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November 28, 2013
Canada and Albania Announce Foreign Investor Protection Agreement
Vancouver, BC - Tirex Resources (TSX-V:TXX) is pleased to report that the Canadian government has announced an investment agreement with the government of Albania.
This agreement is a strong signal of enhanced trade and investment relations between the two countries.
This Foreign Investor Protection Agreement (FIPA) will benefit companies like Tirex Resources who have invested significant capital in Albania. Tirex Resources has invested more than CAD $25 million in Albania over the past six years, trades publicly in Canada, the United States and Germany and has received significant funding from a variety of financial institutions including the European Bank for Reconstruction and Development (EBRD).
Tirex Chief Executive Officer, Mr. Bryan Slusarchuk, states, "We are very pleased with today's signing of a FIPA between Albania and Canada. Albania is a country with significant potential. The protection of foreign investor rights is crucial if Albania is to realize this potential. Today's news is indicative of the fact that Albania seems intent on doing just that. As the Chief Executive Officer of Tirex and as a Director of the Canada Albania Business Council, I believe that today is a big day for Albania and companies from Canada doing business there."
The Honourable Ed Fast, Minister of International Trade, today announced that Canada and Albania had finalized the negotiations on a foreign investment promotion and protection agreement (FIPA). Minister Fast made the announcement at Albania's Independence Day reception in Ottawa. A formal Press Release describing the signing of this agreement was also issued by the Canadian government.
"I am pleased to announce today that Canada has concluded a key investment treaty with Albania," said Minister Fast. "This is yet another example of how our government is committed to creating the right conditions for Canadian businesses to compete and succeed internationally. This agreement will provide better protection for Canadian companies operating in Albania and strengthen economic ties between our two countries."
A FIPA is a treaty designed to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market's policy framework, a FIPA gives businesses greater confidence in investing. Once in force, the agreement with Albania will facilitate investment flows between the two countries, thereby contributing to job creation and economic growth in both countries.
Albania's emerging economy holds potential for Canadian companies, particularly in the resource, power and rail sectors. According to the Albanian Investment Development Agency, Canadian firms were the largest investors in Albania as of the end of 2011. In fact, investment is the main driving force of the bilateral commercial relationship.
"Today's announcement is further proof that we are continuing to deliver the most ambitious pro-trade and pro-investment plan in Canada's history, which is opening new markets and creating opportunities and jobs back home," said Minister Fast. "Ensuring that the right polices are in place and providing the right services to help Canadian businesses continue to expand and succeed abroad is a priority for our government."
The agreement will come into force once both parties complete their domestic ratification processes. Areas of potential growth for Canadian investment in Albania include the extractive and resource industries, energy and power generation, transportation infrastructure and agri-food sectors.
On Behalf of Management,
Bryan Slusarchuk, CEO
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