What happens if businesses do not meet EU certifications? - Bajraktari: Integration will eliminate businesses that do not formalize
The Albanian market is facing an important crossroads in terms of formalization and adaptation to European Union rules. For a large part of small and family businesses, which have so far survived through the low costs offered by informality, the future is becoming increasingly unclear. But what will happen to those businesses that will not meet the requirements for certification?
"I think that small businesses, which are family businesses and which are only surviving because their costs are lower due to informality... these are businesses that will not survive in the long term. In addition to the standardization part, the procedures that the EU requires, these will also have to have the basis of declaring salaries, declaring employees, paying taxes. This will be a very big problem for them and I believe they will go towards extinction."
If for one category this transition and increase in control heralds closure, for another part of the enterprise it is turning into a positive impetus towards modernization. Businesses aiming for sustainability are using this moment to redesign their strategies, targeting not only the domestic market, but also the European one.
"While other businesses will then adapt and I believe it is a very good opportunity that businesses that want growth, in the long term, will try to create new products and services in order to increase revenues, increase the customer base and adapt to what the European market requires... I believe it can make them stronger and they may also have the opportunity to scale their activity, not only in Albania, but also abroad."
In the end, the path towards European standardization remains the only alternative for a healthy and competitive economy. While the most fragile businesses must find the path to formalization to survive, the rest of the market is preparing for a new era, where legality and innovation will make the difference.
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