Messages from the 11th SBF: Political stability and economic cooperation as prerequisites for investment

(Patria) - The 11th Sarajevo Business Forum 2022 started today in Sarajevo, attracting about 1,500 domestic, regional, and international representatives of governments, ministries, and business people from nearly 40 countries. A record number of projects have been registered this year. During the two-day business and investment conference, in addition to panels and round tables, about 300 project presentations and B2B meetings will be held. The theme of this year's Forum is "Nearshoring - Perspective for the Region", i.e., the possibilities of relocating production capacities of European companies to Bosnia and Herzegovina and the countries of the region.

The Forum was opened by the member of the Presidency of Bosnia and Herzegovina Željko Komšić and the President of the Management Board of Bosna Bank International Alek Bakalović. Member of the BiH Presidency Željko Komšić expressed the need for political and business cooperation among the countries of the region.

"The entire region must overcome irrational political aspirations for destabilization and turn towards the future. The only path that imposes itself is the path of regional cooperation, in order to get on the path to the European Union. I believe that this region can be a bridge between the large markets of Europe and Asia. We already have common institutions in the common regional market. I invite investors to participate in the energy transition together with institutions. I want to thank the organizers for the opportunities and I wish everyone successful work, many new ideas, and concrete business deals," Komšić said in his opening address.
During his welcoming speech, Alek Bakalović emphasized that domestic entrepreneurs need know-how and access to foreign markets.

"One of the possibilities we have identified as an opportunity is the concept of 'Nearshoring'. We are interesting to large investors as an investment destination exclusively as a region, because individual countries are too small to be considered separate markets. Therefore, economic integration remains the most effective solution for our region. We must use the Sarajevo Business Forum to learn from each other and explore opportunities for joint projects, which we could use to attract additional investments. Our goal is for SBF to be a source of new projects and new political and business relationships that will enable this. I call on all participants to unite in the same goal - strengthening cooperation and leveraging the comparative advantages of each country for a better future in Southeast Europe," said Bakalović.

The Government of Sarajevo Canton and the Ministry of Economy of Sarajevo Canton are this year's strategic partners of the Sarajevo Business Forum, and the Minister of Economy of Sarajevo Canton Adnan Delić emphasized that SBF has established itself in the regional and global business community as the largest and most important business-investment forum in Southeast Europe.

"We are aware that for the long-term and further growth and development of Sarajevo Canton and the country of Bosnia and Herzegovina, a healthy and strong economy based on production and entrepreneurship development, attracting investments, as well as establishing and strengthening public-private partnerships is necessary. On these foundations, we want to build an economy that will be an exemplary model of a healthy and strong economy in our region," said Minister Delić.

The President of the Republic of Slovenia Borut Pahor addressed the attendees in his opening address, once again emphasizing the importance of joint cooperation among the countries of Southeast Europe.

"It is good to discuss business opportunities in BiH. This is a proven successful forum for discussing investments and cooperation in the region. The prerequisite for the prosperity of the Western Balkans is economic stability, and it is the task of political leaders to organize the country constructively and create opportunities for investments. I am convinced that the European Union is the answer to all the questions we have in Bosnia and Herzegovina, as well as in the countries of the Western Balkans. The EU offers stability and security. I believe that BiH should receive candidate status without preconditions, and after that, the BiH authorities should fulfill all 14 preconditions for joining the EU. There is a lot of work ahead, but it is exportable and realistic, and there is political will in Brussels. I know this is a bold move, and it goes beyond the established dynamics, but this is my call to the EU and the leaders of this country," said Slovenian President Borut Pahor.

Mehmet Muş, Minister of Trade of the Republic of Turkey, emphasized the importance of the "nearshoring" concept for the Balkan region, and stressed the importance of regional partnership among the countries of the region, as the Balkans are close to the West, as well as to Asia and the Middle East.

"Despite a two-year break, it is satisfying to see the Sarajevo Business Forum continue. We are proud that the forum has become a major business event that allows us to expand business networks in the countries of the region. With the pandemic, large multinational companies whose production was located 'offshore' faced great challenges, and the supply chain faced major problems. Nearshoring will allow the transfer of production to geographically closer countries with the aim of reducing delivery and transportation costs. The Balkan countries are close to the EU and have incomparably lower production costs, so the Balkan region can have an advantage in this context. The Balkans will be one of the regions that will benefit most from the rebuilding of business ties around the world," said the Minister of Trade of the Republic of Turkey, Mehmet Muş.

The EU Special Representative in BiH Johann Sattler said that the Sarajevo Business Forum has been a bridge for business partners in recent years, and that economic recovery has followed after the pandemic.

"The nature of the country and the potential of Bosnia and Herzegovina, as well as all its untouched beauties, continue to attract investors to BiH. The wood, metal, and food sectors can offer a lot in particular when it comes to the 'nearshoring' concept. The EU is responsible for all issues concerning BiH and the region, and we need to think about how to seize this opportunity, despite the disagreements and problems that this country is facing," said the Head of the Delegation of the European Union to BiH and EU Special Representative in BiH Johann Sattler.

YB Datuk Seri Ab Rauf bin Yusoh, Senior Minister of Industry, Investment and Entrepreneurship Development of Malaysia, expressed satisfaction with the opportunities offered by SBF and the possibilities for cooperation.

"It is a pleasure to be here and to stand before all the delegates and strategic partners who believe that BiH has a very successful future and a rapid recovery after the pandemic. This conference has positioned itself as the largest business investment conference in Southeast Europe. I am exploring opportunities in this region that are attractive and offer business cooperation," said bin Yusoh.

Davor Filipović, Minister of Economy and Sustainable Development of Croatia, said that in times of economic crisis, it is the common duty of the countries of the region to find solutions and strengthen economic ties in the region, and that the Sarajevo Business Forum is precisely the conference that enables this.

"The economic prosperity of the Western Balkans is one of the key prerequisites for the economic prosperity of the region. As a neighbor, BiH is a traditionally important trading partner for the Republic of Croatia. BiH is the sixth largest trading partner of Croatia, and Croatia is the second largest investor in BiH, after Austria, and the number one trading partner of BiH. We are committed to the prosperity of BiH," said Davor Filipović, Minister of Economy and Sustainable Development of Croatia.

Amir Zukić, Federal Minister of Development, Entrepreneurship and Crafts, addressed the attendees on behalf of the Government of the Federation of BiH, stating that concrete projects will be realized through business cooperation and investments, which is the purpose of this event. This will also result in a more stable business environment that will enable the attraction of new foreign investments. As the leading investment conference in this region, the Sarajevo Business Forum attracts a large number of investors every year and represents an excellent platform for presenting entrepreneurs from neighboring countries. In addition to finding investors, BBI Bank's goal is for entrepreneurs from Bosnia and Herzegovina to connect with entrepreneurs from the region through the Forum and to launch new business projects that will ultimately lead to economic development.