Friday, 23 June 2023

Doing business in Albania- Significant opportunities for strengthening bilateral relations


Doing business in Albania- Significant opportunities for strengthening bilateral relations

Athens, 23 June 2023- The series of successful export webinars “Doing Business in.. – Challenges and Opportunities”, continues with the 18th consecutive webinar “Doing Business in Albania – Challenges and Opportunities”, organised by Enterprise Greece on June 21, 2023 in collaboration with the Economic and Commercial Affairs Office of the Greek Embassy in Tirana.

“Doing Business in Albania” brought together 110 registered participants, confirming the mutual interest in strengthening relations between the two countries, focusing mainly on the food and beverage, building materials & construction industry, with reference to women’s entrepreneurship.

Albania is considered a target – country for Greece, given its geographical position and its progress in the sectors of food & beverage, construction and tourism, where Greek products have a comparative advantage, due to quality and recognition. Albania ranks 18th in the destination countries for Greek exports, with a 1.55% percentage on total exports and exportable products such as electricity, petroleum products, iron and steel, aluminium, machinery and boilers, paper and cardboard, products made of vegetables, fruits etc..

Both parties stressed the fact that there is room for improvement in strengthening commercial relations, given the percentage of untapped export potential which amounts to 167 million US. Pharmaceuticals, food, construction material, electric energy are among those products with significant prospects for exports to the Albanian market.

Ms Betty Alexandropoulou, Executive Director and Member of the BoD of Enterprise Greece, and H.E. the Ambassador of Greece to Tirana, Ms Konstantina Kamitsi, both addressed a brief welcome at the Webinar.

During the co-organised event, special emphasis was given at the particularities of the Albanian market, and the Head of the Economic Affairs at the Embassy of Tirana, elaborated on the bilateral economic – trade relations with Greece.

Distinguished speakers from the Albanian business community highlighted the opportunities but also the difficulties that Greek export companies and female entrepreneurs may face in entering and establishing themselves in the market, especially in the sectors of Food & Beverage and Construction & Building Materials.

The Food & Beverage Sector represents a traditional, yet fragmented market, with small family enterprises, while the sector of construction materials offers great opportunities, especially in energy efficient products. Growth in the construction sector reaches 9.5% of GDP, same level prior the recession era.

In her opening speech, Ms Betty Alexandropoulou, Executive Director and Member of the BoD of Enterprise Greece, stated: “ I am very happy because we are given the opportunity not only to confirm the bonds of friendship and cooperation between our two countries, but also to strengthen our trade relations. Greece is one of the main trade partners of Albania, since it’s the third country from which Albania imports; and, at the same time, Greek exports to Albania have climbed by 60% the last five years. We aim to further expand our exports to Albania, based on the recognition of Greek products and their certified quality characteristics”.

H.E. the Ambassador Konstantina Kamitsi stated: “Greece is one of the biggest foreign investors in Albania and bilateral trade is flourishing. The fact that we share the same values, as the majority of Albanians speak the Greek language in addition to the proximity of the two countries, create a favourable business environment to facilitate further cooperation and development”.

Mr Marios Belibassakis, Head of the Commercial Section of the Greek Embassy in Tirana, pointed out that: “Albania coped successfully with the challenges of the pandemic and the war in Ukraine. The business environment is constantly improving, and new projects are expected to start soon. Bilateral trade is increasing and there are great opportunities for Greek entrepreneurs and exporters, as Albania’s EU integration process is underway and the country is keen to cooperate with neighbouring countries”.