- Establishment of 101st bilateral economic cooperation network of Korea -

- Foothold secured for economic cooperation with Bosnia and Herzegovina -

Ambassador Lee Seung-buhm of the Republic of Korea to the Republic of Croatia (concurrently accredited to Bosnia and Herzegovina) formally signed the “Agreement on Economic Cooperation between the Republic of Korea and Bosnia and Herzegovina” with Minister of Foreign Trade and Economic Relations of Bosnia and Herzegovina Staša Košarac on March 16 in Sarajevo, Bosnia and Herzegovina, thereby laying the groundwork for economic cooperation.

Bosnia and Herzegovina, a Southeast European country, has abundant natural resources such as coal, iron ore, timber and water. Based on these resources, its industries — including steelmaking, mining, defense and automotive parts production — are well developed. Pursuant to this agreement, the two countries aim to diversify economic cooperation with each other by promoting mutual visits of delegations that include economic experts. The two sides agreed to discuss bilateral economic cooperation during high-level meetings and on other occasions.

The agreement covers a wide range of fields for economic cooperation. With the Ministry of Foreign Affairs at the lead, the agreement was concluded with input from multiple ministries — the Ministry of Finance and Economy, the Ministry of Trade, Industry and Resources, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Oceans and Fisheries, the Ministry of Education, and the Ministry of Culture, Sports and Tourism. This agreement is expected to help improve the conditions for Korean companies’ entry into the Southeast European market and to pave the way for expanded cooperation in a variety of sectors such as industry, technology and investment.

※ Bilateral trade volume: US$41.59 million (Korea’s exports: US$10.42 million, Korea’s imports: US$31.17 million) (2025, Korea International Trade Association)

The agreement will enter into force 30 days after the two countries notify each other of the completion of domestic procedures required for its effectuation. With the economic cooperation agreement signed with Bosnia and Herzegovina, the Republic of Korea has concluded a total of 101 such agreements. The government will continue to seek additional agreements of the kind in order to boost both human and material exchanges as well as its network for economic cooperation, thereby helping Korean companies expand their foothold in overseas markets.