Other sectors like coal mining and steel are also on the radar for both countries.
Bosnia and Herzegovina (BiH), a former Yugoslavian state hit hard by the current euro zone debt crunch, is looking to turn things around. In an attempt to unlock its growth potential, the Balkan state is keen on securing India’s assistance to step up investment by a few more notches.
During an interview with DNA, Mirko Sarovic, minister of foreign trade and economic relations, BiH, who was in India to attend an International Seminar on Energy Access, said, “We hope to benefit from India’s experience in renewable energy, especially biomass.”
“An Indian team will conduct a study of the renewable energy sector in BiH to see how India’s renewable energy model can be implemented in Bosnia.”
Sarovic also called upon Farooq Abdullah, minister of new and renewable energy. “Ours is a country which has a great potential in the thermal power sector. We are exporting electricity to other countries in the Balkan region. We wish to further tap this potential through greater foreign and Indian investment,” Sarovic said in the interview.
Other sectors like coal mining and steel are also on the radar for both countries. “Some Indian companies have shown interest in thermal power and coal mining. We are rich in coal mines. We also have several thermal power plants, but want to establish new ones,” Sarovic said, adding, some Indian companies are strong contenders for these projects.
The current volume of bilateral trade between India and BiH is in the range of $50 million. India attributes this to “lack of adequate finances, weak banking sector, lack of awareness of business potential, weak banking network between the two countries and a lack of reliable credit facilities”.
To address that, the two sides have set up a joint committee on trade that provides an institutional framework for intergovernmental discussions on economic cooperation. The panel has identified agriculture, energy, construction (of railway lines), IT and air transport as the key areas for synergy.
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