Blue Economy Investments Including Fisheries and Aquaculture
Blue Economy Investments Including Fisheries and Aquaculture
Business Model Description
Establish and operate aquaculture and fishery complex involving developing a vertically integrated, sustainable seafood production operation, combining modern aquaculture technologies, responsible fishing practices, and efficient supply chain management to meet the growing global demand for high-quality seafood while minimizing environmental impact.
Expected Impact
Drive economic growth, enhance food security, and promote environmental sustainability by fostering job creation, improving nutritional access, and supporting responsible resource management practices in the sector.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Albania: Elbasan
- Albania: Lezhë
- Albania: Durrës
- Albania: Vlorë
Sector Classification
Food and Beverage
Development need
Agriculture constituted 20% of GDP in 2021 while employing 34% of the workforce, yet productivity still needs to improve due to technological deficiencies. Agricultural value chains remain fragmented and are vulnerable to the impacts of climate change, predicted to cause a 1.5 billion m3 of water storage per season (1, 2, 11).
Policy priority
The National Strategy for Development and Integration includes enhancing farm viability and competitiveness of agricultural processing while keeping alignment with European Union standards. Economic Reform Program targets increasing the capacity of farmers to own a greater share of the added value in the food supply chain while promoting locally produced and processed goods under the joint Made in Albania brand (3, 12).
Gender inequalities and marginalization issues
Agriculture is mainly driven by small farms (averaging 1.13 hectares), with roughly half of the population consisting of small, often female, impoverished, and food-insecure farmers. Lack of employment opportunities outside agriculture and low incomes from farming greatly contribute to rural poverty, with nearly 60% of the population living in rural areas at risk of poverty, the highest level in Europe (4, 6, 13).
Investment opportunities introduction
Traditional agricultural methods provide a competitive edge in European markets, as over 95% of the country's medicinal-aromatic plants are exported. Additionally, the country offers a zero VAT on agricultural machinery imports and a reduced 10% VAT on agricultural input supplies. Agriculture is listed as a strategic sector by the Albanian Investment Development Agency (AIDA), covering agro-processing, farms and collection warehouses (1, 5, 15).
Key bottlenecks introduction
Land ownership and utilization are fragmented, while agricultural land markets remain undeveloped. Lack of information on safety standards leads to non-compliance among farmers, resulting in limited market access for exports, with Additionally, farmers face difficulties in modernizing production methods while preserving natural resources and ensuring rural livelihoods (6, 16, 17).
Food and Agriculture
Development need
Amidst significant out-migration at 1.68 million people, comprising 59% of the resident population, and a 21.8% rural poverty rate in 2021, it is essential to enhance productivity and ensure the sustainability of family farms through resilient agricultural practices to realize Agenda 2030 (9, 10, 7).
Policy priority
The Rural Development Programme 2014-2020 Under Instrument for Pre-Accession Assistance (IPA) and The Inter Sectoral Agriculture and Rural Development Strategy 2014-2020 both focus on developing a viable agri-food sector and vibrant rural areas to align with EU standards and cope with competitive pressures (6, 21).
Gender inequalities and marginalization issues
Approximately 1.6 million people reside on farms, with women comprising 47% of this population. However, while women make up 39% of the agricultural workforce, they represent only 4% of farm holders (14, 6).
Investment opportunities introduction
The value chains for vegetables, fruits, and medicinal aromatic plants have witnessed significant expansion in terms of both cultivation areas and overall production. This growth can be attributed to robust export demand, favorable climatic conditions, and various support programs from the Albanian government, IPARD, and other donor agencies (5).
Key bottlenecks introduction
The agribusiness sector grapples with informality, posing challenges for increasing local product procurement. Moreover, it exhibits the lowest value-added per agricultural worker in the region as majority of farming activities are carried out by smallholder farmers on average plots of just 1 hectare (1).
Agricultural Products
Pipeline Opportunity
Blue Economy Investments Including Fisheries and Aquaculture
Establish and operate aquaculture and fishery complex involving developing a vertically integrated, sustainable seafood production operation, combining modern aquaculture technologies, responsible fishing practices, and efficient supply chain management to meet the growing global demand for high-quality seafood while minimizing environmental impact.
Business Case
Market Size and Environment
USD 100 million - USD 1 billion
20% - 25%
Albania's total fish amounted to 17,799 tonnes with 784 licensed fishing vessels in 2022.
Fish catches in 2022 amounted to 17,799 tonnes in 2022, of which 44.87% was from aquaculture, 24.27% from marine fishing, and 19.03% from inland waters (26). In 2022, there were 784 licensed fishing vessels, operating almost entirely in the South Adriatic (26).
In 2021, Albania imported fish and seafood products valued at approximately USD 124 million, mainly from Spain (USD 9 million), Croatia (USD 17 million), and Italy (USD 8 million). Exports of fish and fishery products were worth USD 94 million in 2017, with prepared and preserved anchovies representing the bulk of exports. The export capacity has been growing year by year, with large capacity often over 20% per year (20, 27, 28).
