FIPA Activities

Director of FIPA at a meeting with the Ambassador of Bulgaria

11/1/2022

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-Improving mutual cooperation in different economic areas

Director of the Foreign Investment Promotion Agency of BiH (FIPA), Milica Marković, met with the Ambassador of the Republic of Bulgaria to Bosnia and Herzegovina, Valeri Yotov.

They discussed the possibilities of investing in BiH, the currently available projects, and the comparative advantages that BiH has in relation to neighbouring countries.

Bosnia and Herzegovina and the Republic of Bulgaria have signed an Agreement on Economic Cooperation, which should represent the basis for improving the overall economic relations of the two countries, as well as the improvement of mutual cooperation in various economic fields.

They pointed out that in the coming period the focus is going to be put on connecting business people and promotion of potentials, and that there is a mutual interest of business people of both countries to improve cooperation.

Cooperation between Bosnia and Herzegovina and Bulgaria should be much more substantial and intensive in the future, because it is about two friendly countries.

The upcoming summit of the Central European Initiative (CEI) in Sofia and the planned economic forum were also discussed. The fact that CEI consists of two groups of member countries (EU member countries and CEI member countries that have not yet achieved their membership in the EU) significantly contributes to the acceleration of the European integration process.

The Ambassador Yotov expressed the full support of the Republic of Bulgaria to the EU perspective of Bosnia and Herzegovina and to its support in obtaining candidate status.
Testimonials & Success Stories
 

Global Investment Promotion Best Practices 2012 of the World Bank has cited one example of support that FIPA provides to foreign investors who are running business in Bosnia and Herzegovina in order to contribute to increase the flow of foreign capital in the country.

The article said:  

„The Foreign Investment Promotion Agency (FIPA) of Bosnia and Herzegovina was an early convert to the idea of providing facilitation services to agribusiness investors as a way to maximize the positive impact of agriculture on the economy.

In 2007, for example, FIPA assisted a Dutch food processing company establish a US$1.6 million production facility to process unused milk ingredients into value-added products in Sarajevo to sell to markets in Eastern Europe and the Middle East.

As part of its aftercare program, FIPA assisted the company with its expansion plans. Among other things, the agency helped facilitate veterinary permissions, navigate various bureaucratic hurdles and played an important role in securing funding for the company’s expansion. It also helped develop a network of local suppliers and customers. As a result of these efforts, the Dutch investor developed stronger links with the Bosnian economy, thus increasing the positive spillover effects on the local economy.

Currently a new investment to establish a drying facility for milk powder is under way. This will further expand the processing facilities of unused milk ingredients. This additional planned investment is worth approximately US$2.8 million, thus nearly trebling the company’s original investment in the country“.

 

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