The FIPA representatives, led by the Deputy Director Blazenka Miskovic, participated on 22nd March 2012 at presentation of the Transition Report 2011, the EBRD’s annual update on reform progress and economic developments across 29 countries from central Europe to central Asia.
When it comes to Bosnia and Herzegovina, the report highlights as key facts among other that there is no progress toward EU approximation, that B&H economy has stabilized but business environment is more difficult than in the countries in the Region. As the challenges for B&H in 2012 are mentioned advancing EU process, privatisation needs to be accelerated and reengagement with IMF would be a positive signal.
The fact mentioned in the report that the business climate is more difficult than in the countries in the Region, FIPA estimates that the business conditions in B&H must be improved not only for foreign investors, but primarily for local entrepreneurs. Bosnia and Herzegovina needs more investments, more job places for decreasing the level of poverty and for improving living standard of citizens. However, to achieve all above mentioned, the authorities of B&H would make further efforts that the country advances faster on this path.
In the recent years, different surveys realized by international financial organizations identify B&H as a place not really interesting for running business due to the turbulent political environment, widespread corruption and excessive bureaucracy. For this reason in the interest of economic progress of the country and improving living standard of citizens, it is time to launch the fundamental reforms for being closer in this domain to neighbouring countries.
When it comes to the need to accelerate the privatization process, which is mentioned in the report, from the point of the FIPA view, Bosnia and Herzegovina has important public property that has not been privatized yet and that can attract significant foreign capital.
EBRD has invested in B&H more than 1,3 milliard EUR through 90 projects.