Today's Edition
TIRANA (WAM)
The UAE and Albania have strengthened their economic partnership with the launch of their inaugural Joint Economic Committee (JEC).
The meeting, held in Tirana, marks a new chapter in bilateral trade and investment relations between the two countries, focusing on priority sectors including renewable energy, logistics, infrastructure, agriculture, food security, and technology.
The meeting was co-chaired by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Belinda Balluku, Albania's Deputy Prime Minister and Minister of Infrastructure and Energy, with the participation of senior officials and private sector representatives from both countries including Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy; Blendi Gonxhja, Albanian Minister of Economy, Culture and Innovation; and Albanian Deputy Ministers of Economy, Culture and Innovation Sokol Duma and Enkelejd Musabelliu.
"The UAE and Albania enjoy a growing strategic partnership, driven by a shared commitment to fostering economic growth and sustainable development," said Al Zeyoudi. "The launch of the Joint Economic Committee provides a vital platform to turn our shared vision into tangible results. By aligning our priorities in key sectors such as renewable energy, logistics, agriculture, and advanced industries, we are building a foundation for deeper collaboration that benefits both nations."
He added, "The UAE, with its advanced infrastructure, global connectivity, and business-friendly policies, has become a gateway to international markets. This presents a unique opportunity for Albanian businesses to expand their reach, tap into new markets, and leverage the UAE's competitive ecosystem. Equally, we recognize the vast potential that Albania holds for UAE businesses. With its strategic location, dynamic economy, and commitment to regional integration, Albania offers promising prospects for UAE companies to invest and contribute to its development."
From the Albanian side, Belinda Balluku said, "The convening of the first session of the UAE-Albania Joint Economic Committee reflects our deepening bilateral relations and shared commitment to accelerating joint economic growth."
Discussions during the meeting centred on advancing joint projects in renewable energy, logistics, infrastructure, and agriculture. The UAE's Masdar and Albania's KESH announced plans to collaborate on clean energy projects, targeting up to 3 gigawatts of solar and wind capacity, with an initial 100-megawatt solar plant set to launch soon.
In logistics, both sides committed to exploring opportunities to enhance connectivity, with a focus on strategic transport projects, including the Durres-Pristina railway line, which will streamline trade routes across the Western Balkans.
Efforts to bolster tourism were also a key focus, with plans to increase cross-border travel and investment in hospitality infrastructure.
Upon conclusion of the JEC meeting, Al Zeyoudi and the UAE private sector delegation participated in a networking session with Laura Saro, General Director of the Albanian Investment Development Agency (AIDA), and the agency's business community members to further explore potential areas of collaboration to expand and strengthen business ties between the two nations.
Non-oil trade between the UAE and Albania reached US$80 million in 2023, a 117% increase over 2022. The upward trend continued in the first half of 2024, with trade valued at US$66.4 million, a 64% year-on-year growth. This positions the UAE as Albania's leading GCC trading partner and a pivotal player in its broader Arab trade relations.
