10/01/2013 OHR

BiH Economy Can Be Turned Around

The BiH economy can be turned around, High Representative Valentin Inzko said today, if the relevant authorities make economic reforms a priority. The High Representative made his remarks before formally opening the 20th Zenica International Trade Fair.

“Bosnia and Herzegovina will compete in the global market if political and administrative steps are taken to allow more companies to start work here and to allow these companies to operate in an optimal way so that they can create jobs,” the High Representative said.

As his main message, the High Representative emphasized that a stable political situation and the functioning of legal system and institutions are preconditions for foreign investments and good economy. “The latest example, very important for the economy, is the FBiH Securities Commission. The key principle for this agency, as with all the rest, is continuity. I hope the authorities will recognize the importance of continuity in this Commission and come up with a solution,” Inzko said.

“The second message that must go from Zenica today is that reforms can turn the BiH economy around, and that the relevant authorities must make these reforms a priority. The resources are here; the talent is here; the determination and ingenuity and enthusiasm are here – what we need is a focus on effective economic reforms that will at long last release the untapped potential of this country and its workers and entrepreneurs.”

While BiH exports have risen substantially in 2013, unemployment has also risen, a development the High Representative described as “unacceptable”.

The full text of the High Representative’s remarks can be accessed here.