SAUDI BUSINESS DELEGATION VISITS BOSNIA

SARAJEVO, Bosnia (May 6,2008) – The Bosnian Foreign Trade Chamber organized a business forum and bilateral meetings in the Bosnian capital Sarajevo yesterday, between Bosnian and Saudi entrepreneurs.

Entrepreneurs dealing with various sectors were in the delegation from Saudi Arabia. Head of the delegation Ghassan Al-Suleiman stated that the reason for their visit is to learn about Bosnia's potentials and investment possibilities. He emphasized that four sectors – tourism, infrastructural development, electric energy and real estates are of interest.

Some Saudi entrepreneurs, Al-Suleiman added, are interested in other investments. In the following three days, they will visit other Bosnian cities, including Mostar and Travnik.

Milan Lovric, the President of the Bosnian Foreign Trade Chamber, stated that the visit of the Saudi entrepreneurs is a chance to make a step forward in the economic relations between the two friendly countries.

Lovric added that the Bosnian companies are given an opportunity to link with the partners from Saudi Arabia who are able to support development of some resources, which will be valorised at the market.

The visit had been agreed several months ago, during a visit of the Bosnian state delegation at an economic forum in Saudi Arabia.

Representatives of the Bosnian Ministry of Foreign Trade and Economic Relations, FIPA Agency and the Bosnian Foreign Trade Chamber talked about the current situation in Bosnia and about the possibilities of investments. Bilateral meetings between Bosnian and Saudi entrepreneurs followed.

Foreign trade exchange between Bosnia and Saudi Arabia is very low. In the last seven years, surplus was recorded three times, primarily in the sector of weapons and ammunition export (2004 and 2006). Last year, the leading trade item was the internal combustion engine.

In the previous years, the leading export products were liquid pumps, electric equipment and medicaments, as well as parts of engines.

As is known, the Saudi Arabia market has undergone many changes in a short time period. The market evolved from a rather modest agriculture-based economy to regional, even world market, characterized by modern infrastructure. Oil has been the leading export item of the country.
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