The Albanian Government has established a legal framework providing for private ownership, entrepreneurial activity, open competition, bankruptcy, foreign investment, protection of consumers, privatization of small, medium and large enterprises and many other elements of a modern commercial, legal regime. The steady growth of domestic and foreign investment over the past four years is a vote of confidence by the private sector in Albania's commercial law reform. Now the Albanian Government has reduced its role in almost all fields of economic activity. Approximately 76 per cent of Albania's work force is engaged in private business. Price controls have been almost completely eliminated.
Controls remain on only a few public services, such a electricity, water and pharmaceuticals.
Even in these areas, controls are only partial and further liberalization is foreseen. Albania's national currency, the lek, is internally convertible and has been floating freely since 1992. The relative stability of the lek over the past four years is one sign, among others, that Albania's efforts to exercise fiscal and monetary control and more generally to ensure macroeconomic stability, have been successful. Albania has turned its back on isolationism and pursued a programme to strengthen its ties with the rest of the world. We have concluded bilateral economic, trade and industrial agreements with 32 countries and 16 other agreements are under negotiation.