HomeReportsInvestment Climate Statements...Custom Report - faba249190 hide Investment Climate Statements Custom Report Excerpts: Albania, Algeria, Andorra, Angola, Antigua and Barbuda, Argentina, Armenia, Australia +167 more Bureau of Economic and Business Affairs Sort by Country Sort by Section In this section / Albania Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Algeria Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Andorra Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Angola Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Antigua and Barbuda Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Argentina Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Armenia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Australia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Austria Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Azerbaijan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Bahrain Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Bangladesh Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Barbados Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Belarus 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct Belgium Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Belize Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Benin Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Bolivia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Bosnia and Herzegovina Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Botswana Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Brazil Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices Brunei Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Bulgaria Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Burkina Faso Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Burma Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Burundi Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Cabo Verde Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Cambodia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Cameroon Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Canada Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Chad Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Chile Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information China Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics Colombia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Costa Rica Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Côte d’Ivoire Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Croatia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Cyprus Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Czechia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct Democratic Republic of the Congo Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Denmark Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Djibouti Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Dominica Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Dominica Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Dominican Republic Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Ecuador Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Egypt Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics El Salvador Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Equatorial Guinea Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Eritrea Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Estonia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices Eswatini Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime Ethiopia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Fiji Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Finland Executive Summary 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information France and Monaco Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Gabon Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Georgia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Germany Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Ghana Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct Greece Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Grenada Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Guatemala Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Guinea Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Guyana Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Haiti Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Honduras Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Hong Kong Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Hungary Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Iceland Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information India Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Indonesia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Iraq Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Ireland Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Israel Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Italy Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Jamaica Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Japan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Jordan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Kazakhstan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Kenya Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Kosovo Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Kuwait Executive Summary 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Kyrgyz Republic Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Laos Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Latvia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Lebanon Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices Lesotho Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Liberia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Libya Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Lithuania Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for more Information Luxembourg Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Macau Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information: Malawi Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Maldives Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Mali Executive Summary Title 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices Malta Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Mauritania Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights Mauritius Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Mexico Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Micronesia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Moldova Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Mongolia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Montenegro Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for more information Morocco Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Mozambique Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Namibia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics Nepal Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information New Zealand Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Nicaragua Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Niger Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Nigeria Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information North Macedonia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Norway Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Oman Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Pakistan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Palau Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Panama Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Papua New Guinea Executive Summary 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Paraguay Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Peru Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Poland Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Portugal Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Qatar Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Republic of the Congo Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Romania Executive Summary Title 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Rwanda Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Saint Kitts and Nevis Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Saint Lucia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Saint Vincent and the Grenadines Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Samoa Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Sao Tome and Principe Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Saudi Arabia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Senegal Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Serbia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Seychelles Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Sierra Leone Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Singapore Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Slovakia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Slovenia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Somalia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information South Africa Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information South Korea Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information South Sudan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Spain Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Sri Lanka Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Sudan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Suriname Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Sweden Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Switzerland and Liechtenstein Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Taiwan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Tajikistan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Tanzania Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Thailand Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information The Bahamas Executive Summary Title 1. Openness to and Restrictions Upon Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information The Gambia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information The Netherlands Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information The Philippines Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Timor-Leste Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Togo Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Trinidad and Tobago Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Tunisia Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Turkey Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information: Turkmenistan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Uganda Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information United Arab Emirates Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information United Kingdom Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies Uruguay Executive Summary Title 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Uzbekistan Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Vietnam Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information West Bank and Gaza Executive Summary Title 1. Openness To, and Restrictions Upon, Foreign Investment 2. Bilateral Investment Agreements and Taxation Treaties 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Zambia Executive Summary 1. Openness To and Restrictions Upon Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics 14. Contact for More Information Zimbabwe Executive Summary 1. Openness To, and Restrictions Upon, Foreign Investment 3. Legal Regime 4. Industrial Policies 5. Protection of Property Rights 6. Financial Sector 7. State-Owned Enterprises 8. Responsible Business Conduct 10. Political and Security Environment 11. Labor Policies and Practices 14. Contact for More Information Albania Executive Summary Albania is an upper middle-income country with a gross domestic product (GDP) of USD 16.77 billion (2021 IMF estimate) and a population of approximately 2.9 million people. In 2020, the economy contracted by 4 percent in the height of COVID-19 and in 2021 re-bounded with a growth rate of 8.7 percent. The increase was fueled by construction, easing of pandemic related restrictions, recovery of tourism sector, increase in the real estate sector, record domestic electricity production, and continued budgetary, monetary, and fiscal policy support, including IMF and EU pandemic and earthquake related support. The initial growth projection for 2022 was 4.1 percent, despite uncertainties related to the pandemic, elevated fiscal deficits and public debt, and external and internal inflationary pressures. However, uncertainties due to Russia’s 2022 invasion of Ukraine, surging energy prices, and inflationary pressures, coupled with limited room for fiscal maneuvering due to high public debt that exceeded 80 percent at the end of 2021, present challenges to the Albanian economy. Albania joined NATO in 2009 and has been a member of WTO since 2000. The country signed the Stabilization and Association Agreement with the European Union in 2006, received the status of the EU candidate country in 2014, and began accession negotiations with the EU in July 2022. Albania’s legal framework is in line with international standards in protecting and encouraging foreign investments and does not discriminate against foreign investors. The Law on Foreign Investments of 1993 outlines specific protections for foreign investors and allows 100 percent foreign ownership of companies in all but a few sectors. The U.S.-Albanian Bilateral Investment Treaty, which entered into force in 1998, ensures that U.S. investors receive national treatment and most-favored-nation treatment. Albania and the United States signed a Memorandum of Economic Cooperation in October 2020 with an aim of increasing trade and investment between the two countries. Since the signing multiple U.S. companies have signed agreements for major projects in the country. As a developing country, Albania offers large untapped potential for foreign investments across many sectors including energy, tourism, healthcare, agriculture, oil and mining, and information and communications technology (ICT). In the last decade, Albania has been able to attract greater levels of foreign direct investment (FDI). According to the UNCTAD data, during 2010-2020, the flow of FDI has averaged USD 1.1 billion and stock FDI at the end of 2020 reached USD 10 billion or triple the amount of 2010. According to preliminary data of the Bank of Albania the FDI flow in 2021 is expected to reach USD 1 billion. Investments are concentrated in extractive industries and processing, real estate, the energy sector, banking and insurance, and information and communication technology. Switzerland, the Netherlands, Canada, Italy, Turkey, Austria, Bulgaria, and France are the largest sources of FDI. The stock FDI from United States accounts for a small, but rapidly growing share. At the end of Q3 2021, the United States stock FDI in Albania reached USD168 million, up from USD 99 million at the end of 2020, nearly a 70 percent increase. Despite a sound legal framework, foreign investors perceive Albania as a difficult place to do business. They cite endemic corruption, including in the judiciary and public procurements, unfair competition, informal economy, frequent changes of the fiscal legislation, and poor enforcement of contracts as continuing challenges for investment and business in Albania. Reports of corruption in government procurement are commonplace. The continued use of public private partnership (PPP) contracts has reduced opportunities for competition, including by foreign investors, in infrastructure and other sectors. Poor cost-benefit analyses and a lack of technical expertise in drafting and monitoring PPP contracts are ongoing concerns. U.S. investors are challenged by corruption and the perpetuation of informal business practices. Several U.S. investors have faced contentious commercial disputes with both public and private entities, including some that went to international arbitration. In 2019 and 2020, a U.S. company’s attempted investment was allegedly thwarted by several judicial decisions and questionable actions of stakeholders involved in a dispute over the investment. The case is now in international arbitration. Property rights continue to be a challenge in Albania because clear title is difficult to obtain. There have been instances of individuals allegedly manipulating the court system to obtain illegal land titles. Overlapping property titles is a serious and common issue. The compensation process for land confiscated by the former communist regime continues to be cumbersome, inefficient, and inadequate. Nevertheless, parliament passed a law on registering property claims on April 16, 2020, which will provide some relief for title holders. In an attempt to limit opportunities for corruption, the GoA embarked on a comprehensive reform to digitalize all public services. As of March 2021, 1,200 services or 95 percent of all public services to citizens and businesses were available online through the E-Albania Portal . However, Albania continues to score poorly on the Transparency International’s Corruption Perceptions Index. In 2021, Albania declined to 110th out of 180 countries, a fall of six places from 2020. Albania continues to rank low in the Global Innovation Index, ranking 84 out of 132 countries. To address endemic corruption, the GOA passed sweeping constitutional amendments to reform the country’s judicial system and improve the rule of law in 2016. The implementation of judicial reform is underway, heavily supported by the United States and the EU, including the vetting of judges and prosecutors for unexplained wealth. More than half the judges and prosecutors who have undergone vetting have been dismissed for unexplained wealth or ties to organized crime. The EU expects Albania to show progress on prosecuting judges and prosecutors whose vetting revealed possible criminal conduct. The implementation of judicial reform is ongoing, and its completion is expected to improve the investment climate in the country. The Albanian parliament voted overwhelmingly and unopposed to extend this vetting mandate in February 2022. Table 1: Key Metrics and Rankings Measure Year Index/Rank Website Address TI Corruption Perceptions Index 2021 110 of 180 http://www.transparency.org/research/cpi/overview Global Innovation Index 2021 84 of 132 https://www.globalinnovationindex.org/analysis-indicator U.S. FDI in partner country ($M USD, historical stock positions) 2018 $35 https://apps.bea.gov/international/factsheet/ World Bank GNI per capita 2020 $ 5,210 https://data.worldbank.org/indicator/NY.GNP.PCAP.CD 1. Openness To, and Restrictions Upon, Foreign Investment Albanian government leaders have acknowledged that private sector development and increased levels of foreign investment are critical to supporting sustainable economic development. Albania maintains a liberal foreign investment regime designed to attract FDI. The Law on Foreign Investment outlines specific protections for foreign investors and allows 100 percent foreign ownership of companies, except in the areas of domestic and international air passenger transport and television broadcasting. Albanian legislation does not distinguish between domestic and foreign investments. The Law on Strategic Investments approved in 2015 offers incentives and fast-track administrative procedures, depending on the size of the investment and number of jobs created, to both foreign and domestic investors who apply before December 31, 2023. The Albanian Investment Development Agency (AIDA) is the entity responsible for promoting foreign investments