Albania has benefited in many ways from the partnership with the US in the last 30 years. The US government has provided direct economic and technical support for security, rule of law, democracy, civil society, human rights, and economic growth. As well as political support at international level for the country to join NATO and EU.

Time is now mature to start making business in a much structured and sustainable way.

Many US brands are present in Albania, especially when it comes to big corporates which have resellers or representative offices here. But they generally depend on regional hubs in other capitols of the Balkans. These make the economic relationship between Albania and the US a little bit lost in translation in-between the many interdependencies of offices here in Europe. There are very few companies in Albania that have a direct linkage with the US, as regards investments and contracts of import and exports.

In my opinion it is very important to have a direct business channel between both sides of the ocean, which then translates in attributable and continuous growth and job creation. This can further reinforce political and cultural relationships. Business can make a sustainable, long run result from all the investments made so far from the US government to empower Albanians and the country’s institutions.

A vibrant US business ecosystem can be beneficial in many ways. Bringing the US spirit of doing business in the country, it will be more demanding in asking transparency and efficiency from the bureaucracy.  It will not tolerate informality and corruption.  US business would also influence the improvement of market standards in terms of safety, quality and property rights protection, enabling real competition for the benefit of Albanians.

Where, who, and How to start

The size of the Albanian market inhibits big US companies from stepping foot in the country directly. But this can be an opportunity for the small and medium size companies. They can find in Albania an accessible and welcoming country for business partnerships, with a young well-educated and English-speaking workforce, located in a strategic spot of Europe and the Mediterranean region. A door to a vast market.

The American Chamber of Commerce in Albania (AmCham) is the natural instrument to further increase the direct business linkages and partnerships. It has done a great job in the last decades and has a very good reputation in the country, and in the region, as well as among its peer organizations. We should encourage old and new members of AmCham - which are some of the most important Albanian businesses -to continue cooperating with each-other in order to invite more US businesses in Albania.  And it can work both ways: perhaps it is time to try sending Albanian investments to the US.

AmCham members and other interested Albanian businesses should start investing more on bringing the US innovation eco-system to Albania. Key areas could be education, green transition, biotech, fintech, artificial intelligence& machine learning, automatization, internet of things, advanced robotics, 3D printing, heavy machines or high precision ones, security products and services.

More than money, Albanian businesses should commit and invest themselves in creating real partnerships with their peers in the US; companies that have the potential to bring innovation at a contextualized cost. Many small and medium size US businesses, aiming to scale globally are able to grant this kind of accessible growth opportunities to partners. This is why it is worthwhile to invest in such partnerships.

Albanian businesses should also focus on traditional sectors, such as construction, tourism, transport, agriculture & agro-processing and retail, where the US businesses’ expertise is un-matched. Linking with these traditional market leaders can help us to grow both the internal market and further increase exports in high value markets.

We should also put our diaspora into the equation. They can be a game-changer in the next decades. From 2nd generation immigrants to the actual students who may be granted a green card later on, they will be crucial to bridge the gaps in-between us, working together with the emerging Albanian business leaders.

Naturally, both governments can do more in creating a more favourable environment for such partnerships, by crafting policies that can open new scenarios in our economic relationships. And certainly, a great starting point would be tackling the double taxation between the two countries. Other practical topics to work on can be the establishment of direct flights to and from the US, and the support of other direct lines of transport for people and merchandise.

What are some practical steps?

I would suggest that AmCham, or other organizations which have a similar approach as regards the business relationships between the two countries, start establishing some additional working groups, or committees, working together with the existing ones, with people that have skin in the business. Areas that could be focused on are: Innovation; Security; Construction &Real Estate; ESG/CSR; Supporting young leaders.

Others AmChams in Europe and the Mediterranean have active committees in these fields and a cursory look makes it seem these added areas would provide additional channels for persons in business to engage. Offering such additional service scan increase access of Albanian businesses in the US business ecosystem, and also foster a new generation of Albanian business leaders who will have to - together with our Diaspora leaders in the US -continue to reinforce business partnerships.

The livability bonus

Meanwhile, it seems there are increasing numbers of Americans (and others) who are choosing to live in Albania out of their own choice.  Whether as Digital Nomads, or those doing remote work for companies elsewhere, more and more are discovering that they enjoy this place.  Good lifestyle, friendly people, beautiful nature, relative attractive tax and regulatory environment make living in Albania a viable alternative. 

Which means that even if Albania hasn’t been the traditional place to station regional headquarters, the ‘livability’ factor will make more companies settle where their people want to live. It might not be crazy to envision that soon Albania will be a viable option for the regional offices themselves.   Not just a spot for additional business directly with Albania.

In conclusion, Albania maybe is the country that loves the US the most. In 2024 we can work all together to materialize this love into real growth and job opportunities on both sides of the ocean. Let’s do it! / ADN

*Founder and chief executive officer of betaPlan Coding