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BOSNIA AND
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Key Economic Data 
 
  2003 2002 2001 Ranking(2003)
GDP
Millions of US $ 6,963 5,249 4,800 104
         
GNI per capita
 US $ 1,540 1,270 1,240 123
Ranking is given out of 208 nations - (data from the World Bank)

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Update No: 158 - (25/07/10)

Serbian PM comes to town
The most important geopolitical relationship Bosnia and Herzegovina (BiH) has in the Balkans is with Serbia. Bosnian Prime Minister Nikola Spiric stated that Serbia was the second largest investor in BiH and among the five most important in trade and export.

As part of a recent effort at regional reconciliation, Spiric had invited Serbian Prime Minister Mirko Cvetkovic to visit neighbouring BiH on July 21, where he met with his Bosnian counterpart and attended a business forum. "My visit represents a form of continuation of our country's desire to foster relations on the political level which will create the foundation for further strengthening and deepening of bilateral cooperation," said Cvetkovic in Sarajevo. Furthermore, Cvetkovic stated that his visit "demonstrates the need and desire of Serbia to arrive at reconciliation in the region."

Cvetkovic said that Serbia, as one of the guarantors of the Dayton Peace Agreement, remained fully committed to the territorial integrity of BiH and would support any internal agreement reached by its two entities and three constituent nations.

As part of the peace agreement, BiH was divided into two semi- autonomous entities: Republika Srpska, which is Serb dominated, and the Federation of BiH, dominated by the two other constituent nations, Bosnian Muslims and Croats.

Cvetkovic's message for the 'BiH and Serbia Business Forum' in Sarajevo was that politicians were striving to create a climate where domestic business people should be welcome to invest in the other country.

The two leaders also said they agreed to a joint government session to resolve outstanding issues in the areas of border demarcation, property and succession rights of citizens.

The EU beckons - but not soon
The biggest event looming for Bosnia is accession to the European Union, which is not expected until 2015 at the earliest.

More than a decade after the 1992-5 war, it signed a Stabilisation and Association Agreement (SAA) with the EU in June 2008. The EU was satisfied with progress in four key areas - police reform, co-operation with the international war crimes tribunal, public broadcasting and public administration reform.

But the European Commission has not yet recommended visa-free travel to the EU because, like Albania, Bosnia-Herzegovina does not yet fulfil the border security conditions.

The EU maintains a peacekeeping force and a police mission in Bosnia-Herzegovina, where most Serbs live in the autonomous Republika Srpska. The Bosniak-Croat federation and Republika Srpska together form Bosnia-Herzegovina.

Bosnia's ethnic quarrels remain a worry for the EU, along with corruption and organised crime. The Commission says Bosnia is still plagued by an "unstable political climate" and ethnic divisions.

In December 2009 EU governments urged Bosnia-Hercegovina to "speed up key reforms", and regretted the absence of a "shared vision" for the country's future.
 
Energy ahoy in Republika Srpska
Everybody is on the look-out for new energy supplies, preferably close to home or at home.

Naftna Industrija Srbije, or NIS, formed a venture with Zarubezhneft to explore and produce oil in the Serbian part of Bosnia and Herzegovina, the Serbian company said on July 16.
Preliminary estimates indicate that there are 50 million tons of oil in Republika Srpska, NIS said.

 

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