Albania Business Etiquette - World Travel Guide

Ô GDP: US$9.1 billion (2006).
Ô Main exports: Chromium, chrome products and processed food.
Ô Main imports: Agricultural products, especially grain, fruit and vegetables.
Ô Main trade partners: Italy, Greece, Germany, Bulgaria, Turkey and Macedonia (Former Yugoslav Republic of).
Economy
Albania is one of EuropeÌs poorest countries and continues to face severe difficulties adjusting to the new Europe after decades of Stalinist isolation. Conditions were worsened by regional political instability and the collapse of 'pyramid' investment schemes in 1997.

Albania is blessed with appreciable natural resources Ò it is one of the worldÌs largest producers of chromium and boasts reserves of copper, nickel, pyrites and coal. There are also oil deposits, both on and offshore. The agricultural sector, which accounts for 40% of GDP and underwent some upheaval following de-collectivisation, has now settled down with all but a few farming enterprises in the private sector. Export capacity is limited with 80% of agricultural production destined for domestic use.

New components of the economy, such as tourism, which were mostly set up with foreign investment, suffered badly in the wake of the 1997 upheaval Ò a great deal of AlbaniaÌs hard-won economic progress was destroyed during that period. In the past few years, much of the damage has been restored but the black economy remains a huge influence over Albania, especially in view of the 40% unemployment rate.

Nonetheless, Albania has since received steady support from major foreign donors and it was admitted to the World Trade Organization in July 2000 Ò as much a valuable symbol of international recognition as a potential boost to the economy. The government hopes to join the EU in around 2010, although most observers consider this highly optimistic.
Business Etiquette
Punctuality is expected. Business cards are common and European practices are observed. Nodding the head may mean ÌNoÌ and shaking it, ÌYesÌ.

Office hours: Mon-Fri 0800-1600. All offices are closed on Saturday and Sunday.
Business Contacts
Union of Chambers of Commerce & Industry of Albania
Rruga Kavajes 6, Tirana, Albania
Tel: (42) 22934.
E-mail: uccial@abissnet.com.al
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