The Albania-Israel Economic Forum kicked off in Tirana this Thursday.

Deputy Prime Minister and Minister of Infrastructure and Energy Belinda Balluku stated that Albania has become one of the most attractive destinations for foreign businesses due to the transformative state reforms that have yielded extraordinary results.

During her speech at the business forum, Balluku invited Israeli businesses to increase their presence in Albania.

“This is a forum that is being held between two countries with a long history of friendship and cooperation. But what’s more important is that this forum is addressing Israeli and Albanian businesses. The Albanian Government is clear that business is the key driver of the country’s economic development. In the current circumstances, at a historic moment for Albania’s development, partnering with countries that have somewhat similar histories but have advanced through challenges and trials is undoubtedly the best collaboration,” emphasized Balluku at the beginning of her speech.

Deputy Prime Minister Balluku noted that there has been a growing dialogue between Albania and Israel in recent years, and this dialogue has been profoundly constructive.

“In January, I visited Israel and met with many of my counterparts in key sectors. We discussed concrete projects and initiated a close collaboration with the National Cybersecurity Agency, one of the world’s leading agencies. The Albanian National Cybersecurity Agency (AKCESK) now has a close partnership with the Israeli Agency,” she said.

Balluku also highlighted Israel’s support in combating cyberattacks last year.

She informed that the cooperation between the two countries has extended beyond the economic and trade aspects, with close diplomatic collaboration, especially in international organizations, where they support each other.

Today’s forum, she said, aims to foster collaboration between representatives of Albanian and Israeli businesses.

“This is a forum that seeks to open new fields and horizons. Albania has already become one of the most attractive destinations for foreign businesses. I say this based on facts and figures because all the state reforms we have undertaken have undoubtedly yielded exceptional results. Today, Albania hosts world-renowned companies, from giants in the hydrocarbon sector like SHELL and ENI, to companies operating in the energy sector, among others. Referring to my areas of expertise, we have French companies like Voltalia, Total, and Austrian company Verbund, among many others. We are referring to telecommunications and all sectors where we have major international companies that have come to invest in Albania because the Albanian Government, through the reforms it has implemented, starting with those in the judiciary and fiscal reforms, has created the conditions and a business-friendly environment for investing, feeling protected, and continuing their business and investments as if they were Albanian citizens,” Balluku explained.

Touching on numbers, the Albanian Deputy Prime Minister mentioned that around 105 Israeli companies are operating in Albania, and trade exchanges in 2022 amounted to 57 million euros.

“From the data reported, it appears that trade exchanges between our countries were 40 million euros in 2021, increasing to 57 million euros in 2022. In the first half of 2023, they are estimated at 21 million euros. In our country, there are 105 active Israeli businesses in various fields, such as production, trade, electric energy distribution, import, export, etc.,” Balluku said.

She also noted there is a demand for cooperation in infrastructure.

A positive step, according to the Minister, is the establishment of a direct airline route between the two countries starting this June after several years of disruption.

“In 2022, the number of Israeli visitors was 7,346, marking a 61% increase compared to 2021. Just in the first half of this year, there are 6,500 Israeli visitors. Albania is experiencing one of its historic moments, in energy and tourism, and Israeli businesses cannot be absent from this scene,” she concluded.