Economic cooperation between BiH and Turkey will not stay immune to the drastic fall of Turkish lira (TRY) and the financial crisis there, warned the competent institutions of our country.
Minister of Foreign Trade and Economic Relations of BiH, Mirko Sarovic, stated that the economic disturbance and weakening of Turkish lira is definitely not good for the economic and trade relations between BiH and Turkey.
“Short-term disturbance will not significantly affect the amount of our mutual exchange. However, if it lasts for a longer period of time, it will have a negative effect on our companies, since the majority of trade arrangements, except meat, were contracted in Turkish lira,” stated Sarovic.
The fact that foreign trade of two countries is better every year was confirmed with the data of the Foreign Trade Chamber (VTK) of BiH. Thus, the total foreign trade of BiH and Turkey amounted to almost 554 million BAM only in the first half of this year.
In the first six months of 2018, goods in the value of 191.377.000 BAM were exported from BiH to Turkey, while the goods in the value of 362.557.000 BAM were imported from Turkey. Therefore, the export-import coverage amounted to 52.79 %.
Director of the Department for Macroeconomic System at the Foreign Trade Chamber BiH, Momir Tosic, believes that BH businessmen who export to Turkey have no reason for fear at the moment, considering the great power of the Turkish economy.
“The fall of Turkish lira will reflect on our well-established connections, especially since we had already prepared free trade agreements, where we got even more space for export of our products to Turkey,” stated Tosic.
“I believe that they will manage to deal with all these problems caused by the fall of Turkish lira,” stated Tosic.
However, he is well-aware of the fact that it is quite possible for Turkish investments in our country to be decreased in the upcoming period.