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Bosnia-Herzegovina, Lithuania sign agreement on investment protection

Bosnia-Herzegovina and Lithuania signed on Thursday an agreement on the promotion and protection of investment between the two countries, said reports reaching here from the Bosnian capital Sarajevo.

The agreement, which is the first step toward boosting the bilateral economic ties, was signed by Bosnian Foreign Trade and Economic Relations Minister Slobodan Puhalac and visiting Lithuanian Foreign Affairs Minister Petras Vaitiekunas, the Bosnian news agency FENA reported. The trade volumes between the two countries amounts to some €2.3 million ($3 million) a year and are expected to be significantly improved in the future.

Lithuania has been involved in Bosnia's business as investor in the Aluminum Factory Birac in the eastern Bosnian town of Zvornik. It also hopes to take part in the privatization of the largest of Bosnia-Herzegovina's aluminum factories in Mostar, through a Lithuanian-Polish consortium. Vaitiekunas said after meeting with his Bosnian counterpart Sven Alkalaj that the two countries should further improve their economic cooperation. He also said that Lithuania is ready to support Bosnia's progress towards the European Union and the Baltic country is to host a summit of Baltic and South-Eastern Europe's countries next year. (