Albania - USA, the Memorandum of Economic Cooperation is signed

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Albania and the US are committed to boosting co-operation in the fields of economy, mutual investment and trade, according to an official announcement from the Ministry of Finance and Economy.

The Memorandum of Cooperation was signed for the Albanian side by the Minister of Finance and Economy, Anila Denaj, and for the American side by the Undersecretary of State for Economic Growth, Energy and Environment, Mr. Keith Krach.

This Memorandum of Economic Cooperation is the first to be signed between Albania and the United States of America, after the 1992 Economic Agreement.

The Albanian-American partnership still carries untapped potential in economic and trade cooperation between the two countries.

To this end, the adoption of a Memorandum of Economic Cooperation is expected to significantly affect the level of foreign direct investment flows in Albania, to enable Albanian businesses increased access to the US market, to increase Albanian exports, significantly improving the balance sheet. country merchant.

The joint commitment undertaken today, reaffirms the commitment and will that Albania and the United States of America have a common interest in strengthening trade ties and promoting the active participation of American companies in the projects of the Republic of Albania, in order to increase welfare, security and regional connections in Albania.

The Memorandum also serves as an invitation of both countries to promote economic activity in Albania, in accordance with international practices and the OECD Guidelines for Multinational Companies.

The priority sectors within this cooperation are the exploration and development of energy resources, infrastructure, energy, transport, information and communication technology, tourism and agriculture.

Through this Memorandum of Understanding, the United States of America is committed to promoting mutually beneficial partnerships between US companies and local actors in Albania, including workforce development, women's economic empowerment, and opportunities for innovation.

A special point in this memorandum is dedicated to the cooperation between the chambers of commerce of the two countries to promote and develop joint economic activities, such as the exchange of information and experiences, as well as the organization of Business Forums, Trade and Investment Fairs and the exchange of experiences.

The finalization of this Memorandum is a continuation of the engagement and communication between the Albanian Government and the Embassy of the United States of America, the Ministry announced.

*** Foreign Direct Investment from the US has reached this year the highest stock level in the last 6 years, at 123 Million EUR in the first 6 months of 2020.

 

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