FIPA Activities

THE USA AMBASSADOR IN BIH MAUREEN CORMACK VISITED FIPA

6/28/2018

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- BY joint activities of the USA Embassy and FIPA to increase the presence of USA companies in BiH

The Director of the Foreign Investment Promotion Agency of BiH (FIPA) Gordan Milinić spoke on June 13, 2018 in the Agency's headquarters with the USA Ambassador to BiH H.E. Maureen Cormack on the economic situation in BiH with a focus on inflows of foreign investments, the trend of growth in investments in 2017, the USA investments in BiH, and the joint activities that the USA Embassy and FIPA can take with the goal of greater inflow of investments to BiH.

Mr Milinić informed the Ambassador about the activities that the Agency implements in the field of attracting foreign investors, presenting opportunities for investing in Bosnia and Herzegovina, finding new investors for BiH, and providing support to investors from registration of an activity until the completion of the project, as well as about the work of the Collaborative Network for Post-Investment Support to Investors.

Considering the strong engagement of the USA administration and the support that it has been providing to Bosnia and Herzegovina for many years, it was also expected a significant presence of American companies in BiH.

The Ambassador Cormack emphasized the importance of the further improvement of the business environment in BiH that would ensure healthy competition in the market and made simpler and more transparent all business procedures.

It was noted that a stronger engagement of the BiH competent institutions with the support of American friends and diaspora could lead to an increase in the number of American companies in BiH, which, in addition to employment, would contribute to the increase of the living standard of citizens.

The USA Embassy and FIPA will exchange information on investment conferences and conferences that are interesting from the point of view of attracting investment in BiH, and will continue to cooperate in order to promote the BiH's investment potential.

During 2018, FIPA had meetings with several USA investors who expressed interest in investing in several locations in BiH, provided them with logistical support for site visits, and now a final decision on investment is expected.

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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