TIRANA, Oct. 7 – Albania and Bulgaria have discussed strengthening economic cooperation as two regional economies which are NATO member countries.
The conformation came in a joint business forum held this week in Sofia during an official visit President Bujar Nishani paid to Bulgaria.
“We will encourage the Bulgarian companies to think and act in regional terms. Trade between the two countries is far below its potential and is worth a mere 80 million euros,” said Bulgarian president Rosen Plevneliev.
The Bulgarian President highlighted the potential for cooperation in the renewable energy, pharmacy, agriculture and food production, construction, telecommunications, financial and tourist sector.
Highlighting 100 years of diplomatic relations between the two countries, President Nishani said “we should show a responsible attitude to the bilateral trade relations and take full advantage of the opportunities for cooperation.”
More than 60 Bulgarian companies work in Albania, mainly in the banking, energy and trade sectors.
Data by Albania’s central bank shows the stock of Bulgarian foreign direct investment to Albania rose to 13 million euros in 2014, up from 11 million euros in 2013.
Meanwhile, trade exchanges between the two countries remain low at around 75 million euros. INSTAT data shows Albania’s exports to Bulgaria slightly rose to 2.75 billion lek (Euro 19.3 million) in 2014 while imports from Bulgaria dropped to 7.8 billion lek (Euro 55 million).
