Mr. Petrit Malaj, Minister of Finance, participated in the second day of the “Tirana Diplo 2024” Ambassadors Conference, organized by the Ministry for Europe and Foreign Affairs. Along with Mr. Blendi Gonxhja, Minister of Economy, Culture, and Innovation, Mrs. Ines Muçostepa, President of the Union of Chambers of Commerce and Industry, and Mrs. Laura Plaku (Saro), Executive Director of AIDA, the Minister participated in a discussion panel on economic diplomacy. During his speech, Mr. Malaj stated that nations seeking to advance not just their economic objectives but also their national interests and to strengthen trade alliances are finding that economic diplomacy is becoming increasingly vital.

“Diplomats undoubtedly have the most important role in the implementation of the strategy of economic diplomacy, which is to absorb not only foreign investments in strategic sectors for the country but also, of course, to increase commercial cooperation between countries,” said Mr. Malaj.

The Minister of Finance highlighted that Albania is currently an attractive destination for foreign investments, a sentiment that is corroborated by the significant increase in foreign direct investments observed in recent years. He further noted that diplomatic missions can promote the country, now that the Albanian economy has demonstrated resilience and is regarded as one of the most robust in the region. Additionally, the country’s credit rating has improved, as evidenced by the positive assessments from leading rating agencies such as Standard & Poor’s and Moody’s.

In this context, Mr. Malaj stated that a more substantial commitment is necessary from the diplomatic missions concerning the promotion of the business climate and investments in strategic sectors. Such promotional activities have the potential to benefit not only Albania but also foreign investors, particularly in fields such as tourism, energy, infrastructure, information technology, and agriculture. To facilitate direct contact and meetings with multinational companies, which may then be encouraged to establish a presence in Albania. Furthermore, this would allow for the mediation process and facilitation of business transactions.

“I believe that these are three plans where a more proactive engagement of our diplomatic missions would naturally provide an added value and help tremendously in attracting foreign investments and also in increasing commercial exchanges between countries,” the minister stated.
Similarly, the Minister stressed the importance of keeping diplomats informed about the most recent developments in the economy, including regulatory developments, so they can more effectively spot opportunities for foreign investment or ways to strengthen trade relations. He also emphasized the need for improved communication between the diplomatic corps and the institutions to have a more thorough overview of the nation’s economic situation.