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The conference on “Tourism Investments and Economic Development in Europe,” co-organized by the Ministry of Tourism and Environment of Albania, took place under the auspices of the UN Tourism Regional Commission for Europe. It gathered high-level delegates from the hospitality, aviation, and real estate sectors, as well as stakeholders from the private sector and leaders of various international organizations.
During the event, discussions centered on identifying strategies to rejuvenate Europe’s tourism industry through targeted investments. The focus was on ensuring long-term resilience and expansion, aligning with the overarching objectives of Agenda 2030 and the Sustainable Development Goals.
“Tourism Investment Opportunities in Albania”
At the conference, the United Nations Tourism department unveiled the newest addition to its “Tourism Doing Business” series, a publication dedicated to Albania. This guide offers prospective investors insights into Albania’s economic landscape, highlighting its stability and potential for growth.
- Albania ranked 4th worldwide for the highest percentage increase in international tourist arrivals in 2023, with a 56% growth compared to 2019.
- In 2022, Albania saw 7.5 million international arrivals, which increased to 10.1 million by 2023.
- The substantial recovery in tourism led to nearly 5% economic growth in 2022.
- By 2023, Albania’s GDP at current prices reached USD 23 billion, up from USD 12.3 billion in 2012.
- International tourism accounts for 46% of Albania’s total exports and 65% of the services sector exports.
UN Tourism Secretary-General Zurab Pololikashvili says: “Albania presents multifaceted investment opportunities within its tourism sector. With its strategic geographic location, developing infrastructure, and a government dedicated to enhancing foreign direct investment, Albania emerges as an attractive destination for investors. These factors have been instrumental in driving Albania’s growth and ongoing development”.
Natalia Bayona, UN Tourism Executive Director says: “The tourism sector in Albania stands as a dynamic and promising landscape, offering a compelling blend of natural beauty, cultural richness, and strategic initiatives shaping its trajectory towards sustainable growth and success. With a surge in greenfield FDI announcements totaling USD 135 million within the tourism cluster, Albania solidifies its position as an attractive investment destination, heralding a promising future ahead”.
Investment Landscape and Tourism Employment Expansion
The document provides a detailed analysis of the investment opportunities in Albania. Important highlights include:
- Albania has consistently attracted higher levels of foreign direct investment (FDI) over the past five years than the previous ten-year average of EUR 1,004 million.
- In 2022, Albania received EUR 1.372 billion in FDI.
- From January to September 2023, Albania received approximately EUR 1.089 billion in FDI.
- As of 2023, over 154 startups have been registered across various sectors in Albania, including financial services, tourism, technology, and innovation.
- The ‘Startup Law’ in Albania promotes the creation and development of startups with high growth potential in the technology and innovation sector.
Investment Strategy and Value
From 2018 to 2023, the tourism sector saw the announcement of four greenfield projects, amounting to a total investment of USD 135 million, as reported by fDi Intelligence of the Financial Times. The Strategic Investment Law facilitated the promotion of approximately 21 tourism-related strategic investment projects from 2016 to 2023. These projects, which are either completed or in the phase of implementation, have brought in investments totaling EUR 3.09 billion and have created approximately 16,900 new jobs.
The post Albania Travel and Tourism Industry Gets a Boost with UN Tourism Investment Guidelines appeared first on Travel And Tour World.
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