The Albania-Turkey Investment Forum recently convened businesses from both countries to foster enhanced economic and trade cooperation. During the event, Albanian Minister of Infrastructure and Energy, Belinda Balluku, extended an invitation to Turkish businesses to invest in Albania, emphasizing the nation’s favorable investment climate.
Minister Balluku highlighted that Albania provides one of Europe’s most advantageous tax frameworks, positioning it as an attractive destination for foreign direct investment. She identified promising sectors for investment, including energy (specifically solar, wind, and hydropower), infrastructure, agriculture, tourism, and the processing industry.
Further promoting Albania’s appeal, Balluku underscored its strategic geographical location, which serves as a gateway to regional markets and offers access to a consumer base of 100 million. The country also features a high-speed internet network and is actively progressing in its European Union integration process, collectively contributing to a supportive business environment.
Turkish Ambassador to Albania, Tayyar Kağan Atay, affirmed the strength of the bilateral economic relationship. He noted that Turkey stands as Albania’s third-largest trading partner, with Turkish investments in Albania totaling USD 3.5 billion and supporting 15,000 jobs. Ambassador Atay also reported a significant 30% increase in trade volume during 2022, reaching USD 1 billion, and expressed an ambitious target to raise this bilateral trade volume to USD 2 billion. The importance of cooperative ventures, such as the Fierza hydropower plant, was also acknowledged.
Key Points
* Turkey is Albania’s third-largest trading partner.
* Turkish investments in Albania amount to USD 3.5 billion.
* Turkish investments provide 15,000 jobs in Albania.
* Trade volume between Albania and Turkey increased by 30% in 2022.
* The trade volume between Albania and Turkey reached USD 1 billion in 2022.
* The goal is to increase bilateral trade volume to USD 2 billion.
* Albania offers access to a market of 100 million consumers.
Read the Complete Article.
