Bosnia-Herzegovina : a bridge to the heart of Europe
Over 50 entrepreneurs attended the Ambassador’s Lunch, organised by the Monaco Economic Board (MEB), dedicated to Bosnia-Herzegovina on 26th April. It was a chance for HE Mr Ivan Orlic to present his country, a crossroads of cultures that have shaped Europe, and for investors looking for new opportunities.
A Balkan country, Bosnia-Herzegovina has always been a hub of exchanges and encounters. A situation that has shaped its history. Today, there are two separate entities (Bosnian Serb Republic and Bosniak-Croat Federation) grouped under a central Bosnian government. In 2016, Bosnia-Herzegovina formerly requested to become a member of the European Union. Its currency - the convertible Mark - is tied to the euro.
After a slow-down in 2014, the country’s growth rate is above 3% and there is optimism for the future. The World Bank’s annual Doing business ranking confirms this prediction as the country has dropped from 131st to 81st in the ranking in the space of three years.
Ambassador Orlic highlighted key sectors where opportunities exist for investors: agriculture with a very promising niche market in herbal medicines; tourism due to the wide variety of cultures and landscapes; infrastructure development that is receiving significant foreign investment; and the banking sector which is undergoing consolidation, a process that many European banks have already invested heavily in.
Gordan Milinic, Director of the Agency for Promotion of Foreign Investments, described his country’s strengths in more detail. An average salary of €400/month, the cost of labour, attractive company legislation and modest inflation are convincing arguments in its favour. The country has signed free trade agreements with the EU and many other countries, facilitating the growth of trade relations.
In his speech, Michel Dotta stressed that now was the time to develop trade links, and that this conference could well be an important step towards an economic rapprochement between Monaco and Bosnia-Herzogovina.
Photo caption (credit Realis): l-r. HE Mr Ivan ORLIC, Bosnia-Herzegovina Ambassador to Monaco; Mrs Donatella CAMPIONI, Honorary Consul General of Bosnia-Herzegovina in Monaco; Michel DOTTA, Chairman MEB; Gordan MILINIC, Director of the Agency for the Promotion of Foreign Investment in Bosnia-Herzegovina.
