of luxury villas and hotels.
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