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Economy

Imports of machinery and spare parts from Italy and China are increasing

  • 3/31/2021 2:48 PM
Imports of machinery and spare parts from Italy and China are increasing

Imports of machinery, equipment and spare parts, a direct indicator of investment in the economy increased by 4% in February, reaching ALL 12.4 billion from ALL 10.4 billion in February 2020.

Meanwhile, throughout 2020, the imports of this group are estimated at ALL 133.8 billion.
Imports for basic goods of manufacturing industries are associated with the expansion of the activity of these sectors and the growing interest of the enterprise in the use of modern technologies that improve the quality of production.

Referring to INSTAT data, during 2020, Italy, China and Turkey were the main partners with the largest volume in terms of import value of this category. A total of ALL 5.1 billion of machinery, equipment and spare parts were imported from Italy.

All 4.2 billion ALL of machinery, equipment and spare parts were imported from China. While 1.45 billion ALL of machinery, equipment and spare parts were imported from Turkey.

The inflow of FDI in Albania has maintained a positive upward trend over the years. Despite the situation created due to the COVID-19 pandemic, Albania is still of interest to foreign investors.

Foreign direct investments during 2020 were 933 million euros, according to balance of payments statistics published by the Bank of Albania.

The focus for the development of the Albanian economy will remain the attraction of foreign direct investment with priority in sectors where the Albanian economy has untapped potential both in terms of natural resources and in the development of sectors that are not yet performing with their potential. Such sectors are the renewable energy sector, the tourism sector, the agribusiness sector, the infrastructure sector and the services sector.

/Klara Ruci/