(ANSA) - BELGRADE, APR 29 - Fincantieri and Kayo, a company specialising in the development of strategic industrial infrastructure controlled by the Albanian Ministry of Defence, signed a Joint Venture Agreement (JVA) in Tirana, in the presence of Albanian Prime Minister Edi Rama, to establish a joint venture (JV) to operate in Albania's naval construction and maintenance sector. The joint venture, which will be 51% owned by Fincantieri and 49% by Kayo, will aim to build and maintain naval vessels for the Albanian Navy while also capitalising on commercial opportunities in the international market. The initiative's industrial plan aims to acquire approximately 10 vessels between 2026 and 2030, capitalising on the high expected demand for small-to-medium coastal surveillance vessels (OPVs). This agreement builds on a process that began in 2025 with the signing of two memoranda of understanding to evaluate and define a strategic industrial collaboration. The joint venture between Fincantieri and Kayo is "an important step in the path of industrial and strategic cooperation between Italy and Albania, confirming the solidity of a partnership based on shared interests and a long-term vision," said Pierroberto Folgiero, CEO and General Manager of Fincantieri, on the establishment of a joint venture with the Albanian shipyard Kayo. Fincantieri views the initiative as a strategic investment aimed at establishing a production hub in Albania to support the Albanian Navy's operational capabilities while also fostering the joint venture's industrial and commercial expansion into international markets. The agreement also helps to strengthen Fincantieri and Italy's position as key industrial players in the Mediterranean." (ANSA).