Member Presidency of Bosnia and Herzegovina (BiH) Mladen Ivanic (1st L) and Chinese Ambassador to BiH Chen Bo (1st R) attend a symposium entitled "Five Years of BRI: Cooperation and Chances" in Sarajevo, BiH, on Sept. 12, 2018. (Xinhua/Haris Memija)
The Belt and Road Initiative is set to bring better communication and infrastructure, and stronger trade between Bosnia and Herzegovina (BiH) and China, participants of a symposium agreed on Wednesday.
The symposium was held under the theme "Five Years of BRI: Cooperation and Chances". This year marks the fifth anniversary of the China-proposed Belt and Road Initiative.
Proposed in 2013, the Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of the Silk Road.
Mladen Ivanic, member of BiH Presidency, pointed to the long history of 2,000 years when the term "Silk Road" was invented, and highlighted its role in the economy and in connecting different societies and improving friendships.
When it comes to trade relations between BiH and China, Ivanic said there will be investments in the energetic sector and different types of infrastructure soon.
"Apart from construction of infrastructure here by Chinese companies, what is very much important is the direct investment in the economy, and opening of the new workplaces," Ivanic said, adding that BiH will have a tremendous benefit from it.
Chen Bo, Chinese ambassador in BiH, cited the stable profit by the thermal power plant "Stanari", located some 175 kilometers northwest of the capital Sarajevo.
She added that Block 7 Thermal Power Plant in Tuzla, located some 120 kilometers northeast of Sarajevo, entered the process of approval at the Federation of BiH Parliament.
Anto Domazet, an economy expert, said BiH exported 38 million KM (23.8 million U.S. dollars) worth of goods to China in 2017 and the imports amounted to 424 million KM.
"The export is almost five times higher than in 2012, and import has doubled," Domazet added.
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