Harper Government Concludes Investment Agreement with Albania
Creating the right conditions for Canadian businesses to succeed abroad creates jobs and opportunities at home, says Minister Fast
November 27, 2013 - The Honourable Ed Fast, Minister of International Trade, today announced that Canada and Albania have finalized 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 that will help ensure the business environment is more secure for Canadian companies looking for opportunities in Albania,” said Minister Fast. “It is also further proof that the most ambitious trade expansion plan in our nation’s history continues to produce results for workers, investors, businesses and exporters.”
A FIPA is a treaty designed to promote and protect Canadian investment abroad through legally binding provisions and to promote foreign investment in Canada. 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, with investments valued at more than $850 million as of 2012. In fact, investment is the main driving force of the bilateral commercial relationship.
“Our government will continue to help businesses expand into new markets by ensuring the right policies are in place and the right services are provided,” said Minister Fast. “We understand very clearly that when Canadian businesses thrive in global markets, new jobs and opportunities are created at home.”
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 and the energy and power generation, transportation infrastructure and agri-food sectors.
This is the fifth investment agreement Canada has concluded in 2013 alone. Since 2006, Canada has concluded or brought into force FIPAs with 20 countries and is negotiating with many more.
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade
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