Egrlić: Economy of BiH and the region has a historic chance

Egrlić: Economy of BiH and the region has a historic chance

SARAJEVO, December 13 (FENA) – The Western Balkans is one of the first options European companies have when considering new business destinations, one of the findings of the study “The potential of the Western Balkans to attract foreign investment in the postcovid period”.

The study, presented today at the BiH Foreign Trade Chamber in Sarajevo, was conducted by the Western Balkans 6 Chamber Investment Forum (KIF ZB6) in co-operation with the Vienna Institute of Economics and with the support of the Western Balkans Chamber Partnership Project.

President of the Foreign Trade Chamber of BiH Ahmet Egrlić and the regional coordinator for the chamber partnership project David Piegazki stated that this is a very important study and the first one conducted in the region by all six chambers with the Vienna Economic Institute with the support of the German government. The study, they said, indicated significant potential, but that political stability came first. She also pointed out all the advantages and disadvantages of the region and BiH in the region, as well as the needs of entrepreneurs.

“If we look at the position of BiH according to this study, it is not so bad, but there is a lot of room for improving the business environment, such as infrastructure development, the need for political stability, competencies at different levels of government where a more passable administrative system should be built. Also, the study shows what position BiH and the region can take in the general supply chains that are moving from the east to Europe and our comparative advantage is the proximity, tradition, knowledge and skills of our professionals,” said Egrlić.

According to him, Bosnia and Herzegovina and the region now have a historic chance because global supply chains have been disrupted and in that sense BiH has the opportunity to take the place of various previous suppliers.

Secretary of the Ministry of Foreign Trade and Economic Relations of BiH Hamdo Tinjak said that the economy should have much more influence on politics, in the sense that no opportunities should be allowed that should not be missed.

Director of the Agency for the Promotion of Foreign Investments in BiH, Milica Marković, said that investors are still interested in investing in BiH.

According to her, all foreign investors already operating in BiH decide to reinvest in 80 percent of cases, which is a good indicator and the balance sheet for the first half of the year, where foreign investments were around 730 million KM and in most cases reinvestments.

“It is better when new and fresh capital comes to BiH, but this data also shows that investors are satisfied with the conditions and that they want to continue with their activities,” said Marković.