TIRANA, Dec. 22 – Albania and Turkey will boost their economic cooperation by extending their free trade agreement even for services and investments, Turkey’s Economy Minister Nihat Zeybekci said in a recent visit to Albania.
“We consider Albania as a strategic partner in the region for transport, logistics and energy production. There are around 300 Turkish companies operating in Albania which have invested around 1 billion dollars. We target increasing trade exchanges between the two countries from $300 million currently to 500 million in the short-run,” said the Turkish Minister.
Albania and Turkey are currently engaged in free trade only for industrial goods under a 2006 deal.
“The free trade agreement on a wider range of goods will be an important step to promote more Turkish investments in Albania,” the Turkish economy minister told his Albanian counterpart Arben Ahmetaj.
Both ministers agreed to set up a joint group of experts to negotiate concrete cooperation fields and extend the free trade agreement.
Prime Minister Edi Rama has previously described Turkey as a new strategic partner for Albania.
“Albania’s relationship with Turkey is a historic relationship, not only thanks to geographical and cultural affinity. Our meetings of all levels have confirmed that there exist spaces and opportunities that cooperation between the two countries takes a new dimension,” Rama has told Turkish investors.
The launch of the Albanian-Turkish Center of Commerce and Industry is expected to give a new impetus to trade relations between the two countries. Established in 2012 and having started its activity since January 2013, as a Chamber with wide activity, the Centre is an independent organization for the promotion, development and support of business, industry and training in Albania, Turkey and internationally.
With the Headquarter in Tirana, the Center operates in other branches in Albania like Shkodra, Vlora, Korça, Fier, Elbasan, Gjirokaster and Kukes and also in the most important/big cities of Turkey.
Albanian exports to Turkey have been considerably rising in the past few years climbing from Euro 17 in 2008 to Euro 70 million in 2010 to Euro 106 million in 2011. In 2012 exports to Turkey dropped to Euro 93 million. Meanwhile, imports from Turkey rose to Euro 218 million in 2012, up from Euro 196 million in 2010, according to central bank data.
Latest Bank of Albania data rank Turkey as the fifth most important investor in Albania with FDI stock at 370 million euros at the end of 2013.
Turkish businesses are constantly increasing their presence in Albania. Turkey’s Calik Group, which is present in Albania with fixed-line operator and internet provider Albtelecom, Eagle Mobile and Banka Kombetare Tregtare (BKT Bank), is the most successful Turkish company in Albania.
Other investments include the steel plant in Elbasan which is also run by Turkey’s Kurum and the Turgut Özal Education Company, which has also established the system of Turkish primary and high schools in Albania since 1992 and most recently the Epoka University.
