Albania, China to boost financial cooperation

TIRANA, Sept. 13 – Albania and China have expressed their commitment to strengthen their financial cooperation in preventing negative impacts at this time of turmoil in the global financial markets. This was confirmed during a meeting which the Chinese central bank governor had in Tirana on Tuesday with his Albanian counterpart Ardian Fullani and Prime Minister Sali Berisha. Governor Fullani said that Albania’s favourable business climate, the macroeconomic stability, geographic position and liberal legislation should increase the presence of Chinese businesses in Albania. In a meeting with Prime Minister Sali Berisha, the Chinese governor said trade exchanges between the two countries should increase and financing of infrastructural projects in Albania intensify. During recent years China has become one of Albania’s main trade partners, especially for Albanian exports. INSTAT data show China was the third main destination for Albanian exports in 2010, accounting for 5.5 percent of total exports. Trade volumes with China were valued at 28.7 billion lek in 2010 having experienced a 7 percent increase. Exports to China, represented mainly by mineral products reached 8.8 billion lek rising by 81 percent compared to 2009.