SARAJEVO BUSINESS FORUM HOSTS FOREIGN INVESTORS

SarajevoMore than 350 potential investors from around 30 countries attended the Sarajevo Business Forum from May 16-18 and were presented with some 140 projects worth 8.5 billion euro.

Most of the projects to be presented during the Forum relate to tourism, agriculture and the construction industry.

Bakir Izetbegovic, member of the Bosnian Presidency and one of the hosts, said the most important investment was a Turkish credit of 100 million euro to develop agriculture in areas where people had returned to their prewar homes.

“Half of Bosnia's soil is unused while the country imports most of its food - but with such a credit and the experience of successful Turkish agriculture and our unpolluted soil, I think we have great chances,” Izetbegovic said on Wednesday.

Bosna has two economic sectors with great potential, energy and agriculture, but to make real use of them, economic and political reforms will have to be undertaken, the US Ambassador to Bosnia, Patrick Moon, said at the opening of the Forum on May 16.

He emphasized that corruption and the complicated bureaucracy were hampering foreign investment.

Speaking about the regional investment climate, Per Kjellerhaug, of the International Finance Cooperation, IFC, said that the problems most investors met in Bosnia relate to poor transport and communications and corruption.

”Infrastructure is the key to attracting investors,” Kjerllerhag said. “The other key is political stability... and red tape, which also stops investments.”

Four Bosnian companies: Euroasfalt, Energoinvest, Ans Drive and Sirbegovic, used to forum to announce that they were joining the Fenix international construction consortium.