Economic Diplomacy - The Case of Slovenia

AuthorRomih, D.
PositionUniversity of Maribor, Faculty of Economics and Business, Department of International Economics and Business, Slovenia
Pages179-184
Bulletin of the Transilvania University of Braşov
Series V: Economic Sciences • Vol. 7 (56) No. 1 - 2014
ECONOMIC DIPLOMACY – THE CASE
OF SLOVENIA
Dejan ROMIH1
Abstract: This paper deals with economic diplomacy, which is the activity
of managing economic relationships between countries, in the case of
Slovenia. Additionally, it also deals with economic promotion (especially
trade and investment promotion), which is one of the main task s of economic
diplomacy, in the same case. Nowadays, economic diplomacy plays a very
important role in restoring economic stability, which is, in addition to
political stability, essential for peace and prosperity, both in Slovenia and
elsewhere in the world.
Key words: economic diplomacy, economic promotion, foreign investment,
foreign trade, Slovenia.
1 University of Maribor, Faculty of Economics and Business, Department of International Economics and
Business, Slovenia.
1. Introduction
Diplomacy is the activity of managing
relationships between countries (see, e.g.,
[1], [2]). There are several types of
diplomacy. One is economic diplomacy,
which is the activity of managing
economic relationships between countries
(see, e.g., [3], [4]). Economic diplomacy
plays an increasingly important role both
in Slovenia and some other countries, due
to several reasons. One is the growing need
for economic cooperation between
countries as a result of their growing
economic interdependence and certain
other factors, such as the effects of the
current financial and economic crisis on
their economies and the consequent need
for joint action [5, 6]. Increasing the
effectiveness and efficiency of Slovenia’s
economic diplomacy is therefore essential
to accelerate Slovenia’s economic growth
and development, which are crucial for
improving Slovenia’s economic and social
situation.
Slovenia’s economic and social situation
is anything but good. One of the reasons
for this is the current financial and
economic crisis, which continues to affect
its economy. Slovenia is thus facing
certain economic and social problems.
Foremost among them is increased
unemployment (see figure 1). Additional
measures are therefore needed to promote
employment and social inclusion of
unemployed people. These measures are
also needed to prevent the migration of
people from Slovenia to other countries
(mainly in Europe and North America),
which will help in overcoming the current
financial and economic crisis. However,
these measures and also some others may
not eliminate all the negative consequences
of economic mismanagement in Slovenia.

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