in Albania. Potential U.S. investors in Albania should contact AIDA to learn more about services AIDA offers to foreign investors ( http://aida.gov.al/ ). The Law on Strategic Investments stipulates that AIDA, as the Secretariat of the Strategic Investment Council, serves as a one-stop-shop for foreign investors, from filing the application form to granting the status of strategic investment/investor. Despite supporting legislation, very few foreign investors have benefited from the “Strategic Investor” status, and almost all projects have been granted to domestic companies operating in the tourism sector. Foreign and domestic investors have equal rights of ownership of local companies, based on the principle of “national treatment.” There are only a few exemptions regarding ownership restrictions: Domestic and international air passenger transport: foreign interest in airline companies is limited to 49 percent ownership by investors outside the Common European Aviation Zone, for both domestic and international air transportation. Audio and audio-visual broadcasting: An entity, foreign or domestic, that has a national audio or audio-visual broadcasting license cannot hold more than 20 percent of shares in another audio or audio-visual broadcasting company. Additional restrictions apply to the regional or local audio and audio-visual licenses. Agriculture: No foreign individual or foreign incorporated company may purchase agricultural land, though land may be leased for up to 99 years. However, if the company registers in Albania, this limitation on agricultural land does not apply. Albania currently lacks an investment-review mechanism for inbound FDI. However, in 2017, the government introduced a new provision in the Petroleum Law, which allows the government to reject a petroleum-sharing agreement or the sale of shares in a petroleum-sharing agreement to any prospective investor due to national security concerns. Albanian law permits private ownership and establishment of enterprises and property. To operate in certain sectors, licenses are required but foreign investors do not require additional permission or authorization beyond that required of domestic investors. Commercial property may be purchased, but only if the proposed investment is worth three times the price of the land. There are no restrictions on the purchase of private residential property. Foreigners can acquire concession rights on natural resources and resources of the common interest, as defined by the Law on Concessions and Public Private Partnerships. Foreign and domestic investors have numerous options available for organizing business operations in Albania. The 2008 Law on Entrepreneurs and Commercial Companies and Law Establishing the National Business Center (NBC) allow for the following legal types of business entities to be established through the NBC: sole proprietorship; unlimited partnership; limited partnership; limited liability company; joint stock company; branches and representative offices; and joint ventures. The World Trade Organization (WTO) completed a Trade Policy Review of Albania in May 2016 ( https://www.wto.org/english/tratop_e/tpr_e/tp437_e.htm ). In November 2017, the United Nations Conference on Trade and Development (UNCTAD) completed the first Investment Policy Review of South-East European (SEE) countries, including Albania ( http://unctad.org/en/pages/PublicationWebflyer.aspx?publicationid=1884 ). The National Business Center (NBC) serves as a one-stop shop for business registration. All required procedures and documents are published online http://www.qkb.gov.al/information-on-procedure/business-registration/ . Registration may be done in person or online via the e-Albania portal. Many companies choose to complete the registration process in person, as the online portal requires an authentication process and electronic signature and is only available in the Albanian language. When a business registers in the NBC it is also automatically registered with the Tax Office, Labor Inspectorate, Customs, and the respective municipality. According to the 2020 World Bank Doing Business Report, it takes 4.5 days and five procedures to register a business in Albania. Albania neither promotes nor incentivizes outward investment, nor does it restrict domestic investors from investing abroad. 3. Legal Regime Albania’s legal, regulatory, and accounting systems have improved in recent years, but there are still many serious challenges. Endemic corruption, uneven enforcement of legislation, cumbersome bureaucracy, distortion of competition, and a lack of transparency all hinder the business community. Albanian legislation includes rules on disclosure requirements, formation, maintenance, and alteration of firms’ capitalization structures, mergers and divisions, takeover bids, shareholders’ rights, and corporate governance principles. The Competition Authority ( http://caa.gov.al ) is an independent agency tasked with ensuring fair and efficient competition in the market. However, business groups have raised concerns about unfair competition and monopolies, rating the issue as one of the most concerning items damaging the business climate. The Law on Accounting and Financial Statements includes reporting provisions related to international financial reporting standards (IFRS) for large companies, and national financial reporting standards for small and medium enterprises. Albania meets minimum standards on fiscal transparency, and debt obligations are published by the Ministry of Finance and Economy. Albania’s budgets are publicly available, substantially complete, and reliable. In August 2020, Albania approved the law for the establishment of the register of the Ultimate Beneficiary Owners. The law aims to ensure transparency on the ultimate beneficiary owners, who directly and indirectly own more than 25 percent of shares, voting rights, or ownership interests in all entities registered to do business in Albania, and was adopted following the recommendations of MONEYVAL. The rulemaking process in Albania meets the minimum requirements of transparency. Ministries and regulatory agencies develop forward regulatory plans that include changes or proposals intended to be adopted within a set timeframe. The law on notification and public consultation requires the GoA to publish draft laws and regulations for public consultation or notification and sets clear timeframes for these processes. Such draft laws and regulations are published at the following page: http://www.konsultimipublik.gov.al/ . The business community frequently complains that final versions of laws and regulations fail to address their comments and concerns and that comment periods are frequently not respected. The Albania Assembly ( www.parlament.al ) publishes a list of both proposed and adopted legislation. All laws, by-laws, regulations, decisions by the Council of Ministers (the government), decrees, and any other regulatory acts are published at the National Publication Center at the following site: https://qbz.gov.al/ Independent agencies and bodies, including but not limited to, the Energy Regulatory Entity (ERE), Agency for Electronic and Postal Communication (AKEP), Financial Supervising Authority (FSA), Bank of Albania, Competition Authority (CA), National Agency of Natural Resources (NARN), and Extractive Industries Transparency Initiative (EITI), oversee transparency and competition in specific sectors. Albania acceded to the WTO in 2000 and the country notifies the WTO Committee on Technical Barriers to Trade of all draft technical regulations. Albania signed a Stabilization and Association Agreement (SAA) with the EU in 2006. The EU agreed to open accession talks on March 25, 2020, and the country is awaiting to hold the first Inter-Governmental Conference (IGC), which would mark the official opening of accession talks. Albania has long been involved in the gradual process of legislation approximation with the EU acquis. This process is expected to accelerate with the opening of accession negotiations. The Albanian legal system is a civil law system. The Albanian constitution provides for the separation of legislative, executive, and judicial branches, thereby supporting the independence of the judiciary. The Civil Procedure Code, enacted in 1996, governs civil procedures in Albania. The civil court system consists of district courts, appellate courts, and the High Court (the supreme court). The district courts are organized in specialized sections according to the subject of the claim, including civil, family, and commercial disputes. The administrative courts of first instance, the Administrative Court of Appeal, and the Administrative College of the High Court adjudicate administrative disputes. The Constitutional Court, reviews cases related to the constitutionality of legislation and, in limited instances, protects and enforces the constitutional rights of citizens and legal entities. Parties may appeal the judgment of the first-instance courts within 15 days of a decision, while appellate court judgments must be appealed to the High Court within 30 days. A lawsuit against an administrative action is submitted to the administrative court within 45 days from notification and the law stipulates short procedural timeframes, enabling faster adjudication of administrative disputes. Investors in Albania are entitled to judicial protection of legal rights related to their investments. Foreign investors have the right to submit disputes to an Albanian court. In addition, parties to a dispute may agree to arbitration. Many foreign investors complain that endemic judicial corruption and inefficient court procedures undermine judicial protection in Albania and seek international arbitration to resolve disputes. It is beneficial to U.S. investors to include binding international arbitration clauses in any agreements with Albanian counterparts. Albania is a signatory to the New York Arbitration Convention and foreign arbitration awards are typically recognized by Albania. However, the government initially refused to recognize an injunction from a foreign arbitration court in one high-profile case in 2016. The Albanian Civil Procedure Code outlines provisions regarding domestic and international commercial arbitration. Albania does not have a specific commercial code but has a series of relevant commercial laws, including the Entrepreneurs and Commercial Companies Law, Bankruptcy Law, Public Private Partnership and Concession Law, Competition Law, Foreign Investment Law, Environmental Law, Law on Corporate and Municipal Bonds, Transport Law, Maritime Code, Secured Transactions Law, Employment Law, Taxation Procedures Law, Banking Law, Insurance and Reinsurance Law, Concessions Law, Mining Law, Energy Law, Water Resources Law, Waste Management Law, Excise Law, Oil and Gas Law, Gambling Law, Telecommunications Law, and Value-Added Law. There is no one-stop-shop that lists all legislation, rules, procedures, and reporting requirements for investors. However, foreign investors should visit the Albania Investment Development Agency webpage ( www.aida.gov.al ), which offers broad information for foreign investors. Major laws pertaining to foreign investments include: Law on Foreign Investments Law on Strategic Investments: Defines procedures and rules to be observed by government authorities when reviewing, approving, and supporting strategic domestic and foreign investments in Albania Law on Foreigners Law on Concessions and Public Private Partnerships: Establishes the framework for promoting and facilitating the implementation of privately financed concessionary projects Law on Entrepreneurs and Commercial Companies: Outlines general guidelines on the activities of companies and the legal structure under which they may operate Law on Cross-Border Mergers: Determines rules on mergers when one of the companies involved in the process is a foreign company Law on Protection of Competition: Stipulates provisions for the protection of competition, and the concentration of commercial companies; and Law on Collective Investment Undertakings: Regulates conditions and criteria for the establishment, constitution, and operation of collective investment undertakings and of management companies. The Law on Foreign Investments seeks to create a hospitable legal climate for foreign investors and stipulates the following: No prior government authorization is needed for an initial investment. Foreign investments may not be expropriated or nationalized directly or indirectly, except for designated special cases, in the interest of public use and as defined by law. Foreign investors enjoy the right to expatriate all funds and contributions in kind from their investments. Foreign investors receive most favored nation treatment according to international agreements and Albanian law. There are limited exceptions to this liberal investment regime, most of which apply to the purchase of real estate. Agricultural land cannot be purchased by foreigners and foreign entities but may be leased for up to 99 years. Investors can buy agricultural land if registered as a commercial entity in Albania. Commercial property may be purchased, but only if the proposed investment is worth three times the price of the land. There are no restrictions on the purchase of private residential property. To boost investments in strategic sectors, the government approved a new law on strategic investments in May 2015. Under the new law, a “strategic investment” may benefit from either “assisted procedure” or “special procedure” assistance from the government to help navigate the permitting and regulatory process. Despite supporting legislation, very few foreign investors have benefited from the “Strategic Investor” status, and almost all projects have been granted to domestic companies operating in the tourism sector. Authorities responsible for mergers, change of control, and transfer of shares include the Albanian Competition Authority ACA: http://www.caa.gov.al/laws/list/category/1/page/1 , which monitors the implementation of the competition law and approves mergers and acquisitions when required by the law; and the Albanian Financial Supervisory Authority FSA: http://www.amf.gov.al/ligje.asp , which regulates and supervises the securities market and approves the transfer of shares and change of control of companies operating in this sector. Albania’s tax system does not distinguish between foreign and domestic investors. Informality in the economy, which may be as large as 40 percent of the total economy, presents challenges for tax administration. Visa requirements to obtain residence or work permits are straightforward and do not pose an undue burden on potential investors. Generally, U.S. passport holders are entitled to a one year stay in Albania without a residence permit, a special provision the GoA reaffirmed in March 2022. The government approved a new Law on Foreigners in July 2021, which partially aligns the domestic legislation, including that on migration, with the EU Directives. The new law introduces a single application procedure for permits in general. For investors there is a special permit called “Unique Investor Permit.” Foreign investors are issued a 2-year unique investor permit if they invest in Albania and meet certain criteria, including a quota ratio of one to five, of foreign and Albanian workers. In addition, same ratio should be preserved in the Board of Directors and other leading and supervisory structures of the company. Salaries of the Albanian workers should match the average of last year for equivalent positions. The permit can be renewed for an additional three years and after that the investor is eligible to receive a permanent permit provided that they fulfil the criteria outlined above and prove that the company is properly registers, has paid taxes and is not incurring losses. The Council of Ministers approves the annual quota of foreign workers following a needs assessment by sector and profession. However, work permits for staff that occupy key positions, among other categories, can be issued outside the annual quota. Foreign investors can obtain the single permit by the immigration authorities following the initial approval for employment from the National Agency for Employment and Skills https://www.akpa.gov.al/ . U.S. citizens along with EU, Western Balkans, and Schengen-country citizens are exempt from this requirement. In addition, U.S., EU, and Kosovo citizens when applying for residency permit for the first time, have a term of 5 years. The new law also introduced the National Electronic Register for Foreigners (NERF), which is a state database on foreigners, who enter or intend to enter Albania, with purpose of staying, transiting, working, or studying in Albania. NERF will register data on foreign nationals, who have an entry visa, stay, or transit in the Republic of Albania, have a temporary or permanent residence permit, and have a have a unique permit (residence and employment) in Albania. The Law on Entrepreneurs and Commercial Companies sets guidelines on the activities of companies and the legal structure under which they may operate. The government adopted the law in 2008 to conform Albanian legislation to the EU’s Acquis Communitaire. The most common type of organization for foreign investors is a limited liability company. The Law on Public Private Partnerships and Concessions establishes the framework for promoting and facilitating the implementation of privately financed concessionary projects. According to the law, concession projects may be identified by central or local governments or through third party unsolicited proposals. To limit opportunities for corruption, the 2019 amendments prohibited unsolicited bids, beginning in July 2019, on all sectors except for works or services in ports, airports, generation and distribution of electricity, energy for heating, and production and distribution of natural gas. In addition, the 2019 amendments removed the zero to 10 percent bonus points for unsolicited proposals, which gave companies submitting unsolicited bids a competitive advantage over other contenders. Instead, if the party submitting the unsolicited proposal does not win the bid, it will be compensated by the winning company for the cost of the feasibility study, which in no case shall exceed 1 percent of the total cost of the project. The Albanian Competition Authority http://www.caa.gov.al/?lng=en is the agency that reviews transactions for competition-related concerns. The Law on Protection of Competition governs incoming foreign investment whether through mergers, acquisitions, takeovers, or green-field investments, irrespective of industry or sector. In the case of share transfers in insurance, banking and non-banking financial industries, the Financial Supervisory Authority ( http://amf.gov.al/ ) and the Bank of Albania https://www.bankofalbania.org/ may require additional regulatory approvals. Transactions between parties outside Albania, including foreign-to-foreign transactions, are covered by the competition law, which states that its provisions apply to all activities, domestic or foreign, that directly or indirectly affect the Albanian market. Parties can appeal the decision of the CA to the Tirana First Instance Court within 30 days of receiving the notification. The appeal does not suspend the enforcement of the decision that authorize concentrations and the temporary measures. The Albanian constitution guarantees the right of private property. According to Article 41, expropriation or limitation on the exercise of a property right can occur only if it serves the public interest and with fair compensation. During the post-communist period, expropriation has been limited to land for public interest, mainly