Syrians Invest in Bosnia Despite War at Home

Syrian and Libyan investments have continued to flow into Bosnia despite vicious wars in both countries, data from Bosnia's Central Bank shows.

Data obtained by BIRN also shows that the proportion of capital flowing into Bosnia from Gulf countries has soared, with 81 per cent of foreign direct investment, FDI, originating from the region in the first three-quarters of 2016.

In 2013, Syrians held 610,000 euros in direct foreign investments Bosnia. In 2014, the figure increased to 1.18 million and in 2015 it reached 1.74 million euros. 

Libyans invested 410,000 euros in Bosnia in 2014, with that figure increasing to 460,000 in 2015.

Syria has been embroiled in a destructive civil war since 2011, pitting President Bashar Al-Assad against a range of rebel factions, including Islamic State, ISIS. 

Libya dissolved into warfare in 2014 after the fall of former dictator Muammar Gaddafi left a power vacuum in which rival groups fought for dominance.

Bosnia's Central Bank told BIRN it could not give data prior to 2012 or for the whole of 2016.

An expert told BIRN that the Syrian trade with Bosnia had continued after the beginning of the war in two main ways.

Firstly, some Syrians who then lived or studied in Bosnia remained in the country, forming groups such as the Association of the Social Congress of Syrians, led by Sherif Hakimi. Some of them also put money into businesses in Bosnia, economic analyst Zlatko Hurtic told BIRN. 

Data from Bosnia's Foreign Trade Chamber also show that textile imports from Syria continued throughout 2015, when 17 tons of textiles with a value of about 57,000 euros arrived in Bosnia. "Syria was one of the leading exporters of upholstery fabrics," Hurtic said. 

"Thanks to the growth...