Developing the domestic economy for the progress of BiH society

A public forum titled "Developing the domestic economy for the progress of society as a whole" was held today in the Municipality of Novi Grad Sarajevo, with speakers including Prof. Dr. Duljko Hasić, Suhad Ećo, director of Ećo Company d.o.o., and Azra Čolić, director of the Legal Entities Business Sector at BBI bank, reports the BiH news agency Patria.

In addition to representatives from the banking and economic sectors, representatives of BiH companies that achieve daily successes in domestic and international markets, as well as representatives of the non-governmental sector and citizens, actively participated in the forum.

The introductory speakers presented to those present and the public indicators of the economic situation in our country, which can serve as a basis for establishing appropriate measures necessary for economic development and increasing employment in our country.

Prof. Hasić stated in his presentation that BiH imports foreign goods worth 130 million convertible marks annually, which is absurd given that our country has enormous production, economic, and tourism potentials.

- Our perception that it is more profitable to import than to produce is the main cause of the insufficient development of domestic production capacities. Therefore, it is necessary, through concrete measures and activities, to create a more favorable business environment and enact appropriate legal regulations to strengthen the BiH economy. It is absurd to buy foreign products that are neither higher quality nor cheaper than domestic ones - emphasized Prof. Hasić.

In addition, he pointed out that fiscal and parafiscal burdens on domestic producers should be reduced to increase their competitiveness compared to foreign producers. Furthermore, intensive work must be done to eliminate the grey economy, which employs more than 200,000 people, thereby creating unfair competition for businesses that operate in the real sector in accordance with current legal regulations.

The great importance of the awareness of citizens, i.e., consumers, was highlighted, and in this regard, it was stated that more must be done to develop our awareness of the importance of buying domestic products. By buying foreign products, we finance the economies of neighboring and other countries, while denying development and employment to domestic capacities.

Suhad Ećo, who is also the president of the Association of BiH Furniture Manufacturers, emphasized that, despite difficult conditions, there are opportunities for the development of the domestic economy, new jobs can be created through new investments, incentives for entrepreneurs, and the creation of a favorable environment for better business.

A positive example of stimulating economic development is the example of the Municipality of Novi Grad Sarajevo, which, together with BBI bank, has invested seven million marks in the economy of the Municipality of Novi Grad.

It was concluded at the forum that in the coming period it is necessary to maintain macroeconomic and monetary stability, relieve the economy and direct more favorable financial resources towards it, maintain banking stability, increase exports and improve the quality of domestic products, increase the purchase and promotion of domestic products, and recognize and support promising branches of industry and production in general.