Albania’s imports from Greece, the country’s second largest trade partner, from 2004 to 2010 were at 3 billion Euros, according to data from Albania’s central bank
TIRANA, Aug. 17 – Albanian immigrants living in Greece have transferred some 2.2 billion euros home during the past eight years, Athens News reported this week. More than two billion euros were transferred out of Greece by Albanian, Pakistani and Afghan immigrants between January 2003 and May 2011, according to data presented to parliament last week by the Bank of Greece. These figures were announced in response to a question tabled by Laos MP Kyriakos Velopoulos. Specifically, some 2.2 billion euros were sent to Albania, 1.5 million euros to Pakistan and some 200,000 euros to Afghanistan. However, according to the Bank of Albania, Albania’s imports from Greece, the country’s second trade partner, from 2004 to 2010 were at 3 billion euros. The European Bank for Reconstruction and Development (EBRD) recently warned Albania is particularly vulnerable to a serious Greek downturn mostly in the form of falling investment, lower remittances, higher costs for local subsidiaries of Greek banks and reduced trade flows. Concern over the severe financial crisis in neighboring Greece is growing even in Albania as thousands of immigrants working there have lost their jobs, severely affecting remittances which remain a vital source of income for their families. Albanian migrants continue to return to Greece, some permanently and others temporarily until the Greek situation improves. Dozens of manufacturing businesses in southern Albania, which export footwear and clothing products to Greece, have also been severely affected by the escalation of the crisis, as it has resulted in a sharp drop in demand and payment delays. Around 46 percent of immigrants sending remittances are reported to living in neighboring Greece, compared to 41 percent in Italy, according to a central bank survey. Albania has more than 600,000 immigrants in Greece, who make up 10 percent of the Greece’s total workforce. Greece is currently the top foreign investor and the second biggest trade partner after Italy since the early 90s. Greek businesses are present in almost every sector of the Albanian economy, including strategic ones such as telecommunications, banking system, energy, industry, construction, trade and tourism, significantly contributing to the country’s economic growth.
