Since Bosnia’s deceleration of independence in March 1992, two decades later there is little to be excited about the Bosnian economy. The independence led to a four-year armed conflict that saw over 150,000 people killed and over 2.2 million people displaced, which easily became Europe’s most devastating war since World War II. Since the war, the replacement of damaged infrastructure across the country remains slow and ongoing, but one major issue remains is the country’s unemployment rate which sits at an estimated 45 per cent – easily making Bosnia one of Europe’s poorest countries.

But there is one spot shining brightly in the town of Gorazde. Bekto Precisa factory is not only expanding to take on more work, but it also happens to employ 357 employees and is open for a full 24 hours and 352 days a year. The factory is responsible for making plastic parts for car lights for Porsche, BMW and Audi. It also manufactures parts for skis and street lamps, in a joint venture with German firm Hella.

Even though Bosnia suffers from a horrible economy, high unemployment rate and a dysfunctional government, you’d the surprised to know that town’s such as Gordazde, Tesanj, Sanski Most, Bijeljina and Visoko are responsible for manufacturing for some of Europe’s biggest companies. It only makes sense for countries such as Germany, Netherlands, France and Brittani to export some manufacturing elsewhere nearby to offset some costs and in turn increase the profits.

Even though the wages are only a fraction of those in any developed European country, the work is very much welcome, especially when the average monthly salary for a Bekto employee is €664 ($864), comfortably above the Bosnian norm of €421. But the important factory is that there’s work and no shortage of it either. Just recently the factory advertised 30 news jobs and in return received 3,000 applications. But the wages are not as low as in China for example, yet the quality and the delivery times are superb.

Prior to the war Bosnia used to the biggest exporter in former Yugoslavia. As a country it had a good education system that produced high quality working force. Bosnian diaspora continues to make strong gains all around world and many are doing well thank to strong work ethics that we gained back home or passed down. For example, Bosnia was one of the biggest producer of high voltage middle power switches that are in use for electrical distribution. That product was completely developed by University in Sarajevo and exported in many corners of the world. Most of military industry of then Yugoslavia was based in Bosnia, while the textile industry was one of the biggest employers in all of the country. Prior to the war and today, and in large thanks to rivers and coal mines, Bosnia was and still is an important energy producer. It also helps to have a huge reserves of drinking water and unpolluted nature.

Credit (The Economist) Photo (Precisa)

Another billionaires list was released in January by Hurun Report and according to the the new list there are 1,453 very wealthy people who’s wealth exceeds one billion dollars. Asia leads the pack with 608 billionaires, while North America and Europe has 440 and 324 respectively.

Among individual countries, the United States and China are dominated by quite a few billionaires with 408 and 317 people on the list respectively, followed by Russia, Germany and India. The leader of the billionaire pact without much surprise is Mexican telecom owner Carlos Sim, who also happens to be the richest man on the plant with a fortune worth over 66 billion dollars. And further without much surprise he also made it to the top of Forbes’ list of richest people in 2012.

Second on the list is world’s most famous investor, Warren Buffett who’s wealth extends beyond 58 billion dollars. Zara brand founder Amanico Ortega from Spain comes in at third with a wealth of 55 billion dollars.

Rupert Hugeverf, President of Hurun Report said that the actual number of billionaires in the world could be three times higher because many super-rich hide their wealth – who knew?

Photo Credit (markscott)

Remember YUGO? The Zastava Koral built car, which was better know as YUGO, was a subcompact built in Kragujevac, Serbia from 1978-2008. The first YUGO ever produced was built in 1978 under the “YUGO 45″ name with a borrowed license from Fiat’s 127 model, but with a modified body style. The YUGO brand went on to become a definition of former Yugoslavia right up until the war. It became so popular that in 1985 Malcom Bricklin started importing YUGO’s into United States as a means of introducing a simple, low cost-low fuel consumption car to the Americans. In total, a little over 140,000 cars were sold in the United States from 1985-1992.

Production of the once famous YUGO was stopped in 2008 due to virtually no demand for the automobile. In total 794,428 cars were produced in the forty years of YUGO’s existence. But despite the car’s symbolism in ex-YU, YUGO was classified as on of the worst cars ever built. If you don’t believe us, here’s what TIME Magazine had to say about YUGO, “built in Soviet-bloc Yugoslavia, the Yugo had the distinct feeling of something assembled at gunpoint. Interestingly, in a car where “carpet” was listed as a standard feature, the Yugo had a rear-window defroster — reportedly to keep your hands warm while you pushed it. The engines went ka-blooey, the electrical system — such as it was — would sizzle, and things would just fall off. Yugo. Or not.”

But even America’s love-hate relationship with YUGO’s, Bricklin’s crazy entrepreneurship idea almost worked. If only the then Yugoslav factory had a fax machine to receive a 4 page list of complaints from Bricklin, avoided drinking “rakija” during assembly and if BMW didn’t gain the popularity it did, YUGO’s might have been still selling today. But even despite it’s shoddy assembly, lack of power and numerous issues, Americans were lining up to purchase a brand new YUGO for $3,990. However, all good times come to an end – YUGO lost it’s flavour with the Americans and soon after Yugoslavia fell apart.