Bulgaria, Bosnia and Herzegovina Sign Economic Cooperation Agreement

Bulgaria's Economy and Energy Minister and the Minister of Foreign Trade and Economic relations of Bosnia and Herzegovina Boris Tucic signed an economic cooperation agreement.

Bulgarian Economy and Energy Minister Dragomir Stoynev said that the agreement on economic cooperation between Bulgaria and Bosnia and Herzegovina would allow companies from the two countries to strengthen their partnership and to cooperate in different sectors.

He described the agreement as an important step for the development of bilateral economic relations.

"There is still unused potential in the sphere of commercial and economic ties despite the traditionally good relations between Bulgaria and Bosnia and Herzegovina," Stoynev emphasized.

He pointed out that the trade turnover between the two countries in the first quarter of 2014 amounted to EUR 17 476 M, up by 27% on the year.

Stoynev, as cited by the government's press office, claimed that the current trade turnover between the two countries was insufficient despite the positive results in the past year.

"The agreement is a possibility for exchange of experience and good practices in the sphere of economy," Stoynev stated.

At the proposal of Stoynev, the two sides agreed that the first meeting of the joint committee of Bulgaria and Bosnia and Herzegovina would be accompanies by a business forum aimed at deepening the dialogue between companies from the two countries.

Stoynev boasted about the measures adopted by the socialist-led government over the past year to improve the business environment, including the reduction of the administrative burden, which had helped Bulgarian businesses save BGN 160 M.

He argued that Bulgaria had had economic growth of over 1% in the past three quarters and the jobs created in the first quarter of 2014 had been 40 000.

Krasin Dimitrov, Deputy Minister of Economy and Energy, cited investments, regional energy and transport projects, commerce and tourism as potential spheres of bilateral cooperation.

"Bulgarian businesses are interested in investments in Bosnia and Herzegovina, which has duty-free relations with the remaining non-EU Balkan countries," he said.

Infrastructure building in Bosnia and Herzegovina, food supplies, the wood processing industry, furniture production, the chemical, pharmaceutical, and textile industries, the metal processing industry, and the participation of Bulgarian companies in tender procedures organized by the government were also listed as potential spheres of bilateral business cooperation.

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