infrastructure projects such as roads, energy infrastructure, water works, airports, and other facilities. Compensation has generally been reported as being below market value and owners have complained that the compensation process is slow, and unfair. Civil courts are responsible for resolving such complaints. Changes in government can also affect foreign investments. Following the 2013 elections and peaceful transition of power, the new government revoked, or renegotiated numerous concession agreements, licenses, and contracts signed by the previous government with both domestic and international investors. This practice has occurred in other years as well. There are many ongoing disputes regarding property confiscated during the communist regime. Identifying ownership is a longstanding problem in Albania that makes restitution for expropriated properties difficult. The restitution and compensation process started in 1993 but has been slow and marred by corruption. Many U.S. citizens of Albanian origin have been in engaged in long-running restitution disputes. Court cases go on for years without a final decision, causing many to refer their case to the European Court of Human Rights (ECHR) in Strasbourg, France. A significant number of applications are pending for consideration before the ECHR. Even after settlement in Strasbourg, enforcement remains slow. To address the situation, the GOA approved new property compensation legislation in 2018 that aims to resolve pending claims for restitution and compensation. The 2018 law reduces the burden on the state budget by changing the cash compensation formula. The legislation presents three methods of compensation for confiscation claims: restitution; compensation of property with similarly valued land in a different location; or financial compensation. It also set a ten-year timeframe for completion of the process. In February 2020, the Albanian parliament approved a law “On the Finalization of the Transitory Process of Property Deeds in the Republic of Albania,” which aims to finalize land allocation and privatization processes contained in 14 various laws issued between 1991 and 2018. The GOA has generally not engaged in expropriation actions against U.S. investments, companies, or representatives. There have been limited cases in which the government has revoked licenses, specifically in the mining and energy sectors, based on contract violation claims. The Law on Strategic Investments, approved in 2015, empowers the government to expropriate private property for the development of private projects deemed special strategic projects. Despite the provision that the government would act when parties fail to reach an agreement, the clause is a source of controversy because it entitles the government to expropriate private property in the interest of another private party. The expropriation procedures are consistent with the law on the expropriation, and the cost for expropriation would be incurred by the strategic investor. The provision has yet to be exercised. Albania maintains adequate bankruptcy legislation, though corrupt and inefficient bankruptcy court proceedings make it difficult for companies to reorganize or discharge debts through bankruptcy. A 2016 law on bankruptcy aimed to close loopholes in the insolvency regime, decrease unnecessary market exit procedures, reduce fraud, and ease collateral recovery procedures. The Bankruptcy Law governs the reorganization or liquidation of insolvent businesses. It sets out non-discriminatory and mandatory rules for the repayment of the obligations by a debtor in a bankruptcy procedure. The law establishes statutory time limits for insolvency procedures, professional qualifications for insolvency administrators, and an Agency of Insolvency Supervision to regulate the profession of insolvency administrators. Debtors and creditors can initiate a bankruptcy procedure and can file for either liquidation or reorganization. Bankruptcy proceedings may be invoked when the debtor is unable to pay the obligations at the maturity date or the value of its liabilities exceeds the value of the assets. According to the provisions of the Bankruptcy Law, the initiation of bankruptcy proceedings suspends the enforcement of claims by all creditors against the debtor subject to bankruptcy. Creditors of all categories must submit their claims to the bankruptcy administrator. The Bankruptcy Law provides specific treatment for different categories, including secured creditors, preferred creditors, unsecured creditors, and final creditors whose claims would be paid after all other creditors were satisfied. The claims of the secured creditors are to be satisfied by the assets of the debtor, which secure such claims under security agreements. The claims of the unsecured creditors are to be paid out of the bankruptcy estate, excluding the assets used for payment of the secured creditors, following the priority ranking as outlined in the Albanian Civil Code. Pursuant to the provisions of the Bankruptcy Law, creditors have the right to establish a creditors committee. The creditors committee is appointed by the Commercial Section Courts before the first meeting of the creditor assembly. The creditors committee represents the secured creditors, preferred creditors, and the unsecured creditors. The committee has the right (a) to support and supervise the activities of the insolvency administrator; (b) to request and receive information about the insolvency proceedings; (c) to inspect the books and records; and (d) to order an examination of the revenues and cash balances. If the creditors and administrator agree that reorganization is the company’s best option, the bankruptcy administrator prepares a reorganization plan and submits it to the court for authorizing implementation. According to the insolvency procedures, only creditors whose rights are affected by the proposed reorganization plan enjoy the right to vote, and the dissenting creditors in reorganization receive at least as much as what they would have obtained in a liquidation. Creditors are divided into classes for the purposes of voting on the reorganization plan and each class votes separately. Creditors of the same class are treated equally. The insolvency framework allows for the continuation of contracts supplying essential goods and services to the debtor, the rejection by the debtor of overly burdensome contracts, the avoidance of preferential or undervalued transactions, and the possibility of the debtor obtaining credit after commencement of insolvency proceedings. No priority is assigned to post-commencement over secured creditors. Post-commencement credit is assigned over ordinary unsecured creditors. The creditor has the right to object to decisions accepting or rejecting creditors’ claims and to request information from the insolvency representative. The selection and appointment of insolvency representative does not require the approval of the creditor. In addition, the sale of substantial assets of the debtor does not require the approval of the creditor. According to the law on bankruptcy, foreign creditors have the same rights as domestic creditors with respect to the commencement of, and participation in, a bankruptcy proceeding. The claim is valued as of the date the insolvency proceeding is opened. Claims expressed in foreign currency are converted into Albanian currency according to the official exchange rate applicable to the place of payment at the time of the opening of the proceeding. The Albanian Criminal Code contains several criminal offenses in bankruptcy, including (i) whether the bankruptcy was provoked intentionally; (ii) concealment of bankruptcy status; (iii) concealment of assets after bankruptcy; and (iv) failure to comply with the obligations arising under bankruptcy proceeding. According to the World Bank’s 2020 Doing Business Report, Albania ranked 39th out of 190 countries in the insolvency index. A referenced analysis of resolving insolvency can be found at the following link: http://documents.worldbank.org/curated/en/255991574747242507/Doing-Business-2020-Comparing-Business-Regulation-in-190-Economies-Economy-Profile-of-Albania 4. Industrial Policies The Albanian Investment Development Agency (AIDA; www.aida.gov.al) is the best source to find incentives offered across a variety of sectors. Aside from the incentives listed below, individual parties may negotiate additional incentives directly with AIDA, the Ministry of Finance and Economy, or other ministries, depending on the sector. To boost investments in strategic sectors, the GoA approved a Law on Strategic Investments in May 2015 that outlines the criteria, rules, and procedures that state authorities employ when approving a strategic investment. The GoA has extended the deadline to apply to qualify as a strategic investment to December 2023. A strategic investment is defined as an investment of public interest based on several criteria, including the size of the investment, implementation time, productivity and value added, creation of jobs, sectoral economic priorities, and regional and local economic development. The law does not discriminate between foreign and domestic investors. The following sectors are defined as strategic sectors: mining and energy, transport, electronic communication infrastructure, urban waste industry, tourism, agriculture (large farms) and fishing, economic zones, and development priority areas. Investments in strategic sectors may obtain assisted procedure and special procedure, based on the level of investment, which varies from EUR one million to EUR 100 million, depending on the sector and other criteria stipulated in the law. In the assisted procedure, public administration agencies coordinate, assist, and supervise the entire administrative process for investment approval and makes state-owned property needed for the investment available to the investor. Under the special procedure, the investor also enjoys state support for the expropriation of private property and the ratification of the contract by parliament. The law and bylaws that entered into force on January 1, 2016, established the Strategic Investments Committee (SIC), a commission in charge of approving strategic investments. The Committee is headed by the prime minister and members include ministers covering the respective strategic sectors, the state advocate, and relevant ministers whose portfolios are affected by the strategic investment. AIDA serves as the Secretariat of SIC and oversees providing administrative support to investors. The SIC grants the status of assisted procedure and special procedure for strategic investments and investors based on the size of investments and other criteria defined in the law. Major Incentives Albania Offers: Energy and Mining, Transport, Electronic Communication Infrastructure, and Urban Waste Industry: Investments greater than EUR 30 million enjoy the status of assisted procedure, while investments of EUR 50 million or more enjoy special procedure status. The government offers power purchasing agreements (PPA) for 15 years for electricity produced from hydroelectric plants with an installed capacity of less than 15 megawatts. The government also offers feed-in-premium tariff for solar installations with installed capacity of less than two megawatts and for wind installation of less than three megawatts. Exemption from custom duties and VAT is available for the manufacturing or the mounting of solar panel systems for hot water production. Certain machinery and equipment imported for the construction of hydropower plants are VAT exempt. The government supports the construction of small wind and photovoltaic parks with an installed capacity of less than three megawatts and two megawatts, respectively, by offering feed-in-premium tariffs for 15 years. The Energy Regulatory Authority (ERE; http://www.ere.gov.al/ ) conducts an annual review of the feed-in-premium tariffs for wind and photovoltaic parks. The ERE also conducts an annual review of the feed-in-tariffs for small hydroelectric plants with an installed capacity of less than 15 megawatts. Imports of machinery and equipment for investments of greater than EUR 400,000 for small wind and solar parks with an installed capacity of less than three megawatts and two megawatts, respectively, enjoy a VAT exemption. Imports of hot water solar panels for household and industrial use are also VAT exempt. Tourism and Agritourism: Investments of five million euro or more enjoy the status of assisted procedure, while investments greater than EUR 50 million enjoy the status of special procedure. In 2018, the GoA introduced new incentives to promote the tourism sector. International hotel brands that invest at least USD 8 million for a four-star hotel and USD 15 million for a five-star hotel are exempt from property taxes for 10 years, pay no profit taxes, and pay a VAT of 6 percent for any service on their hotels or resorts. For all other hotels and resorts, the GoA reduced the VAT on accommodation from 20 percent to 6 percent. Profit taxes for agritourism ventures were reduced to 5 percent from 15 percent previously, while VAT for accommodation is now 6 percent, down from 20 percent. Five star hotels and agritourism facilities are exempt from the tax on impact on infrastructure while both four and five start hotels are exempt from tax on buildings. Agriculture (Large Agricultural Farms) and Fishing: Investments greater than EUR three million that create at least 50 new jobs enjoy the status of assisted procedure, while investments greater than EUR 50 million enjoy the status of special procedure. In addition, the GoA offers a wide range of incentives and subsidies for investments in the agriculture sector. The funds are a direct contribution from the state budget and the EU Instrument of Pre-Accession for Rural Development Fund (IPARD.) IPARD funds allocated for the period 2018-2020 totaled EUR 71 million. The program is managed by the Agricultural and Rural Development Agency ( http://azhbr.gov.al/ ). Agricultural inputs, agricultural machinery, and veterinary services are exempt from VAT. The government offers other subsidies to agricultural farms and wholesale trade companies that export agricultural products. Some incentives offered in the agriculture sector include: Zero VAT for agricultural machineries and for 27 fishing industry items including ships, nets, electronic equipment, refrigerators, ship engines, etc. Zero tariff for the registration and compulsory vaccination of livestock. Zero tax for the purchase of diesel from fishing vessels (0 excise, 0 fuel tax, 0 carbon tax.) A reduction of profit tax up to 5 percent for Agricultural Cooperative Societies and 10 percent VAT for supply of agricultural inputs including chemical fertilizers, pesticides, seeds, and seedlings. In addition, those investing in agriculture sector can rent agriculture land from 10 to 99 years. Development Priority Areas: Investments greater than EUR one million that create at least 150 new jobs enjoy the status of assisted procedure. Investments greater than EUR 10 million that create at least 600 new jobs enjoy the status of special procedure. Foreign Tax Credit: Albania applies foreign tax credit rights even in cases where no double taxation treaty exists with the country in which the tax is paid. If a double taxation treaty is in force, double taxation is avoided either through an exemption or by granting tax credits up to the amount of the applicable Albanian corporate income tax rate (currently 15 percent). In 2019, the GoA reduced the dividend tax from 15 percent to 8 percent. Corporate Income Tax Exemption: Film studios and cinematographic productions, licensed and funded by the National Cinematographic Center, are exempt from corporate income tax. Loss Carry Forward for Corporate Income Tax Purposes: Fiscal losses can be carried forward for three consecutive years (the first losses are used first). However, the losses may not be carried forward if more than 50 percent of direct or indirect ownership of the share capital or voting rights of the taxpayer is transferred (changed) during the tax year. Lease of Public Property: The GoA can lease public property of more than 500 square meters or grant a concession for the symbolic price of one euro if the properties will be used for manufacturing activities with an investment exceeding EUR 10 million, or for inward processing activities. The GoA can also lease public property or grant a concession for the symbolic price of one euro for investments of more than EUR two million for activities that address certain social and economic issues, as well as activities related to sports, culture, tourism, and cultural heritage. Criteria and terms are decided on an individual basis by the Council of Ministers. Incentives for the Manufacturing Sector and ICT: The GoA reduced the profit tax from 15 percent to 5 percent for software development companies and the automotive industry. Manufacturing activities are exempt from 20 percent VAT on imports of machinery and equipment. The government offers a one-euro symbolic rent for government-owned property (land and buildings) for investments exceeding USD 2.7 million that create a minimum of 50 jobs. No VAT is charged for products processed for re-exports. Employers are exempt from paying social security tax for one year for all new employees. The GoA pays the first four months of salaries for new employees and offers various financing incentives for job training. The manufacturing sector obtains VAT refunds immediately in the case of zero risk exporters, within 30 days if the taxpayer is an exporter, and within 60 days in the case of other taxpayers. Apparel and footwear producers are exempt from 20 percent VAT on raw materials if the finished product is exported. In 2011, the GoA also removed customs tariffs for imported apparel and raw materials in the textile and shoe industries (e.g., leather used for clothes, cotton, viscose, velvet, sewing accessories, and similar items). Technological and Development Areas (TEDA): The Law on Economic Development Areas provides fiscal and administrative incentives for companies that invest in this sector and for firms that establish a presence in these areas. Major incentives include: Developers and users benefit from a 50 percent deduction of profit tax for five years, exemption from the infrastructure impact tax, and exemption from real estate tax for five years. A full list of incentives can be found at: TEDA (aida.gov.al) Albania has no functional duty-free import zones or free trade zones, although legislation exists for their creation. The May 2015 amendments to the Law on the Establishment and Operation of Technological and Development Areas (TEDAs) created the legal framework to establish TEDAs, defining the incentives for developers investing in the development of these zones and companies operating within the zones. The Albanian government has granted the status of the Technological and Development Areas to TEDA Spitalle (49.1 ha), Koplik (61 ha) and Kashar (35 ha) (Tirana) but none has been developed to date. There are no performance requirements for foreign investors or minimum requirements for domestic content in goods or technology. Investment incentives are equally available to foreign and domestic investors. Investments in certain sectors require a license or authorization and procedures are similar for foreign and domestic investors. Visa, residence, and work permit requirements are straightforward and generally do not pose an undue burden on potential investors. The government approved a new Law on Foreigners in June 2021, which partially aligns the domestic legislation, including that on migration, with the EU Directives. The new law introduces a single application procedure for