THE ROLE OF EMBASSY IN ECONOMIC DIPLOMACY - POSITION OF BIH IN TURKEY

The increasing significance of international trade and diplomatic relations has created a new definition to the role and development of state economy through embassies. States are recognizing the growing importance of commercial and economic diplomatic activities. In the changing role of diplomacy from a traditional approach to a significant rising of other influential international and domestic actors, the paper analyses new and modern tools of investment promotion and the role of embassies. In addition, we question the role of embassies as state negotiation and promotion agencies, as well as what are the procedures to bolstering economic diplomacy. The current researches are focused on the perspective of historical development and the increasing need for economic diplomacy in the encroaching globalization era. At the end, the paper concentrates on a specific example of the Embassy of Bosnia and Herzegovina in the Republic of Turkey as an analyses of the role of embassies and diplomats. The paper reaches a conclusion that the Embassy of Bosnia and Herzegovina in the Republic of Turkey is not in line with theories of the role of embassies in terms of economic diplomacy. In addition, there is a significant lack of qualified personal, the lack of cooperation with the MFA and a general difficult legal and political situation in BiH with issues concerning internal sovereignty, thus discrediting FDI and limiting the government influence and authority. Key Words: Economic diplomacy, globalization, embassy, investment