Foreign investments, "fear" for their data - Report/ "The law must be completed and enforced"
Businesses operating in our country raise concerns about the weak implementation of data protection regulations, which they say has led to major personal data breaches in the past, which have eroded trust from international investors and business partners and given Albania an unfavorable reputation.
According to the report by the Foreign Investors Association in Albania (FIAA), this reputation brings challenges for companies that handle sensitive data, especially those operating in the business process outsourcing (BPO) sector, to find international clients.
The report also states that the currently weak implementation of data protection regulations hinders foreign investment and discourages existing companies from investing in data protection compliance, as this would result in a cost disadvantage to companies that are not compliant.
The report emphasizes that despite the adoption of a new law on personal data protection in 2024, which replaced the 2008 law, many provisions enter into force two years after publication, which leaves open the possibility of suggestions to address its weaknesses.
Given this, the report notes that the weak implementation of the previous data protection law clearly shows that the creation of a legal framework in itself is not enough. “To ensure a good level of data protection and to gain a better reputation, more work needs to be done. “We recommend further refining the legislative framework with appropriate secondary legislation, strengthening the capacities of the Commissioner for Personal Data Protection to ensure that he can implement the new legislation and taking initiatives, together with the private sector, to enable companies to comply with the new legislation in this area.
In the sub-legal acts to be undertaken, it is recommended to establish a transparent methodology for the implementation of penalties as well as extensive consultation with interested parties, especially from the private sector, prior to their adoption, to ensure that all provisions can be implemented in practice.
Poll

RMV, law for lower prices for consumers - Companies' profit margin is limited for 102 product groups
The Parliament of North Macedonia has approved several amendments and additions to the Law on Consumer Protection, which aim to limit companies' profit......

What is holding back online trade? - Payments, customs barriers and consumer confidence. Solutions proposed
Online commerce is gaining more and more ground in the region, but the challenges for businesses remain numerous, not only in Albania but also in the region.......

"Ready to supply the US with aluminum and minerals" - Putin aims to expand economic cooperation with Trump
Russian President Vladimir Putin offered the United States the opportunity for joint exploration of the country's rare earth metal deposits, as well as the......

Confiscated properties on the coast, list revealed - Among them are luxury hotels and apartments, but there is also no shortage of businesses
Despite Tirana having the largest number of confiscated assets, luxury properties illegally obtained by criminal groups are also numerous on the coast.......

EU, "secret weapon" for peace talks in Ukraine? - Over 200 billion euros in Russian funds could shake the balance at the table
US President Donald Trump is acting as if he has everything under control to end the war in Ukraine. But Brussels has an ace up its sleeve that it has yet to......

Control of transactions in exchange offices - Taxes, action on 20 entities. 643 others are “targeted”
Cash circulating in the Albanian economy is the focus of numerous state controls. The Tax Administration has launched inspections for the implementation of......

The number of green vehicles in the country is increasing - 84% of new cars are electric
Year after year, the vehicle fleet in Albania is increasingly green. The General Directorate of Road Transport Services reports that 391 all-electric......

"Albania Model" before the European Court - Deutsche Welle Analysis: Can Italy create asylum centers in Albania?
Not only Rome, but also many other countries are looking with great interest towards Luxembourg. The process regarding the Italian camps built in Albania,......