KS Government Promised Strong Support for 'Strategic Initiatives to Strengthen BiH Economy'

(Patria) - A working meeting and presentation of the Action Plan and "Strategic Initiatives for the Self-Sustainability of Domestic Production and Strengthening of the Economy of Bosnia and Herzegovina" was held today at the Sarajevo Canton Government.

This document originated from the Sarajevo Business Forum (SBF) platform and was prepared by market leaders and leading domestic experts from Bosnia and Herzegovina and abroad.

Members of the delegation, Amer Bukvić, President of the Management Board of Bosna Bank International, Nedim Uzunović, General Director of Bosnalijek, Rusmir Hrvić, President of the Management Board of AS Holding, and Sanel Kusturica, President of the Management Board of Sparkasse Bank, who, together with over 20 experts from various fields, prepared a comprehensive document containing over 100 measures to achieve self-sustaining production, primarily in the food and pharmaceutical industries and the energy sector, presented this plan for the recovery of the Bosnian-Herzegovinian economy to the KS Government.

The meeting was attended by the Prime Minister of the KS Government Mario Nenadić, KS Minister of Finance Jasmin Halebić, KS Minister of Economy Draško Jeličić, KS Minister of Communal Affairs and Infrastructure Nihada Glamoč, Minister of Culture and Sports Kenan Alikadić, KS Minister for Veterans' Affairs Hajrudin Grabovica, along with associates from the relevant ministries. The meeting was also attended by the President of the Chamber of Commerce of Sarajevo Canton Muamer Mahmutović, President of the Employers' Association of KS Safudin Čengić, Director of the Sarajevo Regional Development Agency SERDA Ševkija Okerić, and others.

In order to overcome the economic crisis in BiH and mitigate the negative consequences caused by the coronavirus pandemic, which has exposed long-term and structural problems of the economy in BiH and its great vulnerability stemming from import dependency, the focus of the experts gathered around the initiative "We Can Do It" during the preparation of the document was on repositioning the domestic economy to be more resilient to external shocks.

"With this movement, we want to turn the development of our country's economy in a direction that is self-sustaining and resilient to external shocks and crises that are inevitable in the future. We believe that we are all one team, and if we act together and make smart moves, we can keep the negative effects of the coronavirus pandemic and the economic crisis under control, and at the same time use them for the benefit of all of us in BiH," said Bukvić.

The Prime Minister of Sarajevo Canton, Mario Nenadić, emphasized the strong support of the Government for the presented guidelines and offered maximum cooperation from all ministries for the fastest possible implementation of intervention measures for agriculture, food production, the pharmaceutical sector and drug production, and the energy sector, as well as support for digitalization processes and start-up businesses. Prime Minister Nenadić highlighted the importance of tourism as one of the fastest-growing economic sectors.

"The entire Government, with all its ministries, is making itself fully available to jointly analyze and implement measures aimed at strengthening domestic production and protecting the domestic economy. In this regard, I propose that the cooperation with the initiative be formalized through a memorandum of cooperation," said Nenadić. He also pointed out that over 100 projects are currently ready for implementation, for which partners will be sought in both the private and financial sectors.

Representatives of the financial sector at the meeting highlighted the support given to the initiatives by the President of the Management Board of Addiko Bank, Sanela Pašić, the President of the Management Board of Raiffeisen Bank dd Bosnia and Herzegovina, Karlheinz Dobnigg, as well as representatives of other commercial banks in BiH. It was emphasized that the financial sector will continue to support projects in BiH.

"Quality projects will have our support, and we are ready to cooperate with other banks to strengthen the economy of Sarajevo Canton and the entire BiH through all forms of cooperation," expressed Kusturica the readiness of Sparkasse Bank and other commercial banks to finance and support projects of domestic entrepreneurs.

The development goals of KS will be aligned with many of the measures contained in the Strategic Guidelines document.

"The next cycle of strategic development of Sarajevo Canton for the period 2021-2027 is being prepared, and many of the measures listed in the presented document will certainly be included in this strategic document. We are pleased that we have partners in the private, real sector, as well as in the financial sector for strengthening domestic production," stated Minister Halebić, who, along with Mr. Bukvić, was the initiator of today's meeting and presentation for the Government of Sarajevo Canton.

Government representatives pointed out the necessity of providing greater support for changes that will improve BiH's position, and the implementation of some of the proposed measures has already begun.

"In addition to the mentioned strategic sectors of food production and agriculture, the pharmaceutical industry, and the energy sector, it is important for Sarajevo Canton to address measures of assistance for the tourism sector and hospitality. It is evident that it will take several years to return to the pre-pandemic level of tourist visits, so we need to find solutions together for all affected industries," said Minister of Economy Jeličić, announcing the continuation of projects through which the ministry will support the development of the private sector and companies in Sarajevo Canton.

On behalf of AS Holding, Hrvić emphasized the necessity of prioritizing agriculture and the food industry, stating that this industry also employs a number of small and medium-sized enterprises that require vertical and horizontal integration, which this company, as the largest food producer in our country, can offer.

Uzunović concluded that by applying the existing legal regulations, Sarajevo Canton, with this initiative to promote domestic producers, can substitute over 50 million KM of imported medicines with domestic products.

"Bosnalijek pays more in taxes and contributions annually than it generates in revenue in Sarajevo Canton. As a company based in the Municipality of Centar, in Sarajevo Canton, we are ready to initiate and attract new investments, which also requires the creation of new regulatory solutions that will ensure the development of the domestic pharmaceutical industry and related industries" - Uzunović was categorical.

"The harmonization of internal acts and decision-making structures in cantonal, public utility companies is underway, so the process of consolidating the management of these companies under one roof, which is one of the proposed measures, is already in progress. I am pleased that the current activities of this Government align with the proposed measures," said Minister Glamoč, announcing the digital transformation of the information systems of cantonal companies to facilitate work, management, and reporting.

In order to implement the proposed measures to strengthen the BiH economy, further communication between the representatives of the KS Government and the representatives of this initiative has been agreed upon.

At the end of the presentation, BBI Bank Director Bukvić symbolically gave Sarajevo Canton Prime Minister Nenadić a football, telling him "now it's the KS Government's turn to make a move."