Canada and Albania sign investment agreement
Ed Fast, Minister of International Trade, announced that Canada and Albania had finalized the negotiations on a foreign investment promotion and protection agreement (FIPA). Minister Fast made the announcement at Albania's Independence Day reception in Ottawa.
"I am pleased to announce today that Canada has concluded a key investment treaty with Albania. This is yet another example of how our government is committed to creating the right conditions for Canadian businesses to compete and succeed internationally. This agreement will provide better protection for Canadian companies operating in Albania and strengthen economic ties between our two countries", said Minister Fast.
A FIPA is a treaty designed to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market's policy framework, a FIPA gives businesses greater confidence in investing.
Once in force, the agreement with Albania will facilitate investment flows between the two countries, thereby contributing to job creation and economic growth in both countries.
Albania's emerging economy holds potential for Canadian companies, particularly in the resource, power and rail sectors. According to the Albanian Investment Development Agency, Canadian firms were the largest investors in Albania.
The agreement will come into force once both parties complete their domestic ratification processes. Areas of potential growth for Canadian investment in Albania include the extractive and resource industries, energy and power generation, transportation infrastructure and agri-food sectors. ■