permits. For investors there is a special permit called “Unique Investor Permit.” Foreign investors are issued a 2-year unique investor permit if they invest in Albania and meet certain criteria, including a quota ratio of one to five of foreign and Albanian workers. In addition, same ratio should be preserved in the Board of Directors and other leading and supervisory structures of the company. Salaries of the Albanian workers should match the average of last year for equivalent positions. The permit can be renewed for an additional three years and after that the investor is eligible to receive a permanent permit provided that they fulfil the criteria outlined above and prove that the company is properly registered, has paid taxes and is not incurring losses. The U.S. citizens when applying for the first time receives a five-year permit. Foreign investors can obtain the single permit by the immigration authorities following the initial approval for employment from the National Agency for Employment and Skills ( https://www.akpa.gov.al/https://www.akpa.gov.al/ .) U.S. citizens along with EU, Western Balkans, and Schengen-country citizens are exempt from this requirement. In addition, U.S., EU, and Kosovo citizens when applying for residency permit for the first time, have a term of 5 years. The new law also introduced the National Electronic Register for Foreigners (NERF), which is a state database on foreigners, who enter or intend to enter Albania, with purpose of staying, transiting, working, or studying in Albania. NERF will register data on foreign nationals, who have an entry visa, stay, or transit in the Republic of Albania, have a temporary or permanent residence permit, and have a have a unique permit (residence and employment) in Albania. The Council of Ministers approved an annual quota of foreign workers following a needs assessment by sector and profession. However, work permits for staff that occupy key positions, among other categories, can be issued outside the annual quota. Albanian legislation regulating the functioning of the National Agency of Information (AKSHI) requires that every company contracted by the government to develop a computer system provide the source code and all related technical documents of the system. In addition, every government system and its data must be hosted at the government datacenter maintained by AKSHI. There are no legal restrictions to transferring business-related data abroad, except for a few cases that need prior consent. There are more stringent requirements for personal data. Albania has comprehensive legislation for the protection of personal data: the Law on the Protection of Personal Data, including by-laws, as well as the 1981 Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data, and the Additional Protocol to the Convention regarding Supervisory Authorities and Trans-border Flows of Personal Data, ratified by Albania in 2004. The authority in charge of the protection of personal data is the Information and Data Protection Commissioner https://www.idp.al/?lang=en . Based on Albanian legislation, international transfers of personal data in countries deemed to have an adequate level of protection are not restricted. However, companies must notify the Commissioner in advance of any processing of personal data and any intention to transfer data to third countries. This applies to companies in foreign jurisdictions that operate in Albania using any means located within the country. To transfer data to third countries that do not have an adequate protection level, companies need prior authorization from the Commissioner. There are exemptions to this policy for certain data categories defined by the Commissioner as well as when certain conditions are met. Countries with an adequate protection level include EU member states, European Economic Area countries, members of the 1981 Convention and related protocol, and all countries approved by the European Commission. Many foreign companies operating in Albania that process sensitive data opt to keep their data in Albania. 5. Protection of Property Rights Individuals and investors face significant challenges with protection and enforcement of property rights. Despite some improvements, procedures remain cumbersome, and registrants have complained of corruption during the process. Over the last three decades, the GoA has drafted and passed much, though not all, of its property legislation in a piecemeal and uncoordinated way. However, the GoA is working to complete the process for registration and compensation of properties, and the law on the finalization of transitional ownership processes adopted in March 2020, specifically aims to consolidate property rights by finalizing land allocation and privatization processes contained in 14 various laws issued between 1991 and 2018. According to the European Commission Report 2021 on Albania, progress on property rights should be made on further first registration of properties and transitional ownership processes, in a transparent and inclusive manner. The GoA aims to fully digitize property documents within 2023, however, the poor state of the data is a risk for title security and a constraint to investment. To streamline the property management process, the GoA established in April 2019 the State Cadaster Agency (ASHK), which merged different agencies responsible for property registration, compensation, and legalization, including the Immovable Property Registration Office (IPRO), the Agency of Inventory and Transfer of Public Properties (AITPP), and the Agency for the Legalization and Urbanization of Informal Areas (ALUIZNI). The property registration system has improved thanks to international donor assistance, but the process has moved forward very slowly as Albania has yet to complete the initial registration of property titles in the country. In total, about 3.54 million properties were registered as part of the initial registration process. In December 2021, GoA launched a two-year project which aims to complete the digitization of the about 2.3 million remaining properties however plot records for many of these properties are still only in paper form and often in poor and outdated condition. Approximately half a million properties have still not been registered for the first time, which includes the southern coastal area. In 2020, the State Cadaster Agency initiated the process of first registration for eight zones in the Himara municipality area that holds significant potential for the tourism industry. The Agency for the Treatment of Property (ATP) continued assessing requests and distributing funds for compensation of properties. In 2021, it distributed around USD 9.5 million from the financial fund and an area of around 100 hectares from the land fund. Albania has registered an estimated 440,000 illegal structures, built without permits, and illicit construction continues to be a major impediment to securing property titles. A process that aims to legalize or eliminate such structures started in 2006 but is not complete. Around 200,000 legalization permits were issued through the end of 2020. The fluid situation has led to clashes between squatters, owners of allegedly illegal buildings, and the Albanian State Police including during the demolition of these structures to make way for public infrastructure projects. According to the 2020 World Bank’s “Doing Business Report,” Albania performed poorly in the property registration category, ranking 98th out of 190 countries. It took an average of 19 days and five procedures to register property, and the associated costs could reach 8.9 percent of the total property value. The civil court system manages property rights disputes, but verdicts can take years, authorities often fail to enforce court decisions, and corruption concerns persist within the judiciary. Albania is not included on the U.S. Trade Representative’s (USTR’s) Special 301 Report or Notorious Markets List. That said, intellectual property rights (IPR) infringement and theft are common due to weak legal structures and poor enforcement. Counterfeit goods are present in some local markets and shopping malls, including software, garments, machines, and cigarettes. Albanian law protects copyrights, patents, trademarks, industrial designs, and geographical indications, but enforcement of these laws remains weak. Regulators are ineffective at collecting fines and prosecutors rarely press charges for IPR theft. U.S. companies should consult an experienced IPR attorney and avoid potential risks by establishing solid commercial relationships and drafting strong contracts. According to the 2021 International Property Right Index published by Property Right Alliance, Albania ranks 98th out of 129 countries evaluated, registering an improvement compared to the previous year when ranked 112th. It ranked 79th in the subcategory of copyright protection and 23rd in trademark protection. Amendments to the Albanian Industrial Property Law, introducing new provisions regarding trade secrets and trademarks entered into force in August 2021. The most significant change is the transposition of Directive (EU) 2016/943 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure. Trade secrets were previously regulated by the Law on Entrepreneurs and Companies, and Labor Code, and their subject matter was defined in broader terms. Now, under the amended IP law, a trade secret is defined as undisclosed expert knowledge, experience or business information that is not generally known or easily accessible, that has a certain market value, and for which sufficient measures have been taken to keep it a secret. In 2019, the Criminal Code was amended to include harsher punishments of up to three years in prison for IPR infringement. In the areas of copyright, patent, and trademarks, the two main bodies responsible are the Copyright Directorate at the Ministry of Culture and the General Directorate of Industrial Property (GDIP), which is in charge of registering, administering, and promoting IPR. Other institutions responsible for IPR enforcement include the Copyright Division of the State Inspectorate for Market Surveillance (SIMS), the Audiovisual Media Authority (AMA), the General Directorate for Customs, the Tax Inspectorate, the Prosecutor’s Office, the State Police, and the courts. In 2018, the National Council of Copyrights was established as a specialized body responsible for monitoring the implementation of the law and certifying the methodology for establishing the tariffs. Two other important bodies in the protection and administration of IPR are the agencies for the Collective Administration (AAK) and the Copyrights Department within the Ministry of Culture. Four different AAKs have merged in 2017 to provide service into a sole window for the administration of IPR. The 2021 amendments to the IP law also define the role and duties of the State Inspectorate for Market Surveillance (SIMS), the main responsibility of which is to ensure the safety of non-food consumer products by instigating internal market inspections. The SIMS, established in 2016, is responsible for inspecting, controlling, and enforcing copyright and other related rights. Despite some improvements, actual law enforcement on copyrights continues to be problematic and copyright violations are persistent. The number of copyright violation cases brought to court remains low. While official figures are not available this year, Customs does usually report the quantity of counterfeit goods destroyed annually. In cases of seizures, the rights holder has the burden of proof and so must first inspect the goods to determine if they are infringing. The rights holder is also responsible for the storage and destruction of the counterfeit goods. Cigarettes are traditionally the most common counterfeited product seized by Customs. According to the EU 2021 report on Albania, the high number of counterfeit products in the country remains a cause for concern. Last year the customs administration suspended the release of more than 23,000 products suspected of infringing IPR. The GDIP is responsible for registering and administering patents, commercial trademarks and service marks, industrial designs, and geographical indications. In 2020, the number of applications for registration of trademarks continued to rise, amounting to 1,164 national applications and 2,936 international applications. As for patents, 897 patent applications were filed at the GDIP in 2020, of which 12 were national patent applications with Albanian national applicants, and 885 patent applications were patents issued by the European Patent Office seeking protection in Albania. Albania is party to the World Intellectual Property Organization (WIPO) Patent Law Treaty, the Patent Cooperation Treaty, the Berne Convention, the Paris Convention, and is a member of the European Patent Organization. The government became party to the London Agreement on the Implementation of Article 65 of the European Convention for Patents in 2013. In 2018, Parliament approved the Law 34/2018 on Albania’s adherence to the Vienna Agreement for the International Classification of the Figurative Elements of Marks as well as the agreements of Lisbon and Locarno on international classification and protection of industrial designs. In June 2019, Albania joined the Geneva Act of WIPO’s Lisbon Agreement on Appellations of Origin and Geographical Indications. For additional information about national laws and points of contact at local IPR offices, please see WIPO’s country profiles at https://www.wipo.int/directory/en/ . Resources for Rights Holders Contact at Embassy Tirana on IPR issues: E-mail: USALBusiness@state.gov Country resources: American Chamber of Commerce Address: Rr. Deshmoret e shkurtit, Sky Tower, kati 11 Ap 3 Tirana, Albania Email: info@amcham.com.al Phone: +355 (0) 4225 9779 Fax: +355 (0) 4223 5350 (amcham.com.al) List of local lawyers: tirana.usembassy.gov 6. Financial Sector The government has adopted policies to promote the free flow of financial resources and foreign investment in Albania. The Law on “Strategic Investments” is based on the principles of equal treatment, non-discrimination, and protection of foreign investments. Foreign investors have the right to expatriate all funds and contributions of their investment. In accordance with IMF Article VIII, the government and Central Bank do not impose any restrictions on payments and transfers for international transactions. Despite Albania’s shallow foreign exchange market, banks enjoy enough liquidity to support sizeable positions. Portfolio investments continue to be a challenge because they remain limited mostly to company shares, government bonds, and real estate as the Tirana stock market remains non-operational In recent years, the constant reduction of non-performing loans has allowed commercial banks to loosen lending standards and increase overall lending especially as the economy has recovering from the severe COVID-19 economic disruption in 2020. Non-performing loans (NPL) at the end of 2021 dropped to 5.65 percent compared to 8.1 percent one year ago. Overall lending has steadily increased since 2019 and at the end of 2021 reached about USD 6 billion marking a 10 percent increase compared to 2020. The credit market is competitive, but interest rates in domestic currency can be high. Most mortgage and commercial loans are denominated in euros because rate differentials between local and foreign currency average 1.5 percent. Commercial banks operating in Albania have improved the quality and quantity of services they provide, including a large variety of credit instruments, traditional lines of credit, and bank drafts, etc. In the absence of an effective stock market, the country’s banking sector is the main channel for business financing. The sector is sound, profitable, and well capitalized. The Bank of Albania, the country’s Central Bank, is responsible for the licensing and supervision of the banking sector in Albania. The banking sector is 100 percent privately owned and its total assets have steadily increased over the years reaching USD 17 billion at the end of 2021 mostly based on customers deposits. The banking sector has continued the consolidation process as the number of banks decreased from 16 in 2018 to 11 at the end of 2021 when the Greek Alpha Bank was purchased by OTP Bank. As of December 2021, the Turkish National Commercial Bank (BKT) was the largest bank in the market with 26 percent market share, followed by Albanian Credins Bank with 15.8 percent, and Austrian Raiffeisen Bank third with 15.3 percent. The American Investment Bank is the only bank with U.S. shareholders and ranks sixth with 5.5 percent percent of the banking sector’s total assets. The number of bank outlets has also decreased over the recent years also due to the consolidation. In December 2021, Albania had 417 bank outlets, down from 446 from 2019 and the peak of 552 in 2016. Capital adequacy, at 18 percent in December 2021, remains above Basel requirements and indicates sufficient assets. At the end of 2021, the return on assets increased to 1.42 percent compared to 1.2 percent one year ago. As part of its strategy to stimulate business activity, the Bank of Albania has adopted a plan to ease monetary policy by continuing to persistently keep low interest rates. However, due to the recent inflationary pressure in March 2021, Bank of Albania increased the base interest rate to 1 percent, up from a historical low rate of 0.5 percent which was in place since June 2018. Many of the banks operating in Albania are subsidiaries of foreign banks. Only three banks have an ownership structure whose majority shareholders are Albanian. However, the share of total assets of the banks with majority Albanian shareholders has increased because of the sector’s ongoing consolidation. There are no restrictions for foreigners who wish to establish a bank account. They are not required to prove residency status. However, U.S. citizens must complete a form allowing for the disclosure of their banking data to the IRS as required under the U.S. Foreign Account Tax Compliance Act. Parliament approved a law in October 2019 to establish the Albanian Investment Corporation (AIC). The law entered in force in January 2020. The AIC would develop, manage, and administer state-owned property and assets, invest across all sectors by mobilizing state owned and private domestic and foreign capital, and promote economic and social development by investing in line with government-approved development policies. The GoA plans to transfer state-owned assets, including state-owned land, to the AIC and provide initial capital to launch the corporation. In December 2021, the GoA transferred to the AIC close to USD 20 million. There is no publicly available information about the activities of the AIC for 2020 or 2021. The IMF https://www.imf.org/en/News/Articles/2019/11/26/mcs11262019-albania-staff-concluding-statement-of-the-2019-article-iv-mission Staff Concluding Statement of November 26, 2019, warned that the law would allow the government to direct individual investment decisions, which could make the AIC an off-budget spending tool that risks eroding fiscal discipline and circumventing public investment management processes. 