Wealth and tradition of using thermo mineral waters in Bosnia and Herzegovina is the main potential for development of health tourism. The primary significance in spa centers is providing health services and the organization of tourist activities. Today in Bosnia and Herzegovina 15 spas as health institutions have been registered. History of use of thermo-mineral springs dates back to the ancient Greeks and Romans, who recognized the healing properties of geothermal resources. The topic of this paper is to present the perspective of the development of the tourism sector through the development of health tourism through spa treatment. There are registered 15 spas as health institutions which have 3,455 beds and generate around 200,000 overnight stays, which accounts for 23% of overall overnight stays in Bosnia and Herzegovina. It is therefore important to look at the current offer of spa treatments in Bosnia and Herzegovina and to make recommendations on how to improve this branch of health.

Investment decision making always bears a certain amount of risk and uncertainty. Therefore, we can say that the investment decision is the most difficult decision which a company owner or a manager has to make. During the process of investment decision making, every decision maker has to face the problems of choosing the right among several possible alternatives. The goal is to choose the alternative which is most likely to realise the company's development and investment goals. The decision maker may approach this problem in several different ways. Investment decision making is among the final steps of preparatory operations of an investment process. Before making this decision, it is necessary to follow certain procedures in order to successfully conduct the required investment studies. After the investment decision has been made, we can initiate the realisation process of a given investment. This paper uses 20 different investment projects which were analysed through 5 methods of investment efficiency evaluation that are mostly used in countries covered by the research. Additionally, a research which focuses on the ways in which companies from Bosnia and Herzegovina, Croatia, Serbia and Montenegro approach the investment decision making process was conducted.