Overview

Bosnia and Herzegovina is a country located in southeastern Europe on the Balkan Peninsula. It is bordered by Croatia, Serbia, and Montenegro, and has a narrow stretch of land along the Adriatic Sea. Bosnia and Herzegovina covers an area of 51,209 square kilometers and has an estimated population of 3.5 million as of 2023. The country is divided into two political entities: the Federation of Bosnia and Herzegovina and the Republika Srpska.

Our history in Bosnia and Herzegovina begin in 2013 as an offshore software development lab for Fortune 500 technology companies, airlines and mobile telecommunications. In 2019 the business was acquired by Bancstac and the team became the in-house research and development arm of Bancstac. We continue to serve our international clients and have colleagues sitting on site with global technology companies and mobile telcommunication operators working collaboratively to deliver technology innovation.

In 2020, the GDP was approximately US$19.9 billion, and per capita GDP was US$6,080. Bosnia and Herzegovina's economy is dominated by the service sector, which accounts for over half of its GDP. The retail trade and restaurant industries are also important components of the service sector. Consumption and public investment are the primary drivers of economic growth. The country’s economy is tied closely to global value chains. Its largest trading partners are Croatia, Serbia, Italy, and Germany. Bosnia and Herzegovina produces raw materials such as steel, coal, iron ore, lead, zinc, and aluminum, and wood is also a significant sector and export commodity. The telecommunications sector is also expected to be a major growth driver. Additionally, the tourism sector has been experiencing significant growth. The country's industrial sector represents almost a quarter of its GDP and employs about a third of the workforce. However, challeanges remain with the productivity and competitiveness of its industrial base and financial markets. Imports of refined petroleum, cars, and packaged medicaments are among the highest in the country, with its top import partners being Serbia, Croatia, Germany, Italy, and Slovenia.

Bosnia and Herzegovina has a rich history dating back to the 12th century. The country suffered greatly during the Bosnian War (1992-1995). Since then, Bosnia and Herzegovina has been working towards stability and prosperity.