FIC NEWS 2013 · 2019-02-13 · FIC NEWS 3 FIC NEWS 2013 INTRODUCTION Dear colleagues, partners, ladies and gentlemen, I t is my honour to greet you on behalf of Foreign Investors

FIC NEWS 2013January-November

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11-12

17-20

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FIC News 2013 Publisher:FIC – Foreign Investors Council

Editing: Bojana Škrobić Omerović Executive Director

Tea Kajan Assistant

Lector:FIC Office

Design:Ekrem Kapić

DTP:Proprint, Sarajevo

FICFra Anđela Zvizdovića 1/B11,71 000 Sarajevo, BiHTelephone: +387 33 295-880, Fax: +387 33 [email protected], www.fic.ba

FIC News

- Regulatory Impact Assessment on the Law on direct foreign investment

policy in Bosnia and Herzegovina-

- Participation in a conference "Foreign Investors and the Justice Sector”

- FIC founder of the Association of Experts in the field of real estate (BHPA)

FIC Presents

- Httpool d.o.o. Sarajevo

- HOLDINA d.o.o. Sarajevo

INTERVIEW with ...

- Mr. Libor Krkoska, Head of the EBRD office in BiH

FIC Members activities

- Fifteen years of Messer in BiH

- Kakanj Cement Plant donated a hemodialysis machine to the

Public Health Centre Kakanj-

- News from the XELLA BH d.o.o. Tuzla

- SHP Celex, a.d.

Adopted legislation

- Bosnia and Herzegovina,

- Federation of Bosnia and Herzegovina

- Republic of Srpska

White Book

- White Book 2012/13

BiH economic ovreview

- Economic indicators and forecasts – October 2013

Content Highlights

3FIC NEWS

FIC NEWS 2013

INTRODUCTION

Dear colleagues, partners, ladies andgentlemen,

It is my honour to greet you onbehalf of Foreign Investors Coun-cil Board of Directors in the se-

cond edition of FIC bulletin with asemi-annual report on the activities ofour Association for the period of Ja-nuary / June 2013.Although the attitude towards directforeign investments changed in recentdecades in many countries, they stillrepresent one of the most importantinstruments of economic growth anddevelopment, employment, infrastruc-ture, transfer of knowledge (know-how) and new technologies, and theydirectly affect the level of economicrelations and improve the living stan-dards of citizens.Looking at the overall economic situa-tion in BiH, we can say that the pre-vious period was dedicated to over-coming the consequences of the re-cession that struck BiH again after theglobal economic crisis in 2009 whichreached its peak during the last year.An important factor in the perceptionof investors is political stability. Sincethere is no indication that greater po-litical stability will be established be-fore the next general election, wecannot realistically expect any signifi-cant progress when it comes to inter-nal incentives for economic develop-ment, and attracting new foreign in-

vestment. The global economic crisishas triggered an additional investors'caution when choosing a destinationfor investment. Although small in size,BiH so far represented an attractivelocation for foreign investors becauseof the potential that is clearly noticea-ble here.Despite the global economic crisis BiHheld relatively stable but low inflow offoreign direct investment - FDI (asevidenced by the projections in thetable below).The current level of foreign invest-ment could freely be called - "discreteforeign investment.”Our efforts are focused on removingbarriers, especially administrative, pre-venting an even greater influx thatwould encourage the growth, deve-lopment, filling the budget, employ-ment, higher levels of economic activity,production, export, and deliver a bet-ter future for companies, their em-ployees, owners, and would encourageoptimism with a better standard of li-ving. Due to the impact that FDI haveon the economic development of thecountry, BiH should not ignore thebarriers, but remove them quickly andefficiently.The FIC continues to pursue the reali-zation of our goals by improving theoverall business climate in BiH.In the past year and a half ago, FIC,in cooperation with its partners, ac-hieved good results in terms of activi-

ties that go towards the relief of en-trepreneurs in BiH, and thereforestrengthening the position of foreigninvestors, as evidenced by this publi-cation of FIC newsletter.It is extremely rewarding for me,whenever I have the opportunity, tonote that the Foreign Investors Coun-cil BiH represents over 30 foreign,mainly the largest, investors presentin BiH, 12,000 of BiH employees, andmore than 8 billion BAM of investmentassociated with the universal aim ofimproving business conditions and at-tracting foreign investment.Also, we are proud that our membersare working in a very transparent, so-cially responsible, conscientious way,and most of our leaders are the mostsuccessful in their branches with po-sitive financial results and are thus thebest business ambassadors of BiH in thebusiness world, the lighthouses thatshows the way to other potential inves-tors and sends the message that it ispossible to successfully operate in BiH.I want to thank you for the supportand express hope for a faster reco-very of BiH economy and major in-vestments in the future!

