At the invitation of the organizers of the International Business Conference and EXPO 2024 titled “INVEST
NIGERIA”, the Chamber of Economy of the Federation of BiH received an invitation to present itself for the first time at this prestigious event. In addition to presenting the current situation, business opportunities and investment potential in BiH, B2B meetings were also organized with all attendees after the conference.
On that occasion, opportunities and investment potential in Bosnia and Herzegovina were presented, as well as the possibilities BiH offers to potential investors. This primarily refers to BiH’s excellent geographical position on the European continent, its tradition and heritage of industrial processing and production, as well as the very low corporate tax rate, which is the lowest in the region.
Afterwards, the NIGERIA – BALKAN business forum was organized, in which representatives of the Chamber of Economy of the Federation of BiH also took part, discussing the automotive industry in BiH, its potential and opportunities, but also the challenges currently faced by this industry in the region and the world. A special presentation was held on the topic “How to become a supplier to European automotive brands?”. On that occasion, experiences were shared from the work of companies from BiH with companies, i.e. brands, of the European automotive industry. A representative of the Nigerian National Council for Automotive Design and Development introduced us to Nigeria’s automotive industry and briefly explained the current opportunities and investment potential in this industry.
It was established that there is significant investment potential, especially when it comes to Japanese vehicle brands that are overwhelmingly present on the streets of Nigeria.
In the end, it can be concluded that the entire automotive industry of Europe is facing the same or similar challenges, and that the earliest possible networking and joint action of companies can contribute to a faster overcoming of the current challenges facing the automotive industry.
The visit to Nigeria was also used to plan the next steps in sectoral cooperation, and further steps were agreed toward bringing this large market closer to Bosnian-Herzegovinian engineering companies that could be involved in the announced projects in this country. Nigeria, with over 225 million inhabitants and as the strongest economy in Africa and a member of the world’s largest free trade area, AfCFTA African Continental Free Trade Area, with over 1.4 billion people, will in the coming decades be in the focus of international investment and financial corporations.
It is very important that the Bosnian-Herzegovinian economy, especially in the engineering segment and sectors with a high degree of processing, is institutionally recognized through the Chamber of Economy as a potent partner for serious projects in the mentioned period.
