ADA, ECIKS continue to support IPAK

Prishtina, 17 December 2009 – The Investment Promotion Agency of Kosovo (IPAK), which operates within the Ministry of Trade and Industry, will continue to receive support in promoting foreign direct investments (FDI) in the German speaking region and in increasing its capacities.

With the financial support of the Austrian Development Agency (ADA), the project implemented by the Economic Initiative for Kosovo (ECIKS) since November 2006, has been extended for another three years and now includes more ambitious goals. A part of the new project will be also financed by IPAK and ECIKS themselves. The new phase began on 1 November 2009 and ends on 31 October 2012.

The main goal of the new project phase is to reduce poverty in Kosovo through promotion of FDI and creation of new jobs. In doing this, the project also aims at increasing the capacities of IPAK through trainings and technical support, in order to better promote investments in the future. As the main beneficiary, IPAK will receive targeted support, in order to become a modern and pro-active investment promotion agency. The project will also support the development and implementation of the National Foreign Direct Investment Strategy in close cooperation with the World Bank.

The project continues to be implemented by ECIKS, who acts within this project as a representation of IPAK in Vienna and also provide technical support at IPAK Headquarters in Prishtina.

During the last three years, 158 companies and potential investors from Austria, Germany and Switzerland have used the services of the IPAK Office in Vienna. The project has supported and facilitated 15 investments in Kosovo, contributing this way to the creation of at least 338 new jobs.

No other country of the region provides more direct and professional services to potential investors in the German speaking countries. Thanks to the continuous support of the ADA, Kosovo will continue to do this for additional three years and at the same time strengthen IPAK to successfully take over such tasks in the future.

(Joint Press release of Austrian Development Agency – ADA, Investment Promotion Agency of Kosovo – IPAK and the Economic Initiative for Kosovo- ECIKS)