Minister Šarović and President of FTC BiH Ismet Kumalić signed Protocol on subsidizing participation of BiH companies in collective performances of BiH economy at international trade fairs in 2013



Minister of Foreign Trade and Economic Relations of Bosnia and Herzegovina Mirko Šarović and President of the Foreign Trade Chamber of Bosnia and Herzegovina Ismet Kumalić signed today the Protocol on subsidizing participation of BiH companies in collective performances of BiH economic entities at international trade fairs in 2013.

Minister Šarović said that MoFTER BiH, based on the Decision of the Council of Ministers of BiH on the criteria for allocation of current grants approved for the Ministry of Foreign Trade and Economic Relations of BiH, will set aside a total of KM 150,000 to support fair events at home and abroad during the year 2013 – i.e. KM 50,000 for appearances of BiH companies at international and KM 100,000 at local trade fairs.

He stressed that these funds will cover a third of the planned costs of participation in trade fairs during 2013.

Minister Šarović said that the Ministry he leads will double the funding for this purpose in the next year to the amount of KM 300,000.

„It is very important to support the local economy by promoting it at domestic and foreign markets. This is part of MoFTER's policy that will continue in the future“ said Minister Šarović.

President Kumalić said that the signing of the Protocol is one of the steps in order to support BiH economy. He said that organizing performances of BiH economic entities at international trade fairs aims at increasing the value of BiH exports to foreign markets and strengthening the position of domestic companies in the BiH market. In this regard, he said that the FTC in its Annual Plan for 2013 plans to organize participation at 11 trade fairs abroad, worth KM 1,130,000. For this purpose, the FTC of BiH plans to allocate about KM 260,000.