VOA: the new law on arbitration is added to the initiatives to improve the business climate

2024-01-19 21:46:00, Aktualitet CNA

VOA: the new law on arbitration is added to the initiatives to improve the

In Tirana, business circles welcomed the new law on arbitration, hoping that it will improve the business climate by resolving disputes.

The president of the American Chamber of Commerce in Albania, Grant Van Cleve, tells the Voice of America that in addition to the emigration of qualified workers, businesses face informality and corruption, so they are reluctant to expand investments.

Members of the American Chamber affirmed in the annual Index a slight improvement of the business climate, despite the multitude of various difficulties.

Businesses in Albania, says for the Voice of America, the President of the American Chamber of Commerce, Grant Van Cleve, still encounter many difficulties in the search for regular work, legal activities, anti-corruption and justice.

He added that new investors from abroad need physical and legal security, for the protection of their rights by the judicial system, which is now developing in the right direction. The arbitration system in line with EU procedures is the best way to resolve cases quickly and cheaply, Mr Cleve said.

"Several steps have been taken recently, which are in the right direction. Even the creation of the anti-corruption ministry, with a serious and appropriate person for this job, as well as the law on arbitration, seems to me to change the perspective of things. It may take some time for them to be implemented, but I am optimistic," said Mr. Cleve.

He made these comments after a conference where the new law on Arbitration was presented, which was praised by officials as a cornerstone for the contemporary legal system, which responds to business needs for standards and speed in resolving disputes.

According to the Minister of Justice, Ulsi Manja, the new law is part of efforts to strengthen the reform in justice and aims to increase confidence in foreign investors, because it meets international standards in equality before the law, cost reduction and quick resolution of disputes.

"This framework embodies our response to the ongoing demand of investors and the business community in the country. With guarantees for neutrality, avoidance of bureaucracies, as well as other advantages of arbitration, the new law will make it easier to do business in Albania", said Mr. Manja.

The main concern of the members of the American Chamber, according to the annual Index, is the difficulty of finding qualified workers due to their emigration.

On the other hand, the president of the American Chamber Cleve emphasizes that the reluctance of companies to invest anew or to expand existing investments stems from the face of informality and unfair competition.

"Despite the fact that we have e-Albania and some other things, which have removed a part of corruption, the informality continues, which creates uncertainty, and prevents the necessary security. There are personal cases in some of the members that have raised them as issues, but it is also a fear, a hesitation, or even a difficulty to absorb investment from outside, to expand the work and to bring in other actors. They are hesitant," says Mr. Cleve.

The American Chamber's annual index noted an improvement of several points in the business and judicial climate.

However, this indicator, which emerges from the survey of Chamber members, is still below the 50 percent level of standards, which should constitute a normal business development climate in a country, Mr. Cleve emphasized.

"I can compare the situation with the vehicle, when we talk about the gas and the brake. Gas exists; it is a beautiful country, good people, growing tourism, growing energy, growing digitization and innovation, but still these are the brakes that create a hesitation. An American writer, Jim Colin, has said that "Good is the enemy of the Great". That is, things are going relatively well and better than they have been in some very important areas, but we are still lagging behind in some aspects. But one by one we will catch achievements and it seems to me that there is a good will to improve the business climate", said Mr. Cleve.

He added that the more the business climate improves, the more American and international businesses will grow in Albania, which is getting ready to enter the European Union and compete there with products and standards.

The authorities believe that with the digitization of economic and documentary services, they are curbing corruption and bribery, avoiding business meetings with the administration.

The new law on arbitration is another initiative, which they believe will affect the improvement of the business climate, as a new tool for the parties not to line the courts in search of justice, but to find it faster and more free./ VOA