Albania Eager to Forge Banking Ties With Iran

The Albanian foreign minister expressed his country's willingness to work with Iranian counterparts in banking ventures. "It is still too early to talk about solid banking relations between Tehran and [the Albanian capital of] Tirana, but the banking sector of Albania has shown that it wants to interact with the Iranian side," Ditmir Bushati also said in a talk with IRNA.

Bushati, 39, arrived in Tehran on Saturday at the head of a trade delegation consisting of representatives of major Albanian companies. He first met with his counterpart Mohammad Javad Zarif and announced that his country has decided to open an embassy in Tehran.

The Albanian foreign minister also met with President Hassan Rouhani on Sunday, announcing that Albania is determined to "open a new chapter in the history of relations between the two countries" by vastly expanding Tehran-Tirana ties. Deputy foreign minister, Saleem Bolor Taya, last year became the first major Albanian politician to visit Tehran after the removal of international sanctions. He met with the Chairman of Tehran Chamber of Commerce, Industries, Mines and Agriculture Masoud Khansari to discuss joint ventures and the possibility of exports to the European market.

"We want Iranian economic players to invest in Albanian projects," he had said at the time. Iran Customs Administration data show Iranian exports to Albania stand at $1.2 million, while its imports reached a meager $86,586.