Until the next edition of the FIC ne-wsletter, Best regards.

FIC PresidentBranimir Muidža

Word of FIC PresidentWord of FIC President

View of FDI flow in BiH (in Mill. Eur.) - Source: FIPA 2013

Branimir Muidža, President of FIC BiH

FIC Newsletter 2013 eng update 2_Layout 1 19.11.2013 14:46 Page 3

4 FIC NEWS

On February 6, 2013 theexecutive director of theForeign Investors Council

attended the first working dinner

of French - Bosnia and Herzego-vina Business Club hosted by theFrench Ambassador to BiH, HE Mr.Roland Gilles at his residence inSarajevo.In addition to fifteen prominententrepreneurs from BiH andFrance Chairman of the Council ofMinisters Mr. Vjekoslav Bevandaattended the evening.Through sincere and cordial exc-hange of views on issues of poli-tical, economic and technicalnature, guests had the opportu-nity to talk with the Chairman of

the Council of Ministers on the is-sues they personally face, espe-cially on matters related to theneighboring Croatian entering theEuropean Union. n

Dinner of the French - Bosnia and Herzegovina Dinner of the French - Bosnia and Herzegovina Business ClubBusiness Club

Activities of Activities of FIC tax workingFIC tax workinggroup group

FIC tax working group is still anactive participant in the work ofconsultative working group whichaims to amend the regulationspertaining to taxes and fiscal po-licy and which exists within theFederal Ministry of Finance.In the first half of 2013 the focusof the working group was mostlydirected to the creation of a newdraft of the Law on Profit Tax inFBiH, which was finalized andsubmitted to the Government ofFBiH for further considerationand follow-up procedure.Also at the meetings of the Wor-king Group the draft of the newLaw on contributions in FBiH, thetext of the terms of fulfillment offinancial obligations, and legalsolutions concerning para-fiscallevies were discussed. n

FIC NEWS

As members of a focus group,members of the FIC partici-pated in a workshop on RIA

(regulatory impact assessment)on direct foreign investment po-licy in BiH, which took place onWednesday March 13, 2013 in Sa-rajevo and was organized by theMinistry of Foreign Trade and Eco-nomic Relations and InternationalFinance Corporation (IFC).Specifically, last year, the IFC, amember of the World Bank, incooperation with the BiH authori-ties launched a project "Impro-ving the business environment inBosnia and Herzegovina". As apart of this project, the Ministry ofForeign Trade and Economic Rela-

tions, as an IFC partner, expan-ded its activities related to the ap-plication of the methodology ofimpact assessment regulations(RIA) on creating a new and mo-dern politics of direct foreign in-vestments in BiH in line with bestinternational practice.RIA aims to focus on the impro-vement of the legal framework inthe field of foreign investment po-licy and creating a better environ-ment for attracting and protectinginvestors, dispute settlement, andinvestment security.FIC members are actively invol-ved in the RIA process and sup-port and advocate for change inthe Act which would improve thebusiness environment and legalframework for investing in BiH. Itshould also be noted that ourmembers pointed out in earlierreleases of the White Book thenecessity to change some provi-sions of the current law on directforeign investments policy in BiH,especially those related to theexisting restrictions for foreign in-vestors. n

Regulatory Impact Assessment onRegulatory Impact Assessment onthethe Law on direct foreign investmentLaw on direct foreign investmentpolicy in Bosnia and Herzegovinapolicy in Bosnia and Herzegovina


5FIC NEWS

FIC NEWS 2013

At the regular session held onJune 3, 2013 FBiH Govern-ment formulated a draft Law

on Amendments to the Law onEnterprises FBiH.The Law on Amendments to theLaw on Enterprises in the FBiH,

represents the realization of theobligations from the concludedMemorandum of Cooperation si-gned in Sarajevo on October 72011 between the Foreign inve-stors council and the federal primeminister Mr. Nermin Niksic withthe aim to address legal and ad-ministrative barriers to invest-ments in the FBiH.The federal government has reco-gnized the importance of coope-ration with the Foreign investorscouncil since the total investmentvalue of the current members ex-ceeds 8 billion BAM and the factwe employ more than 12,000 BiHcitizens. By signing the Memoran-

dum of Cooperation the FederalGovernment undertook to consi-der 67 recommendations contai-ned in the "White Book 2010/11,"which suggest the priority re-forms to eliminate key obstaclesfor investments. A certain numberof comments and suggestions isrelated to provisions of the Lawon enterprises in the FBiH. Whilediscussing the draft law, bothHouses of Parliament concludedthat the offered text represents agood basis for drafting the law.Prior to formulating the proposalfor the mentioned Law, a broadpublic debate was conducted. n

