site.btaBulgarian President: Two-way Trade with Bosnia and Herzegovina Is Up, There Is Untapped Potential

Two-way trade  between Bulgaria and Bosnia and Herzegovina is increasing, but there is a far greater untapped potential, President Rumen Radev said on Wednesday at a joint press conference after a meeting with the Chairman of the Presidency of Bosnia and Herzegovina Denis Becirovic in Sarajevo.

"I proposed that we sign a memorandum on mutual protection of investments," Radev said at the press conference. "We are interested in expanding production, in seeking new opportunities for joint ventures. I am convinced that Bulgarian businesses will gain a foothold in Bosnia and Herzegovina if more information is available."

For his part, Becirovic noted that in economic terms there are positive trends, as exports from Bosnia and Herzegovina to Bulgaria in 2023 amounted to BAM 115 million (approximately the same value in Bulgarian levs), while imports from Bulgaria to Bosnia were around BAM 142.

"We found that the common economic cooperation can be on a higher level - to connect entrepreneurs and chambers of commerce," Becirovic added.

He said that he had proposed to the Bulgarian president to ratify important bilateral agreements in the areas of tourism, youth and sports, as well as in the field of investment protection.

President Radev noted that he and Becirovic also discussed the common challenges facing the two countries, the biggest of which is the demographic crisis.

"Immigration is the biggest challenge, especially for our young people. My answer is the rule of law," Radev said. "When there is rule of law, there is justice in society."

He noted that young people are very sensitive to the issue of justice. "When there is rule of law, there is a lower level of crime and corruption, there is a higher level of security, quality education, healthcare, infrastructure."

Radev and Becirovic also discussed the possible opening of a direct airline between Sofia and Sarajevo. The Bulgarian President commented that such an airline would be possible only if travek firms consider it profitable.

Currently, the tourist exchange between Sofia and Sarajevo is about 20,000 people a year, Radev noted. In his words, it is up to the leaders of the two countries to make sure that there are more business forums and more business interest in trade and economic exchanges.

"When we get our tour operators together, and we intend to do that, (there should be) more information about the other side. When the human flow and economic exchange of our countries increases, then the transport interest will come and there will be a possibility for such a line," he explained.

The sides also discussed other bilateral issues and confirmed the friendly and sincere relations between the two countries. President Radev expressed his condolences for the victims of the floods that hit some areas of Bosnia and Herzegovina at the beginning of the month. Bulgaria has already sent assistance to tackle the aftermath of the disaster, but President Radev expressed Bulgaria’s commitment at national level and as an EU member to provide additional support.