+ 2 million
people live in Albania, who transition from a
socialist centrally planned economy to a capitalist mixed economy. Albania's largest trading partners are
Italy, Greece, China, Spain, Kosovo and the United States.
Tirana and Durrës build both the
financial and business heart of the country. The Foreign direct investment has increased significantly in recent
years as the government has embarked on an ambitious program to improve the
business climate through fiscal and legislative reforms.
The
Government is focused on the simplification of licensing requirements and tax codes,
and it entered into a new arrangement with the International Monetary Fund for additional
financial and technical support.
Due to the
Mediterranean climate, wine, olives and citrus
fruits are mostly produced in southern Albania.
Agriculture in the country is based on small to medium-sized family-owned dispersed
units.
As part of
the pre-accession process of Albania to the European Union, farmers are being aided through IPA 2011 funds to improve Albanian
agriculture standards. Albania produces
significant amounts of tobacco, olives, wheat, maize, potatoes, vegetables,
fruits, sugar beets, grapes, meat, honey, dairy products, and traditional
medicine and aromatic plants, figs and sour cherries.
Albania's
proximity to the Ionian Sea and the Adriatic Sea give the
underdeveloped fishing industry great potential.
The World Bank and European
Community economists report that, Albania's fishing industry
has good potential to generate export earnings because prices in the nearby
Greek and Italian markets are many times higher than those in the Albanian
market. The fish available off the
coasts of Albania are carp, trout, sea bream, mussels, and crustaceans.
The
secondary sector is widely diversified, from
electronics, manufacturing, textiles, to food, cement, mining, and energy.
Albanian oil
and gas is represents of the most promising albeit strictly regulated sectors of
its economy. Albania has the second largest oil deposits in the Balkan
peninsula after Romania, and the largest oil reserves in Europe.
Albania is a
significant minerals producer and is ranked among the
world's leading chromium producers and exporters. The nation is also a notable
producer of copper, nickel and coal.
The service
industry represents the fastest growing sector of
the Albanian economy. The bulk of the
tourist industry is concentrated along the Adriatic and the Ionian Sea
coast. The latter has the most beautiful and pristine beaches, and is often
called the Albanian
Energy in
Albania is dependent on Hydroelectricity. Albania is the largest producer of
Hydroelectricity in the World, with a percentage of 100%.
The airport of Tirana is the 8th busiest airport in the Balkans that handles over 2 million passengers per year.
The major
Albanian port is the Port of Durrës.
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