Dzogovic, Suada and Dzogovic, Anela (2018) Economic diplomacy in the function of economic interests of Bosnia and Herzegovina. Knowledge - International Journal, Scientific Papers, 27. pp. 49-56. ISSN 2545-4439
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ECONOMIC DIPLOMACY IN THE FUNCTION OF ECONOMIC INTERESTS OF BOSNIA AND HERCEGOVINA.pdf Download (1MB) | Preview |
Abstract
The paper presents the concepts of conceptualization of economic diplomacy, which is a form of state
activities relations directed towards relations with other countries and international organizations aiming to increase
exports and attracting foreign investments. Given that economic growth and development are the primary goal of the
country in which is invested, as well as the countries of investors who are also acting in the direction of increasing
their profits, in international economic relations economic diplomacy is becoming a key instrument in their
achievement. Its role is particularly evident in countries that are going through the transition period and in countries
where political representatives have a strong influence on economic decision-making. Through the application of
scientific-research, analytical-synthetic and statistical data in the paper the consequence of the economy and the
financial market of economically developed countries is emphasized, which resulted in the diversification of
methods and instruments of economic mediation, which was especially reflected on investment in post-war Bosnia
and Herzegovina with its constitutional, economic structure and many other shortcomings that have huge obstacles
in establishing bilateral and multilateral relations not only with the countries of the region, but also with the
countries of the European Union, and beyond. A serious problem is the existence of entities and districts that create
two or even more economic markets. Macroeconomic instability, inefficient legislation, pre-war infrastructure, the
sale of domestic industrial giants, party-oriented privatization, political differences are just some of the factors that
will continue to significantly distance Bosnia and Herzegovina from the sustainable development necessary for
joining the European Union and attracting foreign investors. According to the author, although the development of
economic diplomacy is primarily required by the economic development of the country, which in fact determines its
place on the international economic scene, the highest level of its development can be achieved by economic
diplomacy in the conditions not only of the economically viable but political environment. Due to this, Bosnia and
Herzegovina would need to establish a new strategy for attracting foreign investors, launching the domestic
economy, and increasing employment and exports, which could be contributed by economic diplomacy to new
models for attracting foreign capital and increasing exports of domestic products.
| Item Type: | Article |
|---|---|
| Subjects: | Social Sciences > Economics and business Social Sciences > Social and economic geography |
| Divisions: | Faculty of Tourism and Business Logistics |
| Depositing User: | Cane Koteski |
| Date Deposited: | 17 Sep 2020 08:46 |
| Last Modified: | 17 Sep 2020 08:46 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/24474 |
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