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International trade

Saudi Arabia and Bosnia and Herzegovina Strengthen Economic Ties through Partnership-Based Approach

Strategic Insights

— 1 min read

A delegation from the Kingdom of Saudi Arabia, led by Deputy Governor for International Relations at the General Authority for Foreign Trade, Abdulaziz Alsakran, met with the FBiH Minister of Energy, Mining and Industry, Vedran Lakic, and directors of public companies from the energy and industrial sectors in Bosnia and Herzegovina. The meeting focused on energy, industrial development, and defense industry projects, with both sides emphasizing the importance of equal business relations and mutual benefits. Minister Lakic highlighted the capabilities of BiH companies, such as Terminals of the FBiH, Energoinvest, BH-Gas, and the defense industry, to be strong partners in projects that deliver concrete results. Both parties agreed to establish a principle where BiH companies can operate in Saudi Arabia and vice versa, to establish a real and sustainable partnership.

Key Takeaways:

  • A delegation from the Kingdom of Saudi Arabia, led by Deputy Governor Abdulaziz Alsakran, visited Bosnia and Herzegovina to strengthen economic ties.
  • The meeting with Minister Vedran Lakic and directors of public companies focused on energy, industrial development, and defense industry projects.
  • Minister Lakic emphasized that bi-lateral business relations are based on establishing equal partnerships that bring mutual benefits, rather than seeking aid.
  • BiH companies, such as Terminals of the FBiH, Energoinvest, BH-Gas, and the defense industry, have the capacity and expertise to take on demanding tasks and meet the demands of the Saudi market.
  • The delegation was presented with key infrastructure and energy projects, including the gasification of the Federation of BiH through three international gas interconnections.
  • Opportunities for industrial cooperation were discussed, with the Saudi side expressing strong interest in the capacities and expertise of BiH companies.
  • Minister Lakic thanked the delegation for their open partnership-based approach and emphasized the importance of continuing such dialogue to strengthen economic ties between the two countries.

Statistics:

  • None mentioned in the article.

Sources:

  • [Source 1: Official press release from the Ministry of Energy, Mining and Industry, Federation of Bosnia and Herzegovina]

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