The consumption of fish in Albania has increased gradually and the consumption per capita is estimated to be about 5.3 kg/year in 2016 (28).
Indicative Return
5% - 10%
A private seafood processing company achieved a 10% gross profit before taxes in 2022, having recorded ALL 375.021 million (USD 3.96 million) in profit and ALL 3.4 billion (USD 35.97 million) in annual turnover (29).
Investment Timeframe
Medium Term (5–10 years)
Benchmark projects of aquaculture farms have reported positive payback in 5-10 years, positioning the investment timeframe in the medium term. Aquaculture investments necessitate routine investments, including cage nets which entail a 4-5 year amortization period (30).
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Business - Supply Chain Constraints
Capital - Limited Investor Interest
Market - Highly Regulated
Market - Volatile
Impact Case
Sustainable Development Need
While Albania's fisheries sector is relatively small, with an estimated 0.3% contribution to GDP, it is important from a socio-economic perspective as activities are often located in areas of high unemployment and socio-economic needs (31, 28).
Despite the sector high growth potential, the age and poor status of the industrial fishing fleet, coupled with lack of human resources, and increasing pollution of marine and coastal waters producing resource scarcity are key constraints for development (28).
Warming water, shortage of precipitation, and increased presence of invasive species and algal blooms caused by climate change, pose a long-term challenge for the fisheries and aquaculture, necessitate adaptation measures and sustainable fishing practices (32).
Gender & Marginalisation
The fisheries sector is a significant source of jobs in coastal and remote areas, with marine fisheries employing approximately 2,250 people and 2,100 fishers directly engaged in inland fisheries (31, 28).
The processing sector primarily employs women, while the fisheries sector also offers an indirect source of income for women besides household or farm work, through ancillary services like fishing net repair and maintenance (28).
Expected Development Outcome
Investments in fisheries and aquaculture farms will stimulate economic growth by creating jobs, fostering entrepreneurship, and increasing export opportunities for Albanian seafood products by increasing quality of fishing and processing activity, and improving performance of the marine fishing fleet (33).
Fishery and aquaculture investments will contribute to enhancing food security by providing a stable source of protein and essential nutrients to the local population, reducing dependence on seafood imports and improving dietary diversity.
Fishery and aquaculture farms will help promote sustainable fishing practices and aquaculture methods, helping to conserve marine ecosystems, protect biodiversity, and reduce overfishing. (33)
Gender & Marginalisation
Investments in fisheries and aquaculture farms will provide enhanced employment opportunities and source of income in areas of high-employment and socio-economic development needs, particularly in coastal and remote regions.
Fishery and aquaculture farm investments will increase source of primary and indirect income for women who are primarily involved in processing and ancillary on-shore activities related to fisheries including net repair and maintenance (28).
Primary SDGs addressed
2.1.1 Prevalence of undernourishment
2.1.2 Prevalence of moderate or severe food insecurity in the population, based on the Food Insecurity Experience Scale (FIES)
Prevalence of undernourishment recorded at 4.1% in 2021 (34).
Prevalence of moderate or severe food insecurity recorded as 30.2% in 2021, 34% for women and 27.5% for men (34).
Globally, the long-term objective for this indicator is a value of 2.5 (35).
The government has introduced the “One Health” strategy based on the principle of "Health in every policy" and "sustainable development" aiming to create structures and incentives to coordinate measures and policies in a number of sectors, including ensuring food security (8).
12.2.2 Domestic material consumption
12.2.1 Material footprint, material footprint per capita, and material footprint per GDP
Domestic material consumption per capita measured at 3.1 tonnes for biomass and biomass products, 0.5 tonnes for fossil energy material/carriers (36).
SO2 emissions embodied in imports (kg/per capita) was 1.38 in 2018 (35).
Long-term objective is a decrease in the rate of domestic material consumption per capita (36).
The long-term objective for this indicator is a value of 0 (35).
14.4.1 Proportion of fish stocks within biologically sustainable levels
Proportion of fish stocks within biologically sustainable levels (not overexploited) was 14.29 % in 2018 (36).
Target to implement 9 new or amended laws during 2022-2026 from baseline 3 in 2020, for environmental protection and sustainable green and blue growth (37).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Outcome Risks
Fish stocks may be negatively impacted from increased fishing and cultivation activity and intensive aquaculture farming, resulting in increased pollution of water bodies (30).
Unless properly managed, processing waste accrued from fish by-products can contribute to the pollution of soil and water bodies if infiltrated to the sewage system (30).
Increased fishing activity and associated competition for space and food may lead to displacement of native species (39).
Impact Risks
High plastic pollution in the Mediterranean Sea, experiencing the highest levels of marine plastic pollution in the world, can significantly damage blue economy prospects and fishing activity in Albania (40).
