By Faiza Tehseen Islamabad, Mar 01 (INP-WealthPK): Albania is interested in developing strong ties with Pakistan in multiple sectors, especially in trade and tourism, said Albanian Non-Resident Ambassador Kastriot Robo during a recent visit to the Islamabad Chamber of Commerce & Industry (ICCI). [caption id="attachment_64312" align="aligncenter" width="696"] Relation between Albania and Pakistan[/caption] Ambassador Kastriot said the geographical position of Albania is important for Pakistan to enhance its trade net. He said Albania occupies a very important place in the landmarks of the European region and emphasized that there is a vast scope for tourism there like in Pakistan. He said Pakistani investors could benefit a lot by investing in his country. Business between Pakistan and Albania is smooth but it needs a tactful official planning. Bilateral trade is far below the actual potential. To earn better profits and to strengthen its economy, Albania is a good opportunity for Pakistan. Bilateral trade balance is random and needs enhancement. According to COMTRADE data base on international trade, during the year 2022, Pakistan’s exports to Albania were worth US$4.14 million and imports US$96.64 million. The State Bank of Pakistan (SBP) data shows that Pakistan exported USD0.002561 billion worth of goods and services to Albania, while the imports were worth USD0.375 million during the current fiscal year 2021-2022. [caption id="attachment_64314" align="aligncenter" width="696"] Import and export from Albania[/caption] Although Albania is not very advanced on the international business scale, its performance is much better than Pakistan. According to Economic Freedom index 2022, Albania scores 66.6, ranking 50th position, and is considered ‘moderately unfree’, while Pakistan scores 48.8, ranking 153rd position, and is considered “mostly unfree”. [caption id="attachment_64313" align="aligncenter" width="696"] Albania scores 66.6, ranking 50th position[/caption] On the other hand, Pakistan occupies 108th position in the ease of doing business among 190 economies according to the World Bank rating index. This situation needs to be considered seriously by the Pakistani policymakers. There is too much potential in the tourism and hospitality sectors of Pakistan and Albania, and both can merge their tourism profiles for mutual benefit.