The national team of a country of 3 million people, and with a diaspora of millions, has just executed a marketing campaign that no agency could have come up with, let alone paid for. How much is it worth, how quickly it fades away, and will anyone turn this trend and positivity into money?
“The entire region is with Bosnia and Herzegovina” was the story before the World Cup started. But once it began, and Canadian and American streets were flooded with well-intentioned people in blue jerseys, full of song and warmth and uniquely vibrant, a miracle happened: the whole world was suddenly standing with Bosnia and Herzegovina. Of course, in sports, most things come down to the pitch and the stands. Yet, everything happening to us right now is an exceptional economic event.
Qualifying for the knockout stage of the World Cup, alongside a song that evolved from a satire about the American Dream into a global fan anthem, has brought Bosnia and Herzegovina something that small countries pay agencies for years, yet rarely receive: the undivided, well-meaning attention of the world. Footage of the celebrations went viral on social media, Henry and Ibrahimović sang “I’m from Bosnia” on television, and the country’s name was spoken during prime-time slots that no promotional budget could ever buy. Later, Ibrahimović spoke emotionally about the country, mentioning how much it means to him and that his father was born in Bosnia and Herzegovina. On Instagram alone, Zlatan has 64 million followers. If anyone wanted to book him for a promotional campaign, it would likely cost a couple of million euros.
For the sports-watching public, the story ends there- we are satisfied, happy, proud, and awestruck. But the story of promotion and economics is just beginning. Because attention is a raw material, not a finished product. Value is only created when this raw material is processed into tourists, diaspora investments, an export brand, or talent that stays or returns. If it is not refined, it fades away without a trace, just like any other commercial that nobody utilizes. We must not let this happen to us.
To understand why this moment is more valuable for BiH than it would be for, let’s say, Germany, one must look at the structure of the economy itself. Bosnia and Herzegovina is no ordinary small country, but a nation whose industrial and productive engine is largely scattered across the globe, yet remains deeply emotionally connected to its homeland.
In recent years, diaspora remittances have accounted for about a tenth of the GDP, which is one of the highest shares in Europe. According to estimates, between 1.6 and 2 million people originating from Bosnia and Herzegovina live abroad, ranking it among the countries with the largest diasporas relative to their population. This means that the message aimed at the diaspora is not about a passing tourist whim. It targets people with passports, nostalgia, and bank accounts, ready to help their homeland. For most countries, football success is taken for granted. For Bosnia and Herzegovina, it is a call home directed toward its own displaced people and capital.
Diaspora: From Remittances to Investment
This is our country’s most powerful yet most underutilized channel. Survey data indicate that roughly one-third of the diaspora is ready to invest in the country, but only a fraction of them actually do so. Transforming this willingness into actual capital holds the greatest potential and represents the largest untapped financial resource. To encourage them to invest in their homeland, the process must be streamlined rather than hindered by heavy bureaucracy, taxes, and mountains of paperwork.
Tourism and the “Discovery” of the Country
Major competitions act as a powerful spotlight: countries that travelers previously hadn’t even considered suddenly find themselves on the itinerary. We’ve seen this familiar pattern with Iceland after the Euros, Morocco after Qatar, and Dubrovnik after Game of Thrones. Bosnia and Herzegovina has plenty to offer: stunning nature, affordable prices, and a compelling story. However, the bottlenecks are equally familiar: poor air connectivity, seasonality, and limited capacity, compounded by a chronic lack of a marketing strategy, which we sorely miss even at this crucial moment. We are held back by outdated planning methods implemented by inadequate institutions and personnel who lack education, creativity, and accountability.
Export and Investment Brands
Our football team is a “product” of the diaspora. The decisive penalty against Italy was scored by a guy born and raised in the US, while the goal against Qatar came from a boy born in Germany. This is a metaphor that sells well: Bosnia and Herzegovina exports world-class talent. This country-of-origin effect can significantly boost exports and attract foreign direct investment (FDI), but only if a concrete offer and tangible value are backing up the story.
An Almost Perfect, Yet Fragile Moment
Soft power is a perishable commodity. The attention that is measured in billions of impressions today will be just a fraction of that in six months. The match against the host, the US, will be played, but in the event of a negative outcome, the spotlight will fade. The question remains: what comes next, once the hype dies down?
This is where a structural problem arises, one that an economist cannot bypass out of politeness. Bosnia and Herzegovina lacks a unified, funded strategy for both the diaspora and tourism that could capitalize on an opportunity on such a massive scale. Fragmented governance, two entities, and a chronic lack of coordination ensure that the binding constraint is institutional, not creative. The creative part was handled by the fans and a single band. No one is in charge of the rest.
The contrast with our neighbors is telling. Croatia has transformed its engagement with the diaspora into a budgeted policy, including programs that finance returnee projects with support reaching up to tens of thousands of euros per project. BiH has an equally strong, perhaps emotionally even stronger, incentive, but it lacks the mechanism to turn it into a budget line item. The difference between saying “we had a wonderful summer” and “we launched an economic revolution” lies exactly there.
BiH Slogan: “Dream Big, Dream BiH.” Economists Would Add Just One Thing: A Dream Needs a Balance Sheet.
The most expensive scenario is not spending money; the most expensive scenario is doing nothing, allowing the cheapest and best campaign in the country’s history to become its most costly missed opportunity.
With the upcoming match against the United States, this fairy tale will reach either its sporting conclusion or another phenomenal extension. But the brand of Bosnia and Herzegovina does not have to end with the final whistle. Bosnia has just received what money cannot buy: a moment where the world, for one summer, looked upon it with great fondness. Whether this becomes the cheapest advertisement in the country’s history or its most expensive missed opportunity will not be decided on the pitch. It will be decided in the offices, N1 writes.
