ISLAMABAD, Oct 9: Bosnia and Herzegovina wants to strengthen trade ties with Pakistan, its President Bakir Izetbegovic said on Tuesday as he invited Pakistan entrepreneurs to his country as it also offers a gateway to enter into an European market of over 600 million people.

“Bosnia is keen to strengthen economic relations with Pakistan because both countries have good potential to promote trade and exports,” he said while addressing a seminar on “Pak-Bosnia Business Opportunities” organised by Trade Development Authority of Pakistan and Ministry of Commerce.

The visiting President of Bosnia said that Pakistani entrepreneurs should explore Bosnia for increasing trade and capturing a better market share in Europe.

He added that Pakistan and Bosnia should benefit from the process of globalisation, and that Bosnia was a well-integrated economy with Europe, therefore Pakistan can reap substantial economic benefits by increasing trade & economic cooperation with Bosnia.

He said Bosnia achieved 5.7 percent GDP growth during last year, which showed the resilience of the economy.

“Both countries should develop institutional arrangements and give the major role to private sectors for promoting trade and economic relations,” Izetbegovic, said while expressing confidence that his visit along with a high profile business delegation would produce concrete results for both countries.

Nawabzada Malik Amad Khan, State Minister for Foreign Affairs welcomed the visiting guest and said that Pakistan and Bosnia enjoyed cordial relations however economic relations between the two countries were not up to the desired level.

Speaking on the occasion, Zafar Bakhtawari, President, Islamabad Chamber of Commerce & Industry said that the current level of bilateral trade of just $447 million from July 2011 to April 2012 between Pakistan and Bosnia was far below their respective potential.

He was optimistic that the current visit of Bosnian President along with business delegation would lead to establishment of better contacts between the entrepreneurs of both countries and help in exploring the untapped areas of mutual cooperation.