Fincantieri Partners with Kayo to Propel Albania’s Naval Industry Forward
Fincantieri and Kayo, a firm located in Tirana (Albania), have penned a Memorandum of Understanding (MoU) aimed at establishing a strategic alliance to foster the advancement of the shipbuilding and maritime sector in the Balkan nation.
The contract was formalized yesterday in Durres in the presence of the Italian Minister of Defense, Guido Crosetto, the Prime Minister of Albania, Edi Rama, and the Albanian Minister of Defense, Pirro Vengu. It was executed by Andrea Viero, Senior Vice President of Naval Vessels Division Business Support at Fincantieri, and Ardi Veliu, CEO of Kayo.
The MoU aspires to collaboratively investigate opportunities for the establishment and administration of naval and shipbuilding infrastructures, the fabrication and upkeep of vessels, in addition to the execution of technical and vocational training initiatives. The objective is to cultivate an innovative, sustainable, and high-value industrial ecosystem capable of fulfilling the nation’s maritime defense requirements and propelling economic advancement in the region.
This initiative is part of the strengthening of industrial ties between Italy and Albania, reaffirming Fincantieri’s dedication to aiding in the modernization of production capabilities for its international associates. Leveraging its diverse sector experience and globally acknowledged leadership in shipbuilding, Fincantieri will provide its expertise to assist Kayo in developing initiatives that comply with the highest technological and environmental standards.
Albania, given its strategic location in the Mediterranean and the increasing focus on enhancing the maritime industry, serves as an ideal partner for Fincantieri to initiate long-term collaborative endeavors. In this regard, the Memorandum also allows for Fincantieri and Kayo to partner in creating a reference hub for shipbuilding and refitting in the region.
The agreement showcases the Group’s aptitude for working cohesively with local institutional and industrial entities, promoting integrated development models with a robust emphasis on skill training, job creation, and technology transfer.
