Another chance for the oligarchs, the Socialist Party proposes to postpone the deadline for "strategic investments" until 2026

With a draft law signed by the MP of Vlora, Pranvera Resulaj, the majority is preparing to extend the deadlines of the law on "Strategic Investments" until December 2026. The deadline, which expires on December 31 of this year, the socialists propose to extend it by another two years, with the argument that there are still many requests for major investments in the country's strategic sectors and beyond.

Less than three weeks before the deadline, December 31, 2024, the government wants to give another chance to businesses that want to obtain "strategic investor" status. 

An initiative by Socialist MP Pranvera Resulaj, submitted to parliament, aims to extend the deadline for the strategic investment law to December 31, 2026.

"Given that the interest of entities is still very high for this legal package, the flow and stock of foreign investments in the country are at the highest figures compared to the last 10 years and in order to avoid the creation of this legal gap and the consequences that may arise from it, it is considered to extend the deadline for submitting requests until December 31, 2026."

Another proposal by MP Resulaj is to grant strategic investor status to those businesses that propose investment projects in sectors that are not designated as strategic in law.

"The "strategic investor" status is also granted to investors or investment projects, for which, despite not being envisaged to be implemented in one of the sectors defined in point 1 of this article, it is envisaged that the total value of the investment capital of the project will be equal to or greater than 50 million euros and after having received the prior approval of the line ministry."

This is the second legal initiative this year to extend the term of this law, which was first approved in 2015, as in January of this year, MP Eduard Shalsi requested a term until 2027, but the Socialists themselves reduced it to the end of this year.

The law, which was passed as a temporary legal measure in 2015, has sparked debate and criticism over its implementation and the circle of beneficiaries. According to economic experts, it has favored a group of oligarchs and violated private property, fueling social conflicts.

Decisions approved by the Strategic Investment Committee, headed by Prime Minister Edi Rama, have offered 'strategic investors' hundreds of hectares of public land through 1 euro lease contracts, ancillary infrastructure; such as supply and adaptation of the electrical network, drinking water supply, and other benefits.

Although the stated goal was to attract foreign investment, so far this law has 'rewarded' many Albanian businessmen or people close to the government.

The most flagrant case is that of granting "strategic investor" status to businessman Artan Gaçi, husband of socialist MP Olta Xhaçka, and the government's approval of granting use of the seashore to his company, raising concerns about a conflict of interest and favoritism of people in power.