On 10th December 2013 in Sarajevo, in the Parliamentary Assembly of BIH, it was held a meeting of the Network of cooperation for post-investment support to companies which the Foreign Investment Promotion Agency of BIH (FIPA) realizes in cooperation with the International Finance Corporation (IFC), a member of Group of the World Bank within the Project of Improving the Business Environment and Competitiveness in BIH.
The results of the work of the Network of cooperation for 2013 were analysed at the meeting.
In 2013, FIPA together with the partner institutions visited 30 companies that have foreign investment, and that belong to the group of small and medium enterprises, and have invested so far around 180 million euros. 82% or 23 visited companies are from production sector. Companies belong to the metal sector, automotive, agriculture and textile industry, and have a total of 4.366 employees. Of the total number of employees, 2.375 are newly employed without, workers employed through privatization or acquisition which counted 1.991 employees.
From the visited companies, 26 or 92.9 % said they plan extension activities through expansion of the existing or introduction of new business activities, modernization or improvement of product quality and reinvestment in the future. This certainly includes the hiring of new workers.
As the most complaints when it comes to the business environment in BIH, companies stated political instability, complicated and lengthy customs procedures, lengthy procedures at Investment-Development Bank of FBiH, lack of support for exporters, lack of transparency of incentives and subsidies, lab or legislation, as well as the general lack of harmonization of legal regulations at all levels of governments.
The participants at the meeting exchanged experiences related to the current work of the network, what are the advantages of the commom work in order to resolve obstacles in business for foreign investors, and it was proposed further improvement of activities.
They also discussed the definition of the reform proposals of the business environment in the country.
The Network of cooperation consists of representatives of nine municipalities, three cantons, one city, and 9 competent entities’ and state ministries. The goal of forming the network is to improve cooperation between the competent institutions with the business sector in order to facilitate running business to the existing investors and to encourage them to reinvest.