7. State-Owned Enterprises State-owned enterprises (SOEs) are defined as legal entities that are entirely state-owned or state-controlled and operate as commercial companies in compliance with the Law on Entrepreneurs and Commercial Companies. SOEs operate mostly in the generation, distribution, and transmission of electricity, oil and gas, railways, postal services, ports, and water supply. There is no published list of SOEs. The law does not discriminate between public and private companies operating in the same sector. The government requires SOEs to submit annual reports and undergo independent audits. SOEs are subject to the same tax levels and procedures and the same domestic accounting and international financial reporting standards as other commercial companies. The High State Audit audits SOE activities. SOEs are also subject to public procurement law. Albania is yet to become party to the Government Procurement Agreement (GPA) of the WTO but has obtained observer status and is negotiating full accession (see https://www.wto.org/english/tratop_e/gproc_e/memobs_e.htm ). Private companies can compete openly and under the same terms and conditions with respect to market share, products and services, and incentives. SOE operation in Albania is regulated by the Law on Entrepreneurs and Commercial Companies, the Law on State Owned Enterprises, and the Law on the Transformation of State-Owned Enterprises into Commercial Companies. The Ministry of Economy and Finance and other relevant ministries, depending on the sector, represent the state as the owner of the SOEs. SOEs are not obligated by law to adhere to Organization for Economic Cooperation and Development (OECD) guidelines explicitly. However, basic principles of corporate governance are stipulated in the relevant laws and generally accord with OECD guidelines. The corporate governance structure of SOEs includes the supervisory board and the general director (administrator) in the case of joint stock companies. The supervisory board comprises three to nine members, who are not employed by the SOE. Two-thirds of board members are appointed by the representative of the Ministry of Economy and Finance, and one-third by the line ministry, local government unit, or institution to which the company reports. The Supervisory Board is the highest decision-making authority and appoints and dismisses the administrator of the SOE through a two-thirds vote. The privatization process in Albania is nearing conclusion, with just a few major privatizations remaining. Entities to be privatized include OSHEE, the state-run electricity distributor; 16 percent of ALBtelecom, the fixed-line telephone and mobile company; and state-owned oil company Albpetrol. Other sectors might provide opportunities for privatization in the future. The bidding process for privatizations is public, and relevant information is published by the Public Procurement Agency at www.app.gov.al . Foreign investors may participate in the privatization program. The Agency has not published timelines for future privatizations. 8. Responsible Business Conduct Public awareness of corporate social responsibility (CSR) and Responsible Business Conduct (RBC) in Albania is low, and CSR and RBC remains new concepts for much of the business community. The small level of CSR and RBC engagement in Albania comes primarily from international corporations operating in the energy, telecommunications, heavy industry, and banking sectors, and tends to focus on philanthropy and environmental issues. International organizations have recently improved efforts to promote CSR. Thanks to efforts by the international community and large international companies, the first Albanian CSR network was founded in March 2013 as a business-led, non-profit organization. The American Chamber of Commerce in Albania also formed a subcommittee in 2015 to promote CSR among its members. Legislation governing CSR, labor, and employment rights, consumer protection, and environmental protection is robust, but enforcement and implementation are inconsistent. The Law on Commercial Companies and Entrepreneurs outlines generic corporate governance and accounting standards. According to that law and the Law on the National Business Registration Center, companies must disclose publicly when they change administrators and shareholders and to disclose financial statements. The Corporate Governance Code for unlisted joint stock companies incorporates the OECD definitions and principles on corporate governance but is not legally binding. The code provides guidance for Albanian companies and aims to provide best-practices while assisting Albanian companies to develop a governance framework. Albania has been a member of the Extractive Industries Transparency Initiative (EITI) since 2013. Department of State Country Reports on Human Rights Practices; Trafficking in Persons Report; Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to Foreign Government End-Users for Products or Services with Surveillance Capabilities; U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises; and; Xinjiang Supply Chain Business Advisory Department of the Treasury OFAC Recent Actions Department of Labor Findings on the Worst Forms of Child Labor Report; List of Goods Produced by Child Labor or Forced Labor; Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World and; Comply Chain. Albania signed and ratified the Paris Agreement in 2016 and the Solidarity and Just Transition, Silesia Declaration in 2018. The country has committed to an effective transition to low GHG emissions. In 2019, Albania became member to the Nationally Determined Contribution (NDC) Partnership, showing its commitment to ambitious implementation of its NDC under the Paris Agreement and the 2030 Sustainable Development Goals. In July 2020, Albania submitted its National Energy and Climate Plan (NECP) for the period 2021-2030 to the Energy Secretariat for formal recommendations. In December 2020, the country approved the law on Climate Change and is the process of approving its bylaws defining the mechanism for monitoring and reporting of GHG emissions. The government has drafted the National Plan for Energy and Climate 2021-2030, which outlines plans of the government to reduce GHG emissions. Albania has one of the lowest emissions per capita in Europe in part due hydropower dominating electricity generation and in part due to limited levels of industrial manufacturing. 10. Political and Security Environment Political violence is rare, the more recent instances being an attempt led by a former Albanian leader designated by the USG for corruption to breach a party headquarters in January 2022 that required police intervention and political protests in 2019 that included instances of civil disobedience, low-level violence and damage to property, and the use of tear gas by police. Albania’s April 2021 elections and transition to a new government were peaceful, as were its June 2019 local elections. On January 21, 2011, security forces shot and killed four protesters during a violent political demonstration. In its external relations, Albania has usually encouraged stability in the region and maintains generally friendly relations with neighboring countries. 11. Labor Policies and Practices Albania’s labor force numbers around 1.2 million people, according to official data. After peaking at 18.2 percent in the first quarter of 2014, the official estimated unemployment rate has significantly decreased in recent years. In December 2021, unemployment reached 11.4 percent compared to 11.8 percent at the end of 2020 marking an improvement following the economic disruption due to the COVID-19 pandemic. Unemployment among people aged 15-29 remains high, at 20.6 percent. Around 40 percent of the population is self-employed in the agriculture sector. According to the International Labor Organization (ILO), share of informal employment in the employed population was almost 57 percent in 2019, the highest in the region. The institutions that oversee the labor market include the Ministry of Finance, Economy and Labor, the Ministry of Health and Social Protection, the National Employment Service, the State Labor Inspectorate, and private entities such as employment agencies and vocational training centers. Albania has adopted a wide variety of regulations to monitor labor abuses, but enforcement is weak. Outward labor migration remains an ongoing problem affecting the Albanian labor market especially in the IT and health sector. There is a growing concern about labor shortage for both skilled and unskilled workforces. In recent years, media outlets have reported that a significant number of doctors and nurses have emigrated to the European Union, especially Germany. According to the World Bank, Albania has the lowest number of doctors per capita in the region with just 1.647 doctors per 1,000 inhabitants in 2019. In December 2021, the average public administration salary was approximately 70,531 lek (approximately USD 650) per month. The GoA has announced it will increase the minimum wage by 6.5 percent to 32,000 lek per month (approximately USD 300) in April 2022, which remains the lowest in the region. In March 2019, parliament approved a new law on employment promotion, which defined public policies on employment and support programs. Albania has a tradition of a strong secondary educational system, while vocational schools are viewed as less prestigious and attract fewer students. However, the government has more recently focused attention on vocational education. In the 2020-2021 academic year, about 19,000, or 18.5 percent, of high school pupils were enrolled in vocational schools. The Law on Foreigners 79/2021 that was approved in July 2021 and various decisions of the Council of Ministers regulate the employment regime in Albania. Employment can also be regulated through special laws in the case of specific projects, or to attract foreign investment. The Law on TEDA’s provides financial and tax incentives for investments in the zone. Law on Foreigners extends the same employment and self-employment rights of Albanian citizens to citizens of the five Western Balkan countries and provides the same benefits that the original law provided to the citizens of EU and Schengen countries. The Labor Code includes rules regarding contract termination procedures that distinguish layoffs from terminations. Employment contracts can be limited or unlimited in duration, but typically cover an unlimited period if not specified in the contract. Employees can collect up to 12 months of salary in the event of an unexpected interruption of the contract. Unemployment compensation is approximately 50 percent of the minimum wage. Pursuant to the Labor Code and the recently amended “Law on the Status of the Civil Employee,” both individual and collective employment contracts regulate labor relations between employees and management. While there are no official data recording the number of collective bargaining agreements used throughout the economy, they are widely used in the public sector, including by SOEs. Albania has a labor dispute resolution mechanism as specified in the Labor Code, article 170, but the mechanism is considered inefficient. Strikes are rare in Albania, mostly due to the limited power of the trade unions and they have not posed a significant risk to investments. Albania has been a member of the International Labor Organization since 1991 and has ratified 54 out of 189 ILO conventions, including the eight Fundamental Conventions, the four Governance Conventions, and 42 Technical Conventions. The implementation of labor relations and standards continues to be a challenge, according to the ILO. See the U.S. Department of State Human Rights Report: https://www.state.gov/reports-bureau-of-democracy-human-rights-and-labor/country-reports-on-human-rights-practices/; and the U.S. Department of Labor Child Labor Report: http://www.dol.gov/ilab/reports/child-labor . 14. Contact for More Information U.S. Embassy Tirana, Albania Rruga Stavro Vinjau, Nr. 14 Tirana, Albania +355 4 224 7285 USALBusiness@state.gov Algeria Executive Summary Algeria’s state enterprise-dominated economy is challenging for U.S. businesses, but multiple sectors offer opportunities for long-term growth. The government is prioritizing investment in agriculture, information and communications technology, mining, hydrocarbons (both upstream and downstream), renewable energy, and healthcare. Following his December 2019 election, President Abdelmadjid Tebboune launched a series of political reforms, which led to the adoption of a new constitution in December 2020 and the election of a new parliament in June 2021. Tebboune has declared his intention to focus on economic issues in 2022 and beyond. In 2020, the government eliminated the so-called “51/49” restriction that required majority Algerian ownership of all new businesses, though it retained the requirement for “strategic sectors,” identified as energy, mining, defense, transportation infrastructure, and pharmaceuticals manufacturing (with the exception of innovative products). In the 2021 Finance Law, the government reinstated the 51/49 ownership requirement for any company importing items into Algeria with an intent to resell. The government passed a new hydrocarbons law in 2019, improving fiscal terms and contract flexibility in order to attract new international investors. The new law encourages major international oil companies to sign memorandums of understanding with the national hydrocarbons company, Sonatrach. Though the 43 regulatory texts enacting the legislation have not been formally finalized, the government is using the new law as the basis for negotiating new contracts with international oil companies. In recent years, the Algerian government took several steps, including establishing a standalone ministry dedicated to the pharmaceutical industry and issuing regulations to resolve several long-standing issues, to improve market access for U.S. pharmaceutical companies. The government is in the process of drafting and finalizing a new investment law. Algeria has established ambitious renewable energy adoption targets to reduce carbon emissions and reduce domestic consumption of natural gas. Algeria’s economy is driven by hydrocarbons production, which historically accounts for 95 percent of export revenues and approximately 40 percent of government income. Following the significant drop in oil prices at the onset of the COVID-19 pandemic in March 2020, the government cut budgeted expenditures by 50 percent and significantly reduced investment in the energy sector. The implementation of broad-based import reductions coupled with a recovery in hydrocarbon prices in 2021 led to Algeria’s first trade surplus since 2014. Though successive government budgets have boosted state spending, Algeria continues to run a persistent budget deficit, which is projected to reach 20 percent of GDP in 2022. Despite a significant reduction in revenues, the historically debt-averse government continues to resist seeking foreign financing, preferring to attract foreign direct investment (FDI) to boost employment and replace imports with local production. Traditionally, Algeria has pursued protectionist policies to encourage the development of local industries. The import substitution policies it employs tend to generate regulatory uncertainty, supply shortages, increased prices, and a limited selection for consumer goods. The government depreciated the Algerian dinar approximately 5% in 2021 after a 10% depreciation in 2020 to conserve its foreign exchange reserves, contributing to significant food inflation. The government has taken measures to minimize the economic impact of the COVID-19 pandemic, including delaying tax payments for small businesses, extending credit and restructuring loan payments, and decreasing banks’ reserve requirements. Though the government has lifted domestic COVID_19 related confinement measures, continued restrictions on international flight volumes complicate travel to Algeria for international investors. Economic operators deal with a range of challenges, including complicated customs procedures, cumbersome bureaucracy, difficulties in monetary transfers, and price competition from international rivals particularly the People’s Republic of China, France, and Turkey. International firms operating in Algeria complain that laws and regulations are constantly shifting and applied unevenly, raising commercial risk for foreign investors. An ongoing anti-corruption campaign has increased weariness regarding large-scale investment projects and put a chill on bureaucratic decision making. Business contracts are subject to changing interpretation and revision of regulations, which has proved challenging to U.S. and international firms. Other drawbacks include limited regional integration, which hampers opportunities to rely on international supply chains. Table 1: Key Metrics and Rankings Measure Year Index/Rank Website Address TI Corruption Perceptions Index 2021 117 of 175 http://www.transparency.org/research/cpi/overview Global Innovation Index 2021 120 of 132 https://www.globalinnovationindex.org/analysis-indicator U.S. FDI in partner country ($M USD, historical stock positions) 20xx USD Amount https://apps.bea.gov/international/factsheet/ World Bank GNI per capita 2020 $3,570 https://data.worldbank.org/indicator/NY.GNP.PCAP.CD 1. Openness To, and Restrictions Upon, Foreign Investment The Algerian economy is challenging yet potentially highly rewarding. While the Algerian government publicly welcomes FDI, a difficult business climate, an inconsistent regulatory environment, and sometimes contradictory government policies complicate foreign investment. There are business opportunities in nearly every sector, including agribusiness, consumer goods, conventional and renewable energy, healthcare, mining, pharmaceuticals, power, recycling, telecommunications, and transportation. The urgency for Algeria to diversify its economy away from reliance on hydrocarbons has increased amid low and fluctuating oil prices since mid-2014, a youth population bulge, and increased domestic consumption of energy resources. The government reiterated its intention to diversify in its August 2020 plan to recover from the COVID-19 crisis. The government has sought to reduce the country’s persistent trade deficit through import substitution policies, currency depreciation, and import tariffs as it attempts to preserve rapidly diminishing foreign exchange reserves. On January 29, 2019, the government implemented tariffs, known as DAPs, between 30-200 percent on over 1,000 goods it assessed were destined for direct sale to consumers. In January 2022, the Ministry of Commerce said it would expand the number of items subject to DAPs to 2,600; it has yet to publish the new list of affected goods. Companies that set up local manufacturing operations can receive permission to import materials the government would not otherwise approve for import if the importer can show materials will be used in local production. Certain regulations explicitly favor local firms at the expense of foreign competitors, and frequent, unpredictable changes to business regulations have added to the uncertainty in the market. There are two main agencies responsible for attracting foreign investment, the National Agency of Investment Development (ANDI) and the National Agency for the Valorization of Hydrocarbons (ALNAFT). ANDI is the primary Algerian government agency tasked with recruiting and retaining foreign investment. ANDI runs branches in Algeria’s 58 states (wilayas) which are tasked with facilitating business registration, tax payments, and other administrative procedures for both domestic and foreign investors. U.S. companies report that the agency is understaffed and ineffective. Its “one-stop shops” only operate out of physical offices and do not maintain dialogue with investors after they have initiated an investment. The agency’s effectiveness is undercut by its lack of decision-making authority, particularly for industrial projects, which is exercised by the Ministry of Industry in general, the Minister of Industry specifically, and in many cases the Prime Minister. While the government operates an ombudsman’s office (Mediateur de