The Deputy Prime Minister of Serbia and Minister of Foreign and Internal Trade and Telecommunications Rasim Ljajić met today in Goražde with the Minister of Foreign Trade and Economic Relations of Bosnia and Herzegovina Mirko Šarović and the Minister of Communications and Transport of Bosnia and Herzegovina Damir Hadžić.

Minister Ljajić stated that the aim of such meetings is to connect the territories of Serbia and Bosnia and Herzegovina on an economic basis, because individually these are small markets which are not attractive enough for foreign investors. “This is also a message to foreign investors that these two countries have something to offer, and that that offer will be much greater if we unite our potentials”, said the Deputy Prime Minister of Serbia.

The ministers discussed two insufficiently used segments of cooperation between the two countries – the automotive industry and the defense industry. “Serbia has made significant progress in the export of automobiles and automotive equipment, which has increased by 24% this year. Therefore, we wish to connect this industry with other automotive industries in the region and Goražde is the best place to start such cooperation”, said Ljajić.

Minister Ljajić and Šarović agreed to speed up the signing of an agreement in the field of defense industry. The ministers also agreed that although companies from both countries are already working together, this agreement would be an additional incentive to develop their cooperation and for them to jointly access third markets, and thus increase the export of the defense industry.

The Deputy Prime Minister of Serbia said that he was working on organizing a joint visit to Russia with Minister Šarović, where they will discuss, with the Russian Minister of Economy, the possibilities of a joint approach to the Russian market. “Serbia has not yet used the potentials of the market of the Russian Federation because domestic producers do not have the ability to continually export large amounts of high-quality goods, and that is why it is important to unite our capacities” said Ljajić, adding that the Russian market is very interesting for both countries but that it is not the only one that should be explored.

Ljajić pointed out that Serbia and Bosnia and Herzegovina have excellent economic relations and added that Bosnia and Herzegovina is the third largest market for exporting goods from Serbia, and the fifth foreign trade partner of Serbia in the exchange of goods in both directions.