FIC NEWS

FIC's efforts have produced concrete results: the Federal government has formulated a draft Law onthe Federal government has formulated a draft Law onAmendments to the Law on Enterprises in FBiHAmendments to the Law on Enterprises in FBiH

The Foreign Investment Pro-motion Agency of B&H (FIPA)and USAID organized a con-

ference entitled "Foreign Investorsand the Justice Sector - creatinga better business environmentthrough the removal of barriers inthe justice sector" on April 3,2013 at the Hotel Bristol in Sara-jevo.The conference tackled the regu-lations which must be immedia-tely amended in order to create amore favorable business environ-ment, the need for a new step to-ward barriers elimination in thejustice sector, and the interest inincreased activity of the justicesector effort in terms of improvingthe environment for increasingthe domestic and foreign invest-ments.The event was attended by theCouncil of Ministers of BiH repre-sentatives, the Government of FBiH,

and the Government of RS repre-sentatives, representatives of thecantonal governments, represen-tatives of foreign embassies ac-credited in BiH, foreign investors

doing business in the country, aswell as representatives of the IFC,FIC, DHK, etc. FIC board memberMr. Sead Miljkovic also addressedthe participants. n

Participation in a conference "Foreign Investors and theParticipation in a conference "Foreign Investors and theJustice Sector - creating a better business environmentJustice Sector - creating a better business environmentthrough the removal of barriers in the justice sectorthrough the removal of barriers in the justice sector


6 FIC NEWS

FIC NEWS

On Friday April 26, 2013 theForeign Investors Council(FIC) in cooperation with

the audit house Pricewaterhouse-Coopers BiH organized trainingfor its members on the implemen-tation of international agreementson the avoidance of double taxa-tion in BiH.Specifically, the taxes work groupwhich exists within the FIC hasrecognized the need for organi-zing the educational training onthis topic because this area is in-creasingly becoming a segment ofinterest for foreign companiesoperating in the territory of Bo-snia and Herzegovina as well asfor the representatives of the taxauthorities.The aims of the training were tofamiliarize participants with theproblems related to the process ofconcluding and ratifying agree-ments, to present the current si-tuation, problems and dilemmas

in the implementation of the agree-ment and the planned legislativechange, and to give concrete an-swers regarding the interpreta-tion of certain provisions of theagreement in practice.The representatives of the Mini-stry of Finance and Treasury, Mi-

nistry of Finance of the Federationof Bosnia and Herzegovina andthe Republic of Srpska, as well asrepresentatives of federal tax ad-ministration and tax administra-tion Brcko District attended thetraining in a role of guest lectu-rers. n

Training "International agreements on avoidance ofTraining "International agreements on avoidance ofdouble taxation in BiH" - regulations and practicesdouble taxation in BiH" - regulations and practices

On June 6, 2013 at the Fa-culty of Economics in Sa-rajevo, a promotion of the

Association of Experts in the fieldof real estate was held. In addition to the Faculty of Eco-nomics in Sarajevo and the fivelargest banks in Bosnia and Her-zegovina, one of the founders ofthe Association is also the Foreign

Investors Council (FIC). The mainobjective of the association is theregulation of the profession onthe basis of internationally reco-gnized standards set by the RoyalInstitute of Chartered Surveyorsfrom the UK - RICS, and achie-ving the highest internationalstandards in the field of real estate.In addition to participation of emi-

nent speakers from the public andbusiness life of BiH, four new pro-fessions which Association certi-fies were promoted, such as mar-ket assessment, management,development, and real estate. Onbehalf of the Foreign InvestorsCouncil Mrs. Mubera Brkovic, aFIC board member addressed theaudience. n

FIC founder of the Association of Experts in the field ofFIC founder of the Association of Experts in the field ofreal estate (BHPA)real estate (BHPA)


7FIC NEWS

FIC NEWS 2013

On September 5, 2013 Fe-deral Minister of Energy,Mining and Industry, Mr.