la Republique), the office’s activities are not explicitly targeted toward investment retention. ALNAFT is charged with attracting foreign investment to Algeria’s upstream oil and gas sector. In addition to organizing events marketing upstream opportunities to potential investors, the agency maintains a paid-access digital database with extensive technical information about Algeria’s hydrocarbons resources. Establishing a presence in Algeria can take any of four basic forms: 1) a liaison office with no local partner requirement and no authority to perform commercial operations, 2) a branch office to execute a specific contract, with no obligation to have a local partner, allowing the parent company to conduct commercial activity (considered a resident Algerian entity without full legal authority), 3) a local company with 51 percent of capital held by a local company or shareholders, or 4) a foreign investor with up to 100% ownership in non-strategic sectors. A business can be incorporated as a joint stock company (JSC), a limited liability company (LLC), a limited partnership (LP), a limited partnership with shares (LPS), or an undeclared partnership. Groups and consortia are also used by foreign companies when partnering with other foreign companies or with local firms. Foreign and domestic private entities have the right to establish and own business enterprises and engage in all forms of remunerative activity. However, the 51/49 rule requires majority Algerian ownership in all projects involving foreign investments in the “strategic sectors” of energy, mining, defense, transportation infrastructure, and pharmaceuticals (with the exception of innovative products), as well as for importers of goods for resale in Algeria. The 51/49 investment rule poses challenges for investors. For example, the requirement hampers market access for foreign small and medium-sized enterprises (SMEs), as they often do not have the human resources or financial capital to navigate complex legal and regulatory requirements. Large companies can find creative ways to work within the law, sometimes with the cooperation of local authorities who are more flexible with large investments that promise significant job creation and technology and equipment transfers. SMEs usually do not receive this same consideration. There are also allegations that Algerian partners sometimes refuse to invest the required funds in the company’s business, require non-contract funds to win contracts, and send unqualified workers to job sites. Manufacturers are also concerned about intellectual property rights (IPR), as foreign companies do not want to surrender control of their designs and patents. Several U.S. companies have reported they have policies that preclude them from investing overseas without maintaining a majority share, out of concerns for both IPR and financial control of the local venture, which thus prevent them from establishing businesses in Algeria. Algerian government officials defended the 51/49 requirement as necessary to prevent capital flight, protect Algerian businesses, and provide foreign businesses with local expertise. For sectors where the requirement remains, officials contend a range of tailored measures can mitigate the effect of the 51/49 rule and allow the minority foreign shareholder to exercise other means of control. Some foreign investors use multiple local partners in the same venture, effectively reducing ownership of each individual local partner to enable the foreign partner to own the largest share. The Algerian government does not officially screen FDI, though Algerian state enterprises have a “right of first refusal” on transfers of foreign holdings to foreign shareholders in identified strategic industries. Companies must notify the Council for State Participation (CPE) of these transfers. In addition, initial foreign investments remain subject to approvals from a host of ministries that cover the proposed project, most often the Ministries of Commerce, Health, Pharmaceutical Industry, Energy and Mines, Telecommunications and Post, and Industry. U.S. companies have reported that certain high-profile industrial proposals, such as for automotive assembly, are subject to informal approval by the Prime Minister. In 2017, the government instituted an Investments Review Council chaired by the Prime Minister for the purpose of “following up” on investments; in practice, the establishment of the council means FDI proposals are subject to additional government scrutiny. According to the 2016 Investment Law, projects registered through the ANDI deemed to have special interest for the national economy or high employment generating potential may be eligible for extensive investment advantages. For any project over 5 billion dinars (approximately USD 35 million) to benefit from these advantages, it must be approved by the Prime Minister-chaired National Investments Council (CNI). The CNI previously met regularly, though it is not clear how the agenda of projects considered at each meeting is determined. Critics allege the CNI is a non-transparent mechanism which could be subject to capture by vested interests. In 2020 the operations of the CNI and the CPE were temporarily suspended pending review by the former Ministry of Industry, and in November 2021 the Prime Minister reported that almost 2,500 projects are awaiting approval from the council once it resumes activities. Algeria has not conducted an investment policy review through the Organization for Economic Cooperation and Development (OECD) or the World Trade Organization (WTO). The last investment policy review by a third party was conducted by the United Nations Conference on Trade and Development (UNCTAD) in 2003 and published in 2004. Civil society organizations have not provided reviews of investment policy-related concerns. Algeria offers an online information portal dedicated to business creation, www.jecreemonentreprise.dz, though the business registration website www.cnrc.org.dz is under maintenance and has been for more than two years. The Ministry of Commerce is currently developing a new electronic portal at https://cnrcinfo.cnrc.dz/qui-somme-nous/ . The websites provide information about several business registration steps applicable for registering certain kinds of businesses. Entrepreneurs report that additional information about requirements or regulation updates for business registration are available only in person at the various offices involved in the creation and registration process. The Ministry of Foreign Affairs also recently established an Information Bureau for the Promotion of Investments and Exports (BIPIE) to support Algerian diplomats working on economic issues abroad, as well as provide local points of contact for Algerian companies operating overseas. Algeria does not restrict domestic investors from investing overseas, though the process for accessing foreign currency for such investments is heavily regulated. The exchange of Algerian dinars outside of Algerian territory is illegal, as is the carrying abroad of more than 10,000 dinars in cash at a time (approximately USD 72; see section 7 for more details on currency exchange restrictions). Algeria’s National Agency to Promote External Trade (ALGEX), housed in the Ministry of Commerce, is the agency responsible for supporting Algerian businesses outside the hydrocarbons sector that want to export abroad. ALGEX controls a special promotion fund to promote exports, but the funds can only be accessed for limited purposes. For example, funds might be provided to pay for construction of a booth at a trade fair, but travel costs associated with getting to the fair – which can be expensive for overseas shows – would not be covered. The Algerian Company of Insurance and Guarantees to Exporters (CAGEX), also housed under the Ministry of Commerce, provides insurance to exporters. In 2003, Algeria established a National Consultative Council for Promotion of Exports (CCNCPE) that is supposed to meet annually. Algerian exporters claim difficulties working with ALGEX including long delays in obtaining support funds, and the lack of ALGEX offices overseas despite a 2003 law for their creation. The Bank of Algeria’s 2002 Money and Credit law allows Algerians to request the conversion of dinars to foreign currency in order to finance their export activities, but exporters must repatriate an equivalent amount to any funds spent abroad, for example money spent on marketing or other business costs incurred. 3. Legal Regime The national government manages all regulatory processes. Legal and regulatory procedures, as written, are considered consistent with international norms, although the decision-making process is at times opaque. Algeria implemented the Financial Accounting System (FAS) in 2010. Though legislation does not make explicit references, FAS appears to be based on International Accounting Standards Board and International Financial Reporting Standards (IFRS). Operators generally find accounting standards follow international norms, though they note that some particularly complex processes in IFRS have detailed explanations and instructions but are explained relatively briefly in FAS. There is no mechanism for public comment on draft laws, regulations, or regulatory procedures. Copies of draft laws are generally not made publicly accessible before enactment, although the Ministry of Finance published drafts of the 2021 and 2022 Finance Laws in advance of consideration by Parliament. Government officials often give testimony to Parliament on draft legislation, and that testimony typically receives press coverage. Occasionally, copies of bills are leaked to the media. All laws and some regulations are published in the Official Gazette (www.joradp.dz ) in Arabic and French, but the database has only limited online search features and no summaries are published. Secondary legislation and/or administrative acts (known as “circulaires” or “directives”) often provide important details on how to implement laws and procedures. Administrative acts are generally written at the ministry level and not made public, though may be available if requested in person at a particular agency or ministry. Public tenders are often accompanied by a book of specifications only provided upon payment. The government does not specifically promote or require companies’ environmental, social, and governance (ESG) disclosure. In some cases, authority over a matter may rest among multiple ministries, which may impose additional bureaucratic steps and the likelihood of either inaction or the issuance of conflicting regulations. The development of regulations occurs largely away from public view; internal discussions at or between ministries are not usually made public. In some instances, the only public interaction on regulations development is a press release from the official state press service at the conclusion of the process; in other cases, a press release is issued earlier. Regulatory enforcement mechanisms and agencies exist at some ministries, but they are usually understaffed, and enforcement remains weak. The National Economic, Social, and Environmental Council (CNESE) studies the effects of Algerian government policies and regulations in economic, social, and environmental spheres. CNESE provides feedback on proposed legislation, but neither the feedback nor legislation are necessarily made public. Information on external debt obligations up to fiscal year 2019 is publicly available online via the Central Bank’s quarterly statistical bulletin. The statistical bulletin describes external debt and not public debt, but the Ministry of Finance’s budget execution summaries reflect amalgamated debt totals. The Ministry of Finance is planning to create an electronic, consolidated database of internal and external debt information, and in 2019 published additional public debt information on its website. A 2017 amendment to the 2003 law on currency and credit covering non-conventional financing authorizes the Central Bank to purchase bonds directly from the Treasury for a period of up to five years. The Ministry of Finance indicated this would include purchasing debt from state enterprises, allowing the Central Bank to transfer money to the treasury, which would then provide the cash to, for example, state owned enterprises in exchange for their debt. In September 2019, the Prime Minister announced Algeria would no longer use non-conventional financing, although the Ministry of Finance stressed the program remains available until 2022. In 2021, the non-profit Cercle d’Action et de Réflexion pour l’Entreprise (CARE) launched an online dashboard compiling key economic figures published by various ministries within the Algerian government. Algeria is not a member of any regional economic bloc or of the WTO. The structure of Algerian regulations largely follows European – specifically French – standards. Algeria’s legal system is based on the French civil law tradition. The commercial law was established in 1975 and most recently updated in 2007 ( www.joradp.dz/TRV/FCom.pdf). The judiciary is nominally independent from the executive branch, but U.S. companies have reported allegations of political pressure exerted on the courts by the executive. Organizations representing lawyers and judges have protested during the past year against alleged executive branch interference in judicial independence. Regulation enforcement actions are adjudicated in the national courts system and are appealable. Algeria has a system of administrative tribunals for adjudicating disputes with the government, distinct from the courts that handle civil disputes and criminal cases. Decisions made under treaties or conventions to which Algeria is a signatory are binding and enforceable under Algerian law. The 51/49 investment rule requires a majority Algerian ownership in “strategic sectors” as prescribed in the 2020 Complementary Finance Law (see section 2), as well as for importers of goods available for resale domestically as prescribed in the 2021 Finance Law. There are few other laws restricting foreign investment. In practice, the many regulatory and bureaucratic requirements for business operations provide officials avenues to informally advance political or protectionist policies. The investment law enacted in 2016 charged ANDI with creating four new branches to assist with business establishment and the management of investment incentives. ANDI’s website (www.andi.dz/index.php/en/investir-en-algerie ) lists the relevant laws, rules, procedures, and reporting requirements for investors. Much of the information lacks detail – particularly for the new incentives elaborated in the 2016 investments law – and refers prospective investors to ANDI’s physical “one-stop shops” located throughout the country. There is an ongoing effort by the customs service, under the Ministry of Finance, to establish a new digital platform featuring one-stop shops for importers and exporters to streamline bureaucratic processes. The Ministry announced the service would begin in 2021, but the Ministry of Industry clarified in February 2022 that the one-stop shop would be set up with the approval of the new investment law. The National Competition Council (www.conseil-concurrence.dz/) is responsible for reviewing both domestic and foreign competition-related concerns. Established in late 2013, it is housed under the Ministry of Commerce. Once the economic concentration of an enterprise exceeds 40 percent of a market’s sales or purchases, the Competition Council is authorized to investigate, though a 2008 directive from the Ministry of Commerce exempted economic operators working for “national economic progress” from this review. The Algerian state can expropriate property under limited circumstances, with the state required to pay “just and equitable” compensation to the property owners. Expropriation of property is extremely rare, with no reported cases within the last 10 years. In late 2018, however, a government measure required farmers to comply with a new regulation altering the concession contracts of their land in a way that would cede more control to the government. Those who refused to switch contract type by December 31, 2018, lost the right to their land. Algeria’s bankruptcy system is underdeveloped. While bankruptcy per se is not criminalized, management decisions (such as company spending, investment decisions, and even procedural mistakes) can be subject to criminal penalties including fines and incarceration, so decisions that lead to bankruptcy could be punishable under Algerian criminal law. However, bankruptcy cases rarely proceed to a full dissolution of assets. The Algerian government generally props up public companies on the verge of bankruptcy via cash infusions from the public banking system. According to the World Bank’s Doing Business report, debtors and creditors may file for both liquidation and reorganization. Since the resignation of former President Abdelaziz Bouteflika in early 2019, the courts have given the government authority to put several companies in receivership and have appointed temporary heads to direct them following the arrests of their CEOs as part of a broad anti-corruption drive. The government has since nationalized some of the companies following the conviction of the owners. 