FIC roundtable: Bridging the gap for strategic economic cooperation with Saudi Arabia

The session featured Dr Zeljko Hanzek, a seasoned business consultant with two decades of experience in the Gulf region. Hanzek, who played a pivotal role in establishing bilateral trade agreements and facilitating the opening of the Croatian Embassy in Riyadh, presented successful business models to the participants.

FIC Executive Director Nedim Makarevic expressed concern over the current stagnation of bilateral trade between BiH and Saudi Arabia. He noted that despite the friendly historical ties, existing cooperation is largely limited to religious tourism and the importation of minor goods. Makarevic stated that major economic projects are not even on the horizon and explained that this event is an attempt to change that by utilizing proven success models to improve cooperation.

The FIC currently comprises 85 member companies, primarily from Germany, Austria, and the Netherlands. Makarevic highlighted the significant footprint of these members on the local economy, noting that since the late 1990s, they have invested over 10 billion Bosnian marks (approximately €5.11 billion) and currently employ more than 20,000 workers. He emphasized that the influx of foreign capital is viewed as a critical component for increasing national security and economic stability.

Dr. Hanzek concluded by stating that Gulf markets are sincerely open to cooperation but require a specific strategic approach. He provided insights into navigating the regional business landscape, focusing on what steps the BiH economy must take to present its potential effectively to Saudi partners.