Existing prevalence of informal trade in the fishery sector can limit intended impact impeding relationship between buyers and suppliers in the value-chain (30).
Insufficient infrastructure and port capacity to provide repair and maintenance services for fishery and aquaculture operators can impede expected impact and result in increased product prices (30).
Disease outbreaks in aquaculture farms or the spread of diseases among wild fish populations can lead to significant financial losses and production interruptions, limiting impact.
Gender inequality and/or marginalization risk: Increased prices of local seafood produce can negatively impact food security of local populations who rely on fish produce for nutrition (28).
Impact Classification
What
Stimulate employment opportunities for the local economy, preserve natural resources and ensure long-term availability of seafood products.
Risk
Climate change, existing pollution, and potential increase in final product prices due to limited infrastructure can limit expected impact.
Contribution
Investments in sustainable fisheries and aquaculture will contribute to government policy to lift up the sector to EU standards, enhancing management of resources (28).
Impact Thesis
Drive economic growth, enhance food security, and promote environmental sustainability by fostering job creation, improving nutritional access, and supporting responsible resource management practices in the sector.
Enabling Environment
Policy Environment
National Fishing Strategy for 2016-2021: prepared by the Rural Development and Water Administration of Albania (MARDWA), sets out the National Strategy for Fisheries (NSPs) for fisheries and aquaculture operations from 2017 to 2022 and introduces a comprehensive strategy for mid-term development of these sectors (41).
National Strategy for Development and European Integration 2022-2030, 2023: features the vision to enable an efficient and innovative fisheries sector that can meet medium and long-term challenges related to food security and respond to the challenges of climate change, sustainable resource management natural and biodiversity (42).
Rural Development Programme 2021-2027 Under IPA, 2022: includes measure on investments in physical assets concerning processing and marketing of agricultural and fishery products to enhance the export-oriented fish processing sector (20).
Albania Calls a Country of Opportunities, 2022: Outlines the fisheries sector as a primary investment opportunity, contributing to government's objective to enhance the "Made in Albania" brand, while outlining support schemes including for the renewal of the fishing vessel infrastructure (43).
Financial Environment
Financial incentives: Instrument for Pre-Accession Assistance for Rural Development (IPARD III) 2021-2027 commits EUR 40.5 million (USD 43 million) to investments in physical assets concerning processing and marketing of agricultural and fishery products (46).
Fiscal incentives: 1Euro fee for rent / emphyteusis contract is offered when the investment is over ALL 100,000,000 (USD 1 million) for fishing related infrastructure, at fishing ports, for construction activities and for the maintenance services of vessels for a contract term of 20 years (43).
Other incentives: Albania is part of the European Free Trade Association (EFTA) constituting an FTA with Iceland, Liechtenstein, Norway and Switzerland abolishing all customs duties on industrial products, including fish and other marine products (43).
Regulatory Environment
Law No. 64/2012 On Fisheries, 2012: regulates all fishery activities and their management and aims at ensuring the protection of the marine life and internal waters through promoting sustainable development in the maritime space and the internal waters (44).
Decision No. 701 approving the National Strategy on Fisheries 2016–2021, 2016: approves the National Fishing Strategy for 2016–2021 regulating legal, administrative and institutional framework; coastal lagoons and inland waters; aquaculture; processing, trading and distribution of fish (41).
Law No. 103/2016 on Aquaculture, amended 2019: aims at contributing to the promotion and development of the aquaculture industry through supporting the competition and trade in the sector while respecting a balanced and sustainable environmental development (44).
Law No. 10/2017 on the accession of the Republic of Albania to the Agreement on port state measures to prevent, deter and eliminate illegal, unreported and unregulated fishing, 2017: declares Albania's adherence to the agreement on port state measures to prevent, deter and eliminate illegal, unreported and unregulated fishing (45).
Marketplace Participants
Private Sector
Euro Fish, Mare Adriatik, Poseidon, Rozafa, Nettuno, Acqu.Sali Peshk, Koral Fish, Konservimi Adriatik.
Government
Ministry for Agriculture and Rural Development, Ministry for Tourism and Environment, Agency for Rural and Agricultural Development, Ministry of Economy, Culture, and Innovation, Albania Investment Council (AIC), Albania Investment Corporation.
Multilaterals
Delegation of the European Union to Albania, European Bank for Reconstruction and Development (EBRD), European Commission (EC), European Investment Bank (EIB), Food and Agriculture Organization of the United Nations (FAO), German Development Agency (GIZ), Japanese International Cooperation Agency (JICA).
Non-Profit
Global Food Safety Initiative, Institute for Development and Research Alternatives, Food Safety & Veterinary Institute, Water User Associations, Eurofish International Organization, Confederation of Fisheries and Aquaculture Producers and the Durrës Fisheries Investors Association.
Target Locations
Albania: Elbasan
Albania: Lezhë
Albania: Durrës
Albania: Vlorë
References
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