The Netherlands was rankled as the largest foreign investor in Albania for the first nine months of 2020, data from the Bank of Albania show.

Dutch investments reached the value of Euro 184 million, a value that accounts for about 27% of the total inflow of foreign investments during the January-September period. The value of Dutch investments has fallen by 7.5% compared to the same period last year.

The Dutch investments are mostly related to Statkraft, the owner of Devoll Hydropower. Although the parent company Statkraft is Norwegian, the control of Devoll Hydropower is done through a company registered in the Netherlands. For this reason, officially the investments of this company in Albania are listed as Dutch.

The Netherlands is one of the favorite countries in Europe to register offshore companies, so other businesses in Albania are controlled through companies registered as offshore companies. Such examples are Vodafone Albania, the American Hospital, as well as some of the companies with interests in the field of concessions with Albanian shareholders.

The second largest investor during the nine month period is Switzerland, with Euro 164 million or 8.6% more compared to the same period a year ago. The performance of Swiss investments has generally been related to the investment of Trans Adriatic Pipeline (TAP. Switzerland is also a frequently used destination for offshore companies.

Italy ranks as the third largest investor, with a total inflow of Euro 77 million for the period under review. Italian investments have fallen by almost Euro 20 million over the same period last year. Unlike Swiss or Dutch investments, concentrated in a few enterprises and strategic sectors, Italian investments are more scattered from a sectoral point of view, but with focus especially on service sector, including banks, call center companies, etc.

Turkish investments has also recorded an increase in the period under review, totaling Euro 69 million or 60% more compared to the same period last year. The most important Turkish companies in Albania are the Çalik group of Banka Kombëtare Tregtare (BKT), the construction company Limak and the energy company Ayen Enerji.

Austrian investments also marked a slight increase this year, reaching Euro 39 million, up by 3 million compared to a year ago. Austrian investments in Albania are mainly concentrated in the insurance market, with the Uniqa and Vienna Insurance Group groups and in the construction sector, with the Strabag company.

Furthermore, more than half of the foreign companies operating in our country belong to two neighboring countries, Italy and Greece.

According to statistics from the country’s institute of statistics (INSTAT), Italy and Greece not only accounted for the largest share of foreign and joint ventures (53.4%), but also provided 60.9% of employment performed by foreign companies in Albania in 2019.