Turkey's trade volume with Bosnia and Herzegovina increases tenfold

Published 23.10.2017 00:00

Turkey's Ambassador to Sarajevo Haldun Koç has recalled that in 2003, when the first Free Trade Agreement (FTA) between Bosnia and Herzegovina and Turkey was signed, trade volume stood at $70 million. Now the two countries have reached a $700 million level of trade, in a striking display of progress Bosnia and Herzegovina and Turkey have mutually made. Koç evaluated the agenda and bilateral relations between the two countries, noting that relations between Turkey and Bosnia and Herzegovina have always been special and very different in both historical and cultural terms.

The most important points crowning these high-level relations are the economy and investments, Koç said.

Underlining that the continuous rise of economic and commercial data in a country is a key indicator that political relations are being accurately reflected in the economy, Koç pointed out that the trade volume between the two countries, which was $542 million in 2015, had reached $600 million in 2016.

Speaking about the 2017 figures, Koç said that there was a 12-percent increase in the first eight-month period, adding that they expect to reach a figure of around $700 million by the end of the year.

Ambassador Koç recalled that in 2003, when the first Free Trade Agreement (FTA) between Bosnia and Herzegovina and Turkey was signed, trade volume stood at $70 million, adding: "If we can achieve $700 million in trade volume from $70 million, then this is a striking display in terms of showing the level of mutual progress Turkey and Bosnia and Herzegovina have made economically."

Suggesting that Bosnia and Herzegovina and Turkey are two countries with the busiest traffic in terms of mutual high-level visits, Koç said President Recep Tayyip Erdogan is likely to visit the country in a later period.

Agricultural business forum to be held Oct. 26

Koç said that an agricultural business forum will be organized in Sarajevo on Oct. 26, to be attended by Turkish Agriculture and Livestock Minister Ahmet Eşref Fakıbaba as well as Turkish businesspeople.

Assuring that the forum will generate significant potential for new collaborations that will be further reflected in the figures, Koç stressed that the program, which will offer various investment opportunities, will be an important event.

Touching on the Sarajevo-Belgrade Highway Project that is planned to be constructed with the support of Turkey, Ambassador Koç stated that this project will make significant contributions to both the entire region and the economy.

He also indicated that the project is of great importance in social terms, adding that the parties have already begun to conduct feasibility studies in the scope of the project.

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