Cooperation Agreement signed between Council of Ministers of BiH and IFC



Minister of Foreign Trade and Economic Relations of BiH, Mr. Mirko Sarovic, on behalf of the Council of Minister of Bosnia and Herzegovina, signed the Cooperation Agreement between the Council of Ministers of BiH and the IFC (International Finance Corporation). On behalf of the IFC, the Agreement was signed by Ms. Lisa Kaestner, Regional Business Line Leader, Investment Climate Advisory Services in Europe and Central Asia. Given that the Swedish Development Agency is the main donor of the Project to Improve the Business Environment and Strengthen Competitiveness in BiH, Ambassador of the Kingdom of Sweden to BiH, H.E. Bosse Hedberg also attended the signing ceremony.

“This Agreement reaffirms our desire and aspiration to improve the business environment in BiH and to attract foreign investments, but also to improve our domestic export capacities and strengthen competitiveness,” said Minister Sarovic.

This Agreement worth BAM 1.7 million includes 2 projects: the Project to Improve the Business Environment and Strengthen Competitiveness in BiH, and the Regional Project to Strengthen Trade Logistics.

The Project to Improve the Business Environment and Strengthen Competitiveness in BiH means to strengthen the competitiveness of BiH at all levels of government with the aim of implementing reforms in the business environment. Project activities at the state level are aimed at achieving the following objectives: reduction of administrative barriers to doing business in BiH; establishing efficient organization and simplifying administrative procedures related to imports and exports, facilitating export growth in key sectors and strengthening the competitiveness of the agricultural sector; attracting foreign investment by implementing the Strategy to Promote the Agricultural Sector and the Investor Services Program. It is systematically attempted to improve the legal and institutional framework for investors, strengthen capacities for the promotion of investment and improve the competitiveness of the agricultural sector. This project is a continuation of the successful cooperation with the Council of Ministers that occurred during the past three years as part of the Regulatory Reform Project.

The Regional Project to Strengthen Trade Logistics in the Western Balkans Countries is aimed at reducing legal and administrative barriers to cross-border trade in the region, simplifying import, export and transit procedures, and improving interagency cooperation in the countries, but also between the countries, by greater use of controls based on risk assessment, information exchange, acceptance of electronic documents, and prevalent use of electronic payment systems. The goal of the project is to improve the competitiveness of the private sector in the region through more efficient access to regional and global markets.