Albanian Government Council of Ministers

Albania and the United States of America commit to boosting cooperation in the areas of economy, mutual investment and trade.

The Memorandum of Understanding on Economic Cooperation was signed on behalf of the Albanian side by the Minister of Finance and Economy Anila Denaj, and on behalf of the US side by the Under Secretary for Economic Growth, Energy, and the Environment Keith Krach.

The today’s Memorandum of Understanding on Economic Cooperation is the first of its kind to be signed between Albania and the United States of America following the Economic Agreement in 1992.

The Albanian-US partnership holds untapped potential in terms of economic and trade ties between the two nations.

To this end, adoption of a Memorandum on Economic Cooperation is expected to significantly influence the Foreign Direct Investment flow to Albania, provide Albanian businesses with greater access to the US market, bolster exports, significantly improving the country’s international trade balance.

The shared commitment undertaken today will renew Albania’s commitment and readiness, while the United States has common interest in strengthening trade ties and promoting American companies’ active participation in projects launched by the Republic of Albania in its bid to boost welfare, security and regional connections in Albania.

The Memorandum represents an invitation from the two countries to promote economic activity in Albania in full compliance with the international practice and the OECD Guidelines for Multinational Enterprises.

The priority sectors as part of this cooperation include exploration and development of energy resources, infrastructure, energy, transport, information and communication technology, tourism and agriculture.

Under this Memorandum of Understanding, the United States is committed to promoting mutually beneficial partnerships between US companies and local stakeholders in Albania, including labour force development, women’s economic empowerment, and the innovation opportunities.

A key point including on this memorandum focuses the cooperation between the chambers of commerce of the two countries to promote and develop joint economic activities, such as the information and experience exchanges, as well as hosting Business Forums, Trade and Investment Fairs and the experience sharing.

The finalization of this Memorandum is a continued part of commitments and communication between the Albanian Government and the Embassy of the United States of America. 

***The Foreign Direct Investment stock from the United States recorded this year its highest level in the past six years with FDI stock estimated at around EUR 123 million in the first half of 2020.

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