Economic Diplomacy as a Strategy for Sustainable Economic Growth

The focus of this research is to assess how economic diplomacy as a state policy could achieve better economic results. This research is theoretical, drawing empirical evidence on the implementation of economic diplomacy in two small EU countries, the Republic of Slovenia and the Kingdom of Denmark, and the Republic of Macedonia. The research is based on qualitative analyses, as well as recommendations and results, which could be of interest for policy makers in public administration and in academic circles. The paper examines the concept and experiences of economic diplomacy in the Republic of Slovenia and in the Kingdom of Denmark, as small countries with populations between 2 and 6 million citizens. Special attention is paid to the role of the Ministries of Foreign Affairs in the selected countries and on the coordination with other national institutions. Next, we investigate whether the economic diplomacy in the two countries is in accordance with their policy of sustainable economic growth? Western economies, especially EU countries, are facing significant economic and fiscal challenges. Economic diplomacy is an alternative tool to overcoming global threats and to increasing influence in important and vital markets. The future challenge is a strategy that through economic diplomacy is to increase the sustainable economic growth of EU countries. Finally, we look at the position of economic diplomacy in the Republic of Macedonia. The promotion of economic interests and priorities abroad is one of the most important operative tasks of the Government of the Republic of Macedonia. The purpose of these activities is to present the Republic of Macedonia as an attractive destination for foreign investments, through the promotion of business advantages, giving incentives to Macedonian exports, as well as strengthening the country’s position as a reliable business partner and an attractive tourism destination.