Italian businesses in Albania complain about labor shortages and currency losses

Italian businesses operating in Albania are raising concerns about a lack of skilled workers and the depreciation of foreign currencies, particularly the euro. At a recent Confindustria Albania conference, companies reported that the declining exchange rate has increased operational costs and reduced profits.

Why is this important: With around 2,900 Italian businesses active in Albania, their challenges could impact foreign investment and economic growth. Italian companies are calling for long-term economic policies to ensure stability and competitiveness.

Context: The euro has dropped from 140 ALL to the euro a decade ago to below 100 lekë today, reducing the competitive advantage that initially attracted Italian investors. Many companies report profit losses and the abandonment of major investment projects.

Italian business leaders stress that “friendship alone is not enough” to sustain investment without a stable economic environment.

In response, Albania’s Deputy Minister of Economy, Enkelejd Musabelliu, emphasized that the government is working on an industrial policy aligned with the country’s path towards EU integration, aiming to diversify the economy beyond services.

“There will be more industry and fewer services in Albania’s economic future,” he said.

With elections approaching, Italian businesses are urging policymakers to adopt long-term economic strategies that address the workforce gap and ensure currency stability to maintain Albania’s appeal as an investment destination.