Spire Senior Consultant, Puspa Citra Anjani, discussed the opportunities in Bosnia and Saudi Arabia in a webinar organised by MFA.

On 27 April 2022, the Malaysian Franchise Association (MFA) held an International Market Update Session (IMUS) on Bosnia and Saudi Arabia. Spire Senior Consultant, Puspa Citra Anjani, was invited to speak at the event, to share her insights on the opportunities in both countries. Puspa described the market environment in Bosnia and Saudi Arabia, highlighting the food and beverage (F&B), retail, and early childhood education (ECE) industries.

The Covid-19 pandemic halted the GDP growth of Bosnia and Saudi Arabia, which were growing steadily leading up to 2020. Bosnia’s economy relies heavily on the export of metals, energy, textiles, and furniture. Its retail sales saw a steep decline in 2020 but rebounded in 2021 to grow by 8.3% year-on-year in March. Exports of goods and industrial output continue to drive Bosnia’s economy, with exports growing by 30.7% in July 2021. Bosnia’s F&B industry also presents many opportunities, with food expenditures and imports growing as tourism increases. Tourism is increasingly seen as an important source of job growth and foreign exchange.

Saudi Arabia recovered quickly, rebounding with a GDP of US$690 billion in 2021. It is the world’s largest exporter of petroleum, claiming about 16% of the world’s proven petroleum reserves. To diversify, the government started focusing on the ECE sector, rolling out several programs to support nursery and kindergarten education. It also possesses the Middle East’s largest and most attractive F&B industry, valued at US$45 billion. Arabica beans, which are highly demanded for their higher acid content, continue to boost Saudi Arabia’s coffee industry’s growth.