UAE And Albania Strengthen Economic Ties With Inaugural Joint Economic Committee Meeting In Tirana

The UAE and Albania have taken a significant step in enhancing their economic ties by launching their first Joint Economic Committee (JEC). This meeting, held in Tirana, signifies a new era in trade and investment relations between the two nations. The focus is on key sectors such as renewable energy, logistics, infrastructure, agriculture, food security, and technology.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, co-chaired the meeting with Belinda Balluku, Albania's Deputy Prime Minister and Minister of Infrastructure and Energy. Senior officials and private sector representatives from both countries attended. Participants included Juma Al Kait from the UAE Ministry of Economy and Blendi Gonxhja, Albania's Minister of Economy.

"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."

Al Zeyoudi highlighted the UAE's advanced infrastructure and global connectivity as an opportunity for Albanian businesses to expand their reach. He noted that Albania's strategic location offers promising prospects for UAE companies to invest. "Equally, we recognize the vast potential that Albania holds for UAE businesses," he added.

Belinda Balluku expressed enthusiasm about the deepening bilateral relations. "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," she stated.

Collaborative Projects in Key Sectors

Discussions during the meeting focused on advancing joint projects in renewable energy, logistics, infrastructure, and agriculture. The UAE's Masdar and Albania's KESH plan to collaborate on clean energy projects targeting up to 3 gigawatts of solar and wind capacity. An initial 100-megawatt solar plant is set to launch soon.

In logistics, both sides aim to enhance connectivity through strategic transport projects like the Durres-Pristina railway line. This project will streamline trade routes across the Western Balkans.

Efforts to boost tourism were also discussed. Plans include increasing cross-border travel and investing in hospitality infrastructure.

Networking for Future Collaborations

After concluding the JEC meeting, Al Zeyoudi joined a networking session with Laura Saro from the Albanian Investment Development Agency (AIDA). This session aimed at exploring further collaboration opportunities to strengthen business ties between the two nations.

Non-oil trade between the UAE and Albania reached US$80 million in 2023, marking a 117% increase over 2022 figures. The upward trend continued into 2024's first half with trade valued at US$66.4 million—a 64% year-on-year growth—positioning the UAE as Albania’s leading GCC trading partner.

This growing partnership underscores both countries' commitment to fostering economic growth through collaborative efforts across various sectors.

With inputs from WAM