Bosnia & Herzegovina is experiencing a boom in the tourism sector, feeding the steady recovery of the Balkan country, and which spells out good things to come, according to Maric & Co Partner Ezmana Turkovic.
“The political situation is as complicated and complex as it has been so far,” Turkovic begins. “However, what has been underlined as particularly important are the recent visits of Angela Merkel and Ursula von der Leyen to countries in the Western Balkans.” She reports that these visits have stirred up hopes of the Western Balkan countries joining the European Union at long last.
Given the complexity and weight of political issues in the country, Turkovic reports that “no legislative changes and updates of note occurred, other than those that seek to curb the spread of COVID-19.” She says that these updates also aim to alleviate the negative economic side-effects of the pandemic.
Speaking more about the economy itself, Turkovic reports that it is in recovery. “COVID-19 hit us hard, but the economy is picking up speed,” she says. “Tourism is our most intensive sector right now, and it is contributing to the overall economic recovery – a lot.” Turkovic says that the tourism boom was caused by the “relatively low levels of restrictive measures concerning the entry into Bosnia & Herzegovina. This year, during the summer months, we’ve had a 200% uptick in the number of tourists compared to last year.”
Finally, looking ahead, Turkovic gives us the outlook for Bosnia & Herzegovina: “I expect the biggest changes to take place in the energy sector, given that Bosnia & Herzegovina has undertaken a series of obligations to transfer to more renewable energy sources.” She also reports that investments are possible and necessary when it comes to constructing the assets required to produce renewable energy. “Of course, the appropriate accompanying infrastructure is sorely needed, but also – the software tools needed to manage them. Still, before anything can be done, a new legal framework regulating energy should be drafted and put into effect,” Turkovic concludes.