"Extractive Industries Transparency Initiative - EITI" Outlook on the explotation of Albanian mineral resources

Abstract

Albania is focusing its efforts in the achievement of medium and long-term development objectives, particularly so its goals for European integration and the processes to this end. Local and foreign investments and projects in the Extractive industry are growing in the last years. Statistical data and references show an increased level of production and payments made to the state. Income from hydrocarbon sector constitutes the most important part of these payments, followed by the mining sector for the production of construction materials.

The level of production and income recorded in these sectors is increasing. Proof of this are the payments made to the government by the extractive industry year after year, thus showing consistency of the economic sector and a moderate impact on the state budget and other macroeconomic indicators.

Joining this initiative comes as a continuation of reforms undertaken for this purpose, in order to increase the transparency for all payments made to the Albanian State by the Extractive Industry. It follows the path of a broad program of economic, financial and institutional reform where transparency and proper management of natural resources have a particular importance. These two factors are essential for sustainable development. The new Mining Law and other by-laws, in addition to other changes required by legal improvements and economic development of the country, reflect the requirements of this initiative.