Bank of Albania data rank Turkish companies as the fifth biggest foreign direct investors in Albania until 2010 with a total of 279 million euros, mainly focused in the telecommunication, banking and industry sectors
TIRANA, April 9 – Already present in the country’s key sectors, and having become the second major destination of Albanian exports, the Albanian government wants Turkey to increase its investments, especially in the tourism sector. The appeal comes by Prime Minister Sali Berisha who during his two day-visit to Turkey last weekend offered Turkish companies a tax-free policy for eight years in return for investments in coastal and mountain areas in Albania.
Attending the Turkish-Albanian business forum held in Ankara, Berisha praised Turkish economic success and addressed the need to make further investments to unlock the potential for economic relations. Prime Minister Berisha also unveiled Albania’s investment opportunities in the energy sector through concessions in hydro-power plant construction and mining.
Turkey’s deputy Prime Minister Ali Babacan said that trade volume between Turkey and Albania was at 84 million USD ten years ago, but reached 397 million USD last year.
“However, when we look at the momentum of Turkish and Albanian economies, this trade volume is away from being satisfactory, and even if we talk about a four-fold increase in trade volume in a decade, it is below the real potential,” Babacan said during Turkish-Albanian Business Forum in Ankara.
Rifat Hisarcıklıoğlu, chairman of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), said Albania promises important opportunities for investors and it is crucial for the Balkan country to integrate with European institutions.
INSTAT data ranked Turkey as the second major destination of Albanian exports for 2011 at 15 billion lek (Euro 105 million) with metals and minerals as the top products.
Bank of Albania data also rank Turkish companies as the fifth biggest foreign direct investors in Albania until 2010 with a total of 279 million euros, mainly focused in the telecommunication, banking and industry sectors.
Turkish businesses are constantly increasing their presence in Albania. Turkey’s Calik Group, which is present in Albania with fixed-line operator 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 al Education Company, which has also established the system of Turkish primary and high schools in Albania since 1992 and most recently the Epoka University.
