Cairo: Egypt and Albania signed several memoranda of understanding to boost bilateral cooperation across 25 strategic sectors, marking the first such agreements between the two countries in more than 20 years.

According to State Information Service Egypt, the Egyptian minister highlighted that the joint committee aims to enhance bilateral trade and expand exchange volumes through stronger private sector partnerships. The minister emphasized that collaborating with Albanian firms could help broaden access to regional and international markets via the Mediterranean and the Suez Canal Economic Zone.

The memoranda of understanding focus on exchanging expertise in economic development and strategic planning, improving cooperation on national and sectoral policies, and supporting sustainable and inclusive growth. They also aim to assess economic reforms and strengthen the role of joint committees.

The minister, Al-Mashat, noted that while trade ties between Egypt and Albania have grown gradually, they remain below their potential, making deeper economic cooperation a priority. She pointed out that Egypt is pursuing an open trade policy while tightening fiscal and monetary policies and expanding private sector participation to improve the investment climate.

Additionally, a separate memorandum of understanding was signed between Egypt's General Authority for Investment and Free Zones (GAFI) and the Albanian Investment Development Agency (AIDA). This agreement aims to support investors, organize business delegations, and promote joint projects, backed by GAFI's new digital investment platform.

These measures align with Egypt's five-year economic strategy, which targets higher productivity, stronger macroeconomic stability, and greater private investment, which reached 47.5 percent of total executed investments in the 2024/25 fiscal year, the highest level in five years.