4. Industrial Policies While the government previously required 51 percent Algerian ownership of all investments, the 2020 budget law restricted this requirement to the energy, mining, defense, transportation infrastructure, and pharmaceuticals manufacturing sectors, and the 2021 budget law extended the requirement to importers of goods for resale in Algeria. Any incentive offered by the Algerian government is generally available to any company, though there are multiple tiers of “common, additional, and exceptional” incentives under the 2016 investments law (www.joradp.dz/FTP/jo-francais/2016/F2016046.pdf). “Common” incentives available to all investors include exemption from customs duties for all imported production inputs, exemption from value-added tax (VAT) for all imported goods and services that enter directly into the implementation of the investment project, a 90 percent reduction of tenancy fees during construction, and a 10-year exemption on real estate taxes. Investors also benefit from a three-year exemption on corporate and professional activity taxes and a 50 percent reduction for three years on tenancy fees after construction is completed. Additional incentives are available for investments made outside of Algeria’s coastal regions, to include the reduction of tenancy fees to a symbolic one dinar (USD .01) per square meter of land for 10 years in the High Plateau region and 15 years in the south of Algeria, plus a 50 percent reduction thereafter. The law also charges the state to cover, in part or in full, the necessary infrastructure works for the realization of the investment. “Exceptional” incentives apply for investments “of special interest to the national economy,” including the extension of the common tax incentives to 10 years. The sectors of “special interest” have not yet been publicly specified. An investment must receive the approval of the National Investments Council in order to qualify for the exceptional incentives. There are no specific investment incentives for investors from underrepresented groups. Regulations passed in a March 2017 executive decree exclude approximately 150 economic activities from eligibility for the incentives (www.joradp.dz/FTP/jo-francais/2017/F2017016.pdf). The list of excluded investments is concentrated on the services sector but also includes manufacturing for some products. All investments in sales, whether retail or wholesale, and imports business are ineligible. The 2016 investments law also provided state guarantees for the transfer of incoming investment capital and outgoing profits. Pre-existing incentives established by other laws and regulations also include favorable loan rates well below inflation from public banks for qualified investments. The government does not issue guarantees for private investments, or jointly financed foreign direct investment projects. In practice, however, the government is disinclined to allow companies that employ significant numbers of Algerians – whether private or public – to fail and may take on fiscal responsibilities to ensure continued employment for workers. President Tebboune’s administration also indicated more flexibility in considering alternative financing methods for future projects, which might include joint financing. The government does not offer specific incentives for clean energy investments, although the government announced in February 2022 that companies bidding on solar energy tenders would not be subject to the 51/49 investment rule. Algeria does not have any foreign trade zones or free ports. The Algerian government does not officially mandate local employment, but companies usually must provide extensive justification to various levels of the government as to why an expatriate worker is needed. Any person or legal entity employing a foreign citizen is required to notify the Ministry of Labor. Some businesses have reported instances of the government pressuring foreign companies operating in Algeria, particularly in the hydrocarbons sector, to limit the number of expatriate middle and senior managers so that Algerians can be hired for these positions. Contacts at multinational companies have alleged this pressure is applied via visa applications for expatriate workers, or via specific restrictions applicable to expatriate employees that are not applicable to Algerian employees. U.S. companies in the hydrocarbons industry have reported that, when granted, expatriate work permits are usually valid for no longer than six months and are delivered up to three months late, requiring firms to apply perpetually for renewals. Government-imposed restrictions on routine international travel since March 2020 in response to COVID-19 initially caused difficulties for foreign companies attempting to rotate their expatriate staff into and out of Algeria, though the situation has improved since June 2021. In 2017, the Algerian government began instituting forced localization in the auto sector. New regulations governing the sector issued in September 2020 would require companies producing or assembling cars in the country to achieve a local integration rate of at least 30 percent within the first year of operation, rising to 50 percent by the company’s fifth year of operation, however, the regulations remain under government review and have not gone into effect. Since 2014, the government has required car dealers to invest in industrial or “semi-industrial” activities as a condition for doing business in Algeria. Dealers seeking to import new vehicles must obtain an import license from the Ministry of Commerce. Since January 2017, the Ministry has not issued any licenses, and the process of assigning new import quotas to qualified importers under the new 2020 specifications are on hold pending review by the government. As the Algerian government further restricts imports, localization requirements are expected to broaden to other manufacturing industries over the next several years. For example, specifications released in 2020 governing consumer appliance manufacturing mandate local content thresholds, and a tender launched in December 2021 for 1000MWs of solar projects mandated local content thresholds. Information technology providers are not required to turn over source codes or encryption keys, but all hardware and software imported to Algeria must be approved by the Agency for Regulation of Post and Electronic Communications (ARPCE), under the Ministry of Post and Telecommunications. In practice, the Algerian government requires public sector entities to store data on servers within the country. 5. Protection of Property Rights Secured interests in property are generally recognized and enforceable, but court proceedings can be lengthy and results unpredictable. All property not clearly titled to private owners remains under government ownership. As a result, the government controls most real property in Algeria, and instances of unclear titling have resulted in conflicting claims of ownership, which has made purchasing and financing real estate difficult. Several business contacts have reported significant difficulty in obtaining land from the government to develop new industrial activities; the state prefers to lease land for 33-year terms, renewable twice, rather than sell outright. The procedures and criteria for awarding land contracts are opaque. Property sales are subject to registration at the tax inspection and publication office at the Mortgage Register Center and are part of the public record of that agency. All property contracts must go through a notary. Patent and trademark protection in Algeria remains covered by a series of ordinances dating from 2003 and 2005, and representatives of U.S. companies operating in Algeria reported that these laws were satisfactory in terms of both the scope of what they cover and the penalties they mandate for violations. A 2015 government decree increased coordination between the National Office of Copyrights and Related Rights (ONDA), the National Institute for Industrial Property (INAPI), and law enforcement to pursue patent and trademark infringements. An Algerian court ruled in favor of a U.S. pharmaceutical company in late 2020 in the first case of alleged patent infringement by a local producer pursued in the courts by a U.S. company. ONDA, under the Ministry of Culture, and INAPI, under the Ministry of Industry, are the two entities within the Algerian government that protect IPR. ONDA covers literary and artistic copyrights as well as digital software rights, while INAPI oversees the registration and protection of industrial trademarks and patents. Despite strengthened efforts at ONDA, INAPI, and the General Directorate for Customs (under the Ministry of Finance), which have seen local production of pirated or counterfeit goods nearly disappear since 2011, imported counterfeit goods are prevalent and easily obtained. Algerian law enforcement agencies annually confiscate hundreds of thousands of counterfeit items, including clothing, cosmetics, sports items, foodstuffs, automotive spare parts, and home appliances. The government is currently drafting new legislation on counterfeiting and intellectual property to improve enforcement and interagency coordination. Algeria is listed on the Watch List of USTR’s 2022 Special 301 Report (https://ustr.gov/issue-areas/intellectual-property/Special-301)for, among other reason, ineffective enforcement efforts against trademark counterfeiting and copyright piracy. Resources for Intellectual Property Rights Holders: Peter Mehravari Patent Attorney Intellectual Property Attaché for the Middle East & North Africa U.S. Embassy Abu Dhabi | U.S. Department of Commerce U.S. Patent & Trademark Office Tel: +965 2259 1455 Peter.Mehravari@trade.gov For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at www.wipo.int/directory/en/ . 6. Financial Sector The Algiers Stock Exchange has five stocks listed – each at no more than 35 percent equity. There is a small and medium enterprise exchange with one listed company. The exchange has a total market capitalization representing less than 0.1 percent of Algeria’s GDP. Daily trading volume on the exchange averages around USD 2,000. Despite the lack of tangible activity, the market is regulated by an independent oversight commission that enforces compliance requirements on listed companies and traders. Government officials have previously expressed their desire to reach a capitalization of USD 7.8 billion and enlist up to 50 new companies. Attempts to list additional companies have been stymied by a lack both of public awareness and appetite for portfolio investment, as well as by private and public companies’ unpreparedness to satisfy due diligence requirements that would attract investors. Proposed privatizations of state-owned companies have also been opposed by the public. Algerian society generally prefers material investment vehicles for savings, namely cash. Public banks, which dominate the banking sector (see below), are required to purchase government securities when offered, meaning they have little leftover liquidity to make other investments. Foreign portfolio investment is prohibited – the purchase of any investment product in Algeria, whether a government or corporate bond or equity stock, is limited to Algerian residents only. The banking sector is roughly 85 percent public and 15 percent private as measured by value of assets held and is regulated by an independent central bank. Publicly available data from private institutions and U.S. Federal Reserve Economic Data show estimated total assets in the commercial banking sector in 2017 were roughly 13.9 trillion dinars (USD 116.7 billion) against 9.2 trillion dinars (USD 77.2 billion) in liabilities. In response to liquidity concerns caused by the oil price decline and COVID-19 crisis, the bank progressively decreased the reserve requirement from 12 percent to 3 percent between March and September 2020. The IMF and Bank of Algeria have noted moderate growth in non-performing assets since 2015, currently estimated between 12 and 13 percent of total assets. The quality of service in public banks is generally considered low as generations of public banking executives and workers trained to operate in a statist economy lack familiarity with modern banking practices. Most transactions are materialized (non-electronic). Many areas of the country suffer from a dearth of branches, leaving large amounts of the population without access to banking services. ATMs are not widespread, especially outside the major cities, and few accept foreign bankcards. Outside of major hotels with international clientele, hardly any retail establishments accept credit cards. Algerian banks do issue debit cards, but the system is distinct from any international payment system. The Minister of Commerce has announced multiple plans to require businesses to use electronic payments for all commercial and service transactions, though the most recent government deadline for all stores to deploy electronic payment terminals by the end of 2021 was indefinitely delayed. In addition, analysts estimate that between one-third and one-half of the money supply circulates in the informal economy. Foreigners can open foreign currency accounts without restriction, but proof of a work permit or residency is required to open an account in Algerian dinars. Foreign banks are permitted to establish operations in the country, but they must be legally distinct entities from their overseas home offices. In 2015, the Financial Action Task Force (FATF) removed Algeria from its Public Statement, and in 2016 it removed Algeria from the “gray list.” The FATF recognized Algeria’s significant progress and the improvement in its anti-money laundering/counter terrorist financing (AML/CFT) regime. The FATF also indicated Algeria has substantially addressed its action plan since strategic deficiencies were identified in 2011. Algeria’s sovereign wealth fund (SWF) is the “Fonds de Regulation des Recettes (FRR).” The Finance Ministry’s website shows the fund decreased from 4408.2 billion dinars (USD 37.36 billion) in 2014 to 784.5 billion dinars (USD 6.65 billion) in 2016. The data has not been updated since 2016. Algerian media reported the FRR was spent down to zero as of February 2017. Algeria is not known to have participated in the IMF-hosted International Working Group on SWFs. 7. State-Owned Enterprises State-owned enterprises (SOEs) comprise more than half of the formal Algerian economy. SOEs are amalgamated into a single line of the state budget and are listed in the official business registry. To be defined as an SOE, a company must be at least 51 percent owned by the state. Algerian SOEs are bureaucratic and may be subject to political influence. There are competing lines of authority at the mid-levels, and contacts report mid- and upper-level managers are reluctant to make decisions because internal accusations of favoritism or corruption are often used to settle political and personal scores. Senior management teams at SOEs report to their relevant ministry; CEOs of the larger companies such as national hydrocarbons company Sonatrach, national electric utility Sonelgaz, and airline Air Algerie report directly to ministers. Boards of directors are appointed by the state, and the allocation of these seats is considered political. SOEs are not known to adhere to the OECD Guidelines on Corporate Governance. Legally, public and private companies compete under the same terms with respect to market share, products and services, and incentives. In reality, private enterprises assert that public companies sometimes receive more favorable treatment. Private enterprises have the same access to financing as SOEs, but they work with private banks, and they are less bureaucratic than their public counterparts. Public companies generally refrain from doing business with private banks and a 2008 government directive ordered public companies to work only with public banks. The directive was later officially rescinded, but public companies continued the practice. However, the heads of Algeria’s two largest state enterprises, Sonatrach and Sonelgaz, both indicated in 2020 that given current budget pressures they are investigating recourse to foreign financing, including from private banks. SOEs are subject to the same tax burden and tax rebate policies as their private sector competitors, but business contacts report that the government favors SOEs over private sector companies in terms of access to land. SOEs are subject to budget constraints. Audits of public companies can be conducted by the Court of Auditors, a financially autonomous institution. The constitution explicitly charges it with “ex post inspection of the finances of the state, collectivities, public services, and commercial capital of the state,” as well as preparing and submitting an annual report to the President, heads of both chambers of Parliament, and Prime Minister. The Court makes its audits public on its website, for free, but with a time delay, which does not conform to international norms. The Court conducts audits simultaneously but independently from the Ministry of Finance’s year-end reports. The Court makes its reports available online once finalized and delivered to the Parliament, whereas the Ministry withholds publishing year-end reports until after the Parliament and President have approved them. The Court’s audit reports cover the entire implemented national budget by fiscal year and examine each annual planning budget that is passed by Parliament. The General Inspectorate of Finance (IGF), the public auditing body under the supervision of the Ministry of Finance, can conduct “no-notice” audits of public companies. The results of these audits are sent directly to the Minister of Finance, and the offices of the President and Prime Minister. They are not made available publicly. The Court of Auditors and IGF previously had joint responsibility for auditing certain accounts, but they are in the process of eliminating this redundancy. Further legislation clarifying whether the delineation of responsibility for particular accounts which could rest with the Court of Auditors or the Ministry of Finance’s General Inspection of Finance (IGF) unit has yet to be issued. There has been limited privatization of certain projects previously managed by SOEs, and so far restricted to the water sector and possibly a few other sectors. However, the privatization of SOEs remains publicly sensitive and has been largely halted. 8. Responsible Business Conduct Multinational, and particularly U.S. firms operating in Algeria, are spreading the concept of responsible business conduct (RBC), which has traditionally been less common among domestic firms. Companies such as Occidental, Cisco, Microsoft, Boeing, Dow, Halliburton, Pfizer, and Berlitz have supported programs aimed at youth employment, education, and entrepreneurship. RBC activities are gaining acceptance as a way for companies to contribute to local communities while often addressing business needs, such as a better-educated workforce. The national oil and gas company, Sonatrach, funds some social services for its employees and supports desert communities near production sites. Still, many Algerian companies view social programs as the government’s responsibility. While state entities welcome foreign companies’ RBC activities, the government does not factor them into procurement decisions, nor does it require companies to disclose their RBC activities. Algerian laws for consumer and environmental protections exist but are weakly enforced. Algeria does not adhere to the OECD or UN Guiding Principles and does not participate in the Extractive Industries Transparency Initiative. Algeria ranks 73 out of 89 countries for resource governance and does not comply with rules set for disclosing environmental impact assessments and mitigation management plans, according to the most recent report by National Resource Governance Index published in 2017. Department of State Country Reports on Human Rights Practices; Trafficking in Persons Report; Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to Foreign Government End-Users for Products or Services with Surveillance Capabilities; U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises; and; Xinjiang Supply Chain Business Advisory Department of the Treasury OFAC Recent Actions Department of Labor Findings on the Worst Forms of Child Labor Report; List of Goods Produced by Child Labor or Forced Labor; Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World and; Comply Chain. 