Bulgaria's Economy and Energy Minister and the Minister of Foreign Trade and Economic relations of Bosnia and Herzegovina Boris Tucic signed an Economic Cooperation Agreement.
Bulgarian Economy and Energy Minister Dragomir Stoynev said that the agreement on economic cooperation between Bulgaria and Bosnia and Herzegovina would allow companies from the two countries to strengthen their partnership and to cooperate in different sectors.
He described the agreement as an important step for the development of bilateral economic relations.
"There is still unused potential in the sphere of commercial and economic ties despite the traditionally good relations between Bulgaria and Bosnia and Herzegovina," Stoynev emphasized.
He pointed out that the trade turnover between the two countries in the first quarter of 2014 amounted to EUR 17 476 M, up by 27% on the year.
Stoynev, as cited by the government's press office, claimed that the current trade turnover between the two countries was insufficient despite the positive results in the past year.
Krasin Dimitrov, Deputy Minister of Economy and Energy, cited investments, regional energy and transport projects, commerce and tourism as potential spheres of bilateral cooperation.
"Bulgarian businesses are interested in investments in Bosnia and Herzegovina, which has duty-free relations with the remaining non-EU Balkan countries," he said.
Infrastructure building in Bosnia and Herzegovina, food supplies, the wood processing industry, furniture production, the chemical, pharmaceutical, and textile industries, the metal processing industry, and the participation of Bulgarian companies in tender procedures organized by the government were also listed as potential spheres of bilateral business cooperation.