Trade exchanges and investments from China have seen an increase in the past few years. A Chinese consortium has taken over a 50 percent stake in mining operations in Albania for $65 million.
TIRANA, June 9 – The Arbri Road linking Albania to Macedonia, the Adriatic-Ionian Highway in the Western Balkan, the Shengjin Port, railway, energy, agriculture and fish farming are some of the opportunities Chinese investors will find in Albania, Albania’s Economy Minister Arben Ahmetaj has told Chinese officials and businesspeople. The appeal was made in China last weekend at a ministerial conference with Central and South Eastern European countries held in China’s Ningbo.
“Albania is a tiny Balkan country but has signed the Central European Free Trade Agreement (CEFTA) which accounts for 26 million consumers,” said Economic Development and Entrepreneurship Minister Ahmetaj.
“This is very favourable time for trade and investments and we are seeking closer cooperation with powerful companies which could help bring the Albanian economy to another stage, that of the European Union and its markets,” said Ahmetaj in a meeting with his Chinese counterpart Gao Hucheng. He urged Chinese companies to consider Albania as a hub to the regional market because of its favourable geographic position.
China’s Commerce Minister Gao Hucheng said he was pleased with progress in trade exchanges and economic cooperation with Albania and that he appreciated the early cooperation between the two countries.
Ten Albanian exporting companies participated at a trade fair in Ningbo featuring garment and shoe, wine, olive oil and other Made in Albania products.
The ministerial level conference aimed at promoting trade and investment between China and the sixteen Central and Eastern European countries. Gao Hucheng, China’s Commerce Minister said that China encourages more investment into manufacturing and infrastructure construction in Central and Eastern Europe and will help promote products from the 16 countries in China, according to CCTV.com.
Trade exchanges and investments from China have seen an increase in the past few years.
A consortium led by China’s biggest copper producer has recently bought a 50 percent stake in Turkey’s Nesko Metal Sanayi ve Ticaret’s Albanian mining operations for $65 million, registering the biggest Chinese investment in Albania. Jiangxi Copper will own a 48 percent stake in Nesko while two other Chinese companies have a 2 percent share.
The central banks of Albania and China have also signed currency swap deal worth around 250 million euros. The swap transaction provides a channel by which the central banks can have access to the local currency of the other party. It aims to promote bilateral trade and direct investments for economic development of the two countries in local currency terms, and to support domestic financial stability of both countries, if market conditions require such liquidity.
Albania-China business community is also now represented by a Chamber of Commerce and Industry.
China is one of Albania’s top trade partners with trade exchanges on a constant upward trend.
Albania’s trade exchanges with China registered a considerable increase in 2013, ranking China the third most important trade partner after Italy and Greece. INSTAT data show Albania’s exports to China double to 11.5 billion lek (Euro 80 million) in 2013 while imports slightly grew to 35 billion lek (Euro 244 million).