10. Political and Security Environment Following nearly two months of massive protests, known as the hirak, former President Abdelaziz Bouteflika resigned on April 2, 2019, after 20 years in power. His resignation launched an eight-month transition, resulting in the election of Abdelmadjid Tebboune as president in December 2019. Voter turnout was approximately 40 percent and the new administration continues to focus on restoring government authority and legitimacy. Following historically low turnout of 24 percent in the November 2020 constitutional referendum and President Tebboune’s lengthy medical absences in late 2020 and early 2021, hirak protests resumed in February 2021 before government security services brought them to a halt in May 2021. Demonstrations have taken place in Algeria’s major wilayas (states) and have focused largely on political reform, as protestors continue to call for an overhaul of the Algerian government. President Tebboune dissolved parliament in February 2021 and Algeria held parliamentary elections in June 2021 and local elections in November 2021. Prior to the hirak, which began in 2019, demonstrations in Algeria tended to concern housing and other social programs and were generally smaller than a few hundred participants. While most protests were peaceful, there were occasional outbreaks of violence that resulted in injuries, sometimes resulting from efforts of security forces to disperse the protests. Hirak protests were relatively peaceful, though security forces occasionally use heavy-handed tactics to suppress protesters. In 2021, the government adopted laws that give authorities more leeway to arrest political opponents. In 2013, a terrorist group now known as al-Murabitoun claimed responsibility for the attack against the Tiguentourine gas facility near In Amenas, in southeastern Algeria. More than 800 people were taken hostage during the four-day siege, resulting in the deaths of 39 civilians, including 3 U.S. citizens, and resulting in damage to the facilities. Seven other U.S. citizens escaped. Since the attack, the Algerian government has increased security personnel and preventative security procedures in Algeria’s oil and gas producing regions. Government reactions to public unrest typically include tighter security control on movement between and within cities to prevent further clashes, significant security presence in anticipated protest zones, temporary detention of protestors, and promises of either greater public expenditures on local infrastructure or increased local hiring for state-owned companies. During the first few months of 2015, there were a series of protests in several cities in southern Algeria against the government’s program to drill test wells for shale gas. These protests were largely peaceful but sometimes resulted in clashes, injury, and rarely, property damage. Government pronouncements in 2017 that shale gas exploration would recommence did not generate protests. On April 27, 2020, an Algerian court sentenced an expatriate manager and an Algerian employee of a large hotel to six months in prison on charges of “undermining the integrity of the national territory” for allegedly sharing publicly available security information with corporate headquarters outside of Algeria. The Algerian government requires all foreign employees of foreign companies or organizations based in Algeria to contact the Foreigners Office of the Ministry of the Interior before traveling in the country’s interior so that the government can evaluate security conditions. The Algerian government also requires U.S. Embassy employees to coordinate travel with the government on any trip outside of the Algiers wilaya (state). The Algerian government continues to limit the weekly number of authorized international flights in response to the COVID-19 outbreak, and they remain at less than 40 percent of pre-COVID levels two years after the onset of the pandemic. In February 2020, ISIS claimed responsibility for a suicide bomber who attacked a military barrack in southern Algeria, killing a soldier. This was met with a swift response by Algerian security services against the militants responsible for the attacks, and the Algerian army continues to carry out counterterrorism operations throughout the country. According to official Defense Ministry announcements, Algerian security forces “neutralized” 37 terrorists (21 killed, 9 arrested, and 7 surrendered) and arrested an additional 108 “supporters” of terrorism in 2020. Army detachments also destroyed 251 terrorist hideouts and seized a large quantity of ammunition and explosives during the year. In 2021, the government broadened the definition of terrorism to include any act – peaceful or otherwise – that undermines Algeria’s national unity, prompting a slew of terrorism arrests for acts not necessarily in line with the internationally recognized definition of terrorism. U.S. citizens living or traveling in Algeria are encouraged to enroll in the Smart Traveler Enrollment Program (STEP) via the State Department’s travel registration website, https://step.state.gov/step, to receive security messages and make it easier to be located in an emergency. 11. Labor Policies and Practices There is a shortage of skilled labor in Algeria in all sectors. Business contacts report difficulty in finding sufficiently skilled plumbers, electricians, carpenters, and other construction/vocational related areas. Oil companies report they have difficultly retaining trained Algerian engineers and field workers because these workers often leave Algeria for higher wages in the Gulf. Some white-collar employers also report a lack of skilled project managers, supply chain engineers, and sufficient numbers of office workers with requisite computer and soft skills. Official unemployment figures are measured by the number of persons seeking work through the National Employment Agency (ANEM). According to the most recent official figures in 2019, Algeria had an unemployment rate of 11.4%. Following the pandemic, the real unemployment rate is likely much higher with some sources estimating it to be above 30 percent in the youth population. In January 2021, Minister of Employment, Labor, and Social Security El Hachemi Djaaboub said that new job offers in 2020 fell by 30% compared to 2019 (from 437,000 to 306,000). Djaaboub also said recently that the closure of auto assembly and household appliance plants as a result of the halt in imports for the necessary assembly kits (semi-knock-down kits, or SKDs) since 2019 has resulted in the loss of 51,000 jobs. The 2022 Finance Law included a provision to establish an unemployment allowance, which applies to first-time job seekers between 19 and 40 years of age, paid monthly for six months, renewable only once, with baseline benefit levels of 13,000 dinars (USD 92) adjustable for geographical location. Approximately 300,000 Algerians qualified for the initial benefit, slated to go into effect on March 28. Additionally, the subsidy allotted to finance vocational integration (le dispositif d’insertion professionnelle) decreased from 135 billion dinars in 2013 to 32 billion in 2021. The government has undertaken efforts to protect formal sector employment throughout the COVID-19 crisis, focusing particularly on unemployment benefits, as well as increasing relative wages by 14 to 16 percent in the 2022 Finance Law by reducing income taxes. In general, finding a job is regulated by the government and is bureaucratically complex. Prospective employees must register with the labor office, submit paper resumes door to door, attend career fairs, and comb online job offerings. According to the Office of National Statistics, 81 percent of university graduates say that they favor “family relationships” or “the family network” as the best way to look for a job. The private sector accounts for 62.2 percent of total employment with 7.014 million people, with 37.8 percent in the public sector, employing 4.267 million people. Additionally, the International Labor Organization (ILO) estimates that more than one-third of all employment in Algeria takes place in the informal economy. The informal sector is estimated to comprise up to 50 percent of Algeria’s non-hydrocarbon economy. The Ministry of Vocational Training sponsors programs that offer training to at least 300,000 Algerians annually, including those who did not complete high school, in various professional programs. Companies must submit extensive justification to hire foreign employees, and report pressure to hire more locals (even if jobs could be replaced through mechanization) under the implied risk that the government will not approve visas for expatriate staff. There are no special economic zones or foreign trade zones in Algeria. The constitution provides workers with the right to join and form unions of their choice provided they are Algerian citizens. The country has ratified the ILO’s conventions on freedom of association and collective bargaining but failed to enact legislation needed to implement these principles fully. The General Union of Algerian Workers (UGTA) is the largest union in Algeria and represents a broad spectrum of employees in the public sectors. The UGTA, an affiliate of the International Trade Union Conference, is an official member of the Algerian “tripartite,” a council of labor, government, and business officials that meets annually to collaborate on economic and labor policy. The Algerian government liaises almost exclusively with the UGTA, however, unions in the education, health, and administration sectors do meet and negotiate with government counterparts, especially when there is a possibility of a strike. Collective bargaining is legally permitted but not mandatory. Algerian law provides mechanisms for monitoring labor abuses and health and safety standards, and international labor rights are recognized under domestic law, but are only effectively regulated in the formal economy. Typical labor inspections were greatly reduced in 2020 due to COVID-19 restrictions, but largely resumed in 2021 at normal rates. The government has shown an increasing interest in understanding and monitoring the informal economy, evidenced by its 2018 partnerships with the ILO and current cooperation with the World Bank on several projects aimed at better quantifying the informal sector. Sector-specific strikes occur often in Algeria, though general strikes are less common. The law provides for the right to strike, and workers exercise this right, subject to conditions. Striking requires a secret ballot of the whole workforce, and the decision to strike must be approved by a majority vote of the workers at a general meeting. The government may restrict strikes on several grounds, including economic crisis, obstruction of public services, or the possibility of subversive actions. Furthermore, all public demonstrations, including protests and strikes, must receive prior government authorization. By law, workers may strike only after 14 days of mandatory conciliation or mediation. The government occasionally offers to mediate disputes. The law states that decisions agreed to in mediation are binding on both parties. If mediation does not lead to an accord, workers may strike legally after they vote by secret ballot. The law requires that a minimum level of essential public services must be maintained, and the government has broad legal authority to requisition public employees. The list of essential services includes banking, radio, and television. Penalties for unlawful work stoppages range from eight days to two months imprisonment. Since the beginning of the COVID-19 crisis, there have been periodic strikes affecting companies in various sectors as a result of the economic recession caused by the pandemic. Several strikes were initiated by workers in the northern regions, particularly in the industrial zones of Tizi-Ouzou, Béjaïa, and Bordj Bou Arreridj. In January 2021, employees of the electronics and household appliance group Condor demanded the firing of the director of the company appointed by the courts and back payment for salaries from December 2020. Stringent labor-market regulations likely inhibit an increase in full-time, open-ended work. Regulations do not allow for flexibility in hiring and firing in times of economic downturn. For example, employers are generally required to pay severance when laying off or firing workers. Unemployment insurance eligibility requirements may discourage job seekers from collecting benefits due to them, and the level of support claimants receive is minimal. Employers must have contributed up to 80 percent of the final year salary into the unemployment insurance scheme in order for the employees to qualify for unemployment benefits. The law contains occupational health and safety standards, but enforcement of these standards is uneven. There were no known reports of workers dismissed for removing themselves from hazardous working conditions. If workers face hazardous conditions, they may file a complaint with the Ministry of Labor, which is required to send out labor inspectors to investigate the claim. Nevertheless, the high demand for unemployment in Algeria gives an advantage to employers seeking to exploit employees. Because Algerian law does not provide for temporary legal status for migrants, labor standards do not protect economic migrants from sub-Saharan Africa and elsewhere working in the country without legal immigration status. However, migrant children are protected by law from working. The Ministry of Labor enforces labor standards, including compliance with the minimum wage regulation and safety standards. Companies that employ migrant workers or violate child labor laws are subject to fines and potentially prosecution. The law prohibits participation by minors in dangerous, unhealthy, or harmful work or in work considered inappropriate because of social and religious considerations. The minimum legal age for employment is 16, but younger children may work as apprentices with permission from their parents or legal guardian. The law prohibits workers under age 19 from working at night. While there is currently no list of hazardous occupations prohibited to minors, the government reports it is drafting a list which will be issued by presidential decree. Although specific data was unavailable, children reportedly worked mostly in the informal sector, largely in sales, often in family businesses. They are also involved in begging and agricultural work. There were isolated reports that children were subjected to commercial sexual exploitation. The Ministry of Labor is responsible for enforcing child labor laws. There is no single office charged with this task, but all labor inspectors are responsible for enforcing laws regarding child labor. In 2018, the Ministry of Labor focused one month specifically on investigating child labor violations, and in some cases prosecuted individuals for employing minors or breaking other child-related labor laws. While the government claims to monitor both the formal and informal sectors, contacts note that their efforts largely focus on the formal economy. The National Authority of the Protection and Promotion of Children (ONPPE) is an inter-agency organization, created in 2016, which coordinates the protection and promotion of children’s rights. As a part of its efforts, ONPPE continues to hold educational sessions for officials from relevant ministries, civil society organizations, and journalists on issues related to children, including child labor and human trafficking. 14. Contact for More Information U.S. Embassy Algiers Political and Economic Section 5 Chemin Cheikh Bachir El-Ibrahimi, El Biar Algiers, Algeria (+213) 0770 082 153 (+213) 0770 082 153 Algiers_polecon@state.gov Andorra Executive Summary Andorra is an independent principality with a population of about 79,000 and area of 181 square miles situated between France and Spain in the Pyrenees mountains. It uses the euro as its national currency. Andorra is a popular tourist destination visited by over 8 million people each year (pre-pandemic) who are drawn by outdoor activities like hiking and cycling in the summer and skiing and snowshoeing in the winter, as well as by its duty-free shopping of luxury products. Andorra’s economy is based on an interdependent network of trade, commerce, and tourism, which represent nearly 60% of the economy, followed by the financial sector. Andorra has also become a wealthy international commercial center because of its integrated banking sector and low taxes. As part of its effort to modernize its economy, Andorra has opened to foreign investment and engaged in other reforms, including advancing tax initiatives. Andorra is actively seeking to attract foreign investment and to become a center for entrepreneurs, talent, innovation, and knowledge. The Andorran economy is undergoing a process of digitalization and diversification that accelerated due to the impact pandemic-related border closures had on its dominant tourist sector. In 2006, the Government began sweeping economic reforms. The Parliament approved three main regulations to complement the first phase of economic openness: the law of Companies (October 2007), the Law of Business Accounting (December 2007), and the Law of Foreign Investment (April 2008 and June 2012). From 2011 to 2017, the Parliament approved direct taxes in the form of a corporate tax, tax on economic activities, tax on income of non-residents, tax on capital gains, and personal income tax. Andorra joined the IMF in October 2020, providing it access to additional resources for managing its economy. Also, as part of the post-pandemic economic recovery plan, Andorra passed Horizon 23, a comprehensive roadmap backed by 80 million euros of public funds to accelerate economic diversification into sectors like fintech, sports tech, esports, and biotech. These regulations aim to establish a transparent, modern, and internationally comparable regulatory framework. These reforms aim to attract investment and businesses that have the potential to boost Andorra’s economic development and diversification. Prior to 2008, Andorra limited foreign investment, worried that large foreign firms would have an oversized impact on its small economy. For example, previous regulations allowed non-citizens with less than 20 years residence in Andorra to own no more than 33 percent of a company. While foreigners may now own 100 percent of a trading enterprise or a holding company, the Government must approve the establishment of any private enterprise. The approval can take up to one month, which can be rejected if the proposal is found to negatively impact the environment, the public order, or the general interests of the principality. Andorra is a microstate that accounts for .001 percent of global emissions and has demonstrated its ambition to the fight against climate change by establishing a national strategy that commits to reducing greenhouse gas emissions (GHG) by a minimum of 37 percent by 2030 and pursuing carbon neutrality by 2050. In addition to implementing an energy transition law, Andorra approved the Green Fund and a hydrocarbon tax to promote climate change mitigation and adaptation initiatives. Andorra’s per capita income is above the European average and above the level of its neighbors. The country has developed a sophisticated infrastructure including a one-of-a-kind micro-fiber-optic network for the entire country that provides universal access for all households and companies. Andorra’s retail tradition is well known around Europe, thanks to more than 1,400 shops, the quality of their products, and competitive prices. Products taken out of the Principality are tax-free up to certain limits; the purchaser must declare those that exceed the allowance. Table 1: Key Metrics and Rankings Data not available 1. Openness To, and Restrictions Upon, Foreign Investment Andorra has established an open framework for foreign investments, allowing non-residents to create companies in the country, open businesses, and invest in all kinds of assets. The Foreign Investment Law came into force in July 2012, completely opening the economy to foreign investors. Since then, foreigners, whether resident or not, may own up to 100 percent of any Andorra-based company. The law also liberalizes restrictions on foreign professionals seeking to work in Andorra. Previously, a foreigner could only begin to practice in Andorra after twenty years of residency. Under the current regulations, any Andorran legal resident from a country that has a reciprocal standard can work in Andorra, although special working permits are required for specific professions. The government of Andorra created Andorra Business ( https://www.andorrabusiness.com ), Andorra’s economic development and promotion office, to provide counseling services to both Andorran companies looking to grow and foreign investors wanting to start new businesses in Andorra. Andorra Business’ mission is to increase competitiveness, innovation, and the sustainability of the economy. Andorra Business’ five key objectives are: Promoting key sectors for the diversification of the economy. Being a motor in the improvement of the public sector and microeconomic environment. Attracting and supporting both foreign and local investment in key sectors. Providing support to Andorran businesses to be more competitive on a National and International scale. Creating favorable conditions for innovation and entre