BRI NEWS BiH agency to strengthen economic cooperation with China

BRI NEWS

BiH agency to strengthen economic cooperation with China

Xinhua

20:59, October 23, 2019

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Photo: VCG

SARAJEVO, Oct. 18 (Xinhua) -- Economic cooperation between Bosnia and Herzegovina (BiH) and China has been boosted by China's Belt and Road Initiative and cooperation between China and Central and Eastern European countries (CEECs), said Gordan Milinic, director of BiH's Foreign Investment Promotion Agency (FIPA) and Tarik Bukvic, BiH's newly appointed ambassador to China, at their meeting here on Friday.

As of December last year, China's foreign direct investment in BiH stood at 2.6 million convertible marks (1.48 million U.S. dollars), mainly related to the timber sector, the production of construction materials, services and trade, FIPA said in a press release.

During the meeting, it was pointed out that Chinese investors' interest in BiH has increased in recent years, but there are still opportunities for strengthening economic cooperation.

FIPA pledged to provide Bukvic with all the support needed when it comes to the promotion of BiH investment opportunities to Chinese businessmen.

There are several strategic projects ongoing in BiH under the Belt and Road Initiative and China-CEEC cooperation, including the construction of two thermal power plants: one at Stanari in the north of the country, and the other, Tuzla Block 7, in the northeast.

China also maintains active cooperation with high-level educational institutions in BiH's three major cities, and is involved in the planned construction of a hospital in Republika Srpska, one of the entities in BiH.

In May 2016, a memorandum of understanding was signed by the China Council for the Promotion of International Trade and FIPA, with the aim of promoting bilateral economic cooperation. (1 Bosnia-Herzegovina convertible mark = 0.57 U.S. dollar)

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