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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: Albania businessmen hope to outflank crisis AFP - Thursday, March 19 NDROQ, Albania (AFP) - - After communism, many Albanian businesses were set up with the goal of instant profits, but a new wave of entrepreneurs is now emerging with long-term investment plans. ADVERTISEMENT They hope that such a strategy can help them to overcome fallout from the global financial crisis, which has only had a limited impact so far on the Albanian economy with fewer migrant worker remittances and weaker trade. One young businessman with ambitions of modelling his company based on traditions in the West is Artur Dojaka, who runs a brand-new olive oil factory in the village of Ndroq, near the capital Tirana. "It was the same in all Eastern (European) countries coming out from a communist regime with nothing," said Dojaka. But nowadays, it was up to Albania to "lay the foundations which can stay in place for 200 or 300 years," he estimated. Dojaka heads Agrotal 1, a company founded in 2007 and whose factory is the only one in Albania producing natural extra virgin olive oil harvested from local trees. He owns 70 percent of the company, while the European Bank for Reconstruction and Development (EBRD), which helped him to launch the business, controls the remaining stake. Dojaka expects to fetch 2.8 million euros (3.6 million dollars) in sales this year, but warns that in Albania, "there is still no real interest in farming." "This is maybe the reason that I am not affected by corruption or competition, as everyone thinks that it's difficult work and not really profitable. "This is true, but true for those who want to get profits today to tomorrow" rather than in the longer term, said the 39-year-old, who plans to expand his business by acquiring more land. He has lined up some property that lies west of Ndroq, where Dojaka plans to plant about 500,000 olive trees. The first batch of olive oil from that plant could come in three years, he hopes, estimating possible turnover at about 25 million euros five years from now. Dojaka sealed the 1,000-hectare property for a symbolic sum of one euro, as part of a government policy to lease out land for 99 years as a way to increase investment. Albania's parliament adopted a law allowing such concessions but the opposition has expressed concerns about ownership disputes dating back to before the 1991 collapse of communism. "As the state has this land at its disposal, it would be much better to regulate beforehand possible problems with former owners who could themselves reach an accord with investors," said opposition Socialist MP Marko Bello. Agriculture Minister Emine Gjana said however that in this case, former owners were not interested in the land as it was too rugged and in need of serious investment. The government, said Gjana, wanted to develop its policy of concessions in order to support the establishment of orchards and vineyards. Many think that it is absurd for Albania, a country which enjoys a very favourable climate, to import fruit and vegetables that it could produce massively on its own. This might be explained by the difficulties small businesses have in selling their produce due to poor roads and other infrastructure separating their remote locations from the markets, said Helmuth Lohan, the European Commission's representative in Tirana. In a country which still counts on a "narrow class of sophisticated businesses," it is necessary for Albanian farmers to rediscover the "desire to act as businessmen... to aim to produce, sell and be active," Lohan said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Entertainment & Lifestyle US-ENTERTAINMENT SummaryReuters - Thursday, March 19 VH1 resuscitates "Behind the Music"Reuters - Thursday, March 19 Elimination gives "American Idol" its final 10Reuters - Thursday, March 19 Natasha Richardson dies after fall on ski slopeAP - Thursday, March 19 Richardson was a true daughter of the theaterAP - Thursday, March 19 Enlarge Photo Albanian businessman Artur Dojaka, 39, on state-owned land he has leased to plant olive trees near the capital Tirana. After communism, many Albanian businesses were established with the goal of instant profits, but a new wave of entrepreneurs is now emerging with long-term investment plans. Most Popular – Entertainment Viewed AIG boss, and Obama, in firing line in Congress Actress Natasha Richardson dies after ski accident Injured actress Richardson flown to US: hospital Miniature carnivore dinosaurs roamed North America Arrest warrant issued for Lindsay Lohan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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