FIPA Activities

Ambassador of the Kingdom of Saudi Arabia visited the FIPA Agency

1/22/2016

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H.E. the Ambassador of the Kingdom of Saudi Arabia in Bosnia Hani A. Mominah visited the Foreign Investment Promotion Agency of BiH (FIPA) on 21 January in order to be familiarized with the work of the Agency and its activities, and to announce the visit of a high state delegation of the Kingdom of Saudi Arabia to Bosnia and Herzegovina, which is planned for 26 January 2016.

Mr. Milinić informed the Ambassador Mominah on activities that the Agency carries out as coordinator of activities in the field of attracting foreign investments in BiH, on cooperation with foreign investors, the promotion of the country, and the preparation and collection of projects in cooperation with relevant institutions in BiH.

He noted that the competent institutions in BiH are constantly working on adapting legislation to EU standards, and informed the Ambassador on the status of foreign investors in BiH, guarantee instruments relating to foreign investors, incentives for foreign investment, and the military industry.

The Ambassador Mominah pointed out that the Law on Labour and the Law on Foreign Investment in BiH, long procedure for of company registration, as well as the lack of One-stop shops represent obstacles for investors from the Saudi Arabia.

Within the visit of the state delegation of the Kingdom of Saudi Arabia, the FIPA Agency will organize on January 27 several presentations on the BiH the legal framework for foreign investors, general indicators of foreign investments in BiH, as well as the economic sectors of transport, military industry, tourism and energy.

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“.

 

FIPA Activities

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