Erdal Trhulj hosted delegation ofthe Foreign Investors Council - headof EBRD Office in BiH, Mr. LiborKrkoska, director of PwC BiH, Ms.Mubera Brković, and executive di-rector of the Foreign Investors Co-uncil, Ms. Bojana Škrobić Omerović.Matters discussed during the mee-ting included the Law on Public-Private Partnership in FBiH andways of drafting the best possibleframework for its adoption andlater application in order to im-prove the development of FBiH.Minister Trhulj informed the gueststhat this law is under direct aut-

hority of the Federal Ministry ofTransport and Communication andnoted that the Ministry of Energy,Mining and Industry fully supportthe adoption of this law.Executive director of the ForeignInvestors Council, Ms. BojanaŠkrobić-Omerović informed Mini-ster Trhulj that this year's editionof the White Book, for the firsttime, covered the field of energy

efficiency. Minister Turhulj askedthat the Foreign Investors Councilforwards their suggestions by theend of November since the DraftLaw on Energy Efficiency shall bediscussed at the next session ofthe House of Representatives ofFBiH Parliament and also encou-raged FIC to participate in publicdebates about the law. At the end Minister Trhulj pointedout that the Ministry of Energy,Mining and Industry, as well asthe entire FBiH Government, isopen to full cooperation with theForeign Investors Council with theaim of improving economic deve-lopment of the Federation of Bo-snia and Herzegovina. n

On October 31, 2013 in Bel-grade, hotel “Hayat” hos-ted a panel discussion with

senior officials of the Governmentand the representatives of the Fo-reign Investors Council Serbia withregard to presentation of the newedition of FIC Serbia White Book. The President of the Foreign Inve-stors Council (FIC) Serbia Frede-rik Coin stated during the promo-tion of the White Book that Go-vernment’s anti-crisis measuresare the step in the right directionin regards to the recovery of theeconomy, but the reforms mustbe accelerated and their imple-mentation more efficient. During the presentation of the FICWhite Book 2013 he evaluatedthat Serbia has made a majorstep towards the EU integrationsince the negotiation process isscheduled to begin in Januarywhich unlocks a unique opportu-nity to accelerate its reforms andto be consistent in their imple-mentation. The Prime minister ofSerbia Mr. Ivica Dačić was present

at the presentation of the FIC WhiteBook. Coin stated that the FIC’skey expectations from the Gover-nment of Serbia are to maintainmacro-economic stability, to redu-ce the public deficit, and to keepthe public debt under control. As stated, FIC expects the conti-nuation of reforms in judiciary andeducation and the improvementof economic competitiveness. The FIC President stated that theGovernment policy on public pro-perty and public enterprises needsto be modernised, i.e. the gover-nment needs to make possible forcompanies, regardless of the owner-ship, to have an equal status inthe market. Also, FIC recommendation is toimprove the business climate byreducing the bureaucracy in orderfor enterprises to operate moreefficiently, and one of the key fac-tors according to Coin, would bethe amendment to the LabourLaw and Law on planning and con-struction. Coin stated that it is ofthe key importance that the Go-

vernment implements all advisedreforms, which was not the casein the past – the laws were pas-sed, but their implementation wasnot consistent. He stressed FIC’sreadiness to support the Govern-ment of Serbia in implementationof reforms and insisted that theGovernment shows willingness fordialogue with FIC and other orga-nisations with the aim of impro-ving the situation in Serbia. “Companies, FIC members, areready to offer their experience andknowledge to the Government ofSerbia and to be Government’spartners in implementation of thereforms”, stated Coin. FIC Serbiagathers 130 companies that haveinvested more that EUR 20 billion.Since 2003 this association hasbeen publishing the White Bookwith the recommendations for im-proving business environment. The ceremony of presenting theFIC Serbia White Book was atten-ded also by the President of FICBosnia and Herzegovina, Mr. Bra-nimir Muidža. n

FIC NEWS

Minister Trhulj hosted the delegation of the Foreign Minister Trhulj hosted the delegation of the Foreign Investors CouncilInvestors Council

Presentation of the FIC Serbia White Book: The reformsPresentation of the FIC Serbia White Book: The reformsneed to happen faster and be more consistentneed to happen faster and be more consistent


8 FIC NEWS

President of the Foreign Inve-stors Council (FIC), Mr. Bra-nimir Muidža and Mr. Alex-

ander Mardian, on behalf of Dele-gation of the German economy inBosnia and Herzegovina (AHK),held a meeting where was agreedestablishment of official coopera-tion between the FIC and AHK. Atthe meeting it was discussed thesituation of the business commu-

nity in BiH, the position of foreigninvestors / companies, as well asthe potential activities of interestto both associations.As a result of this meeting, it wasagreed that the FIC and AHK willsign the Memorandum of under-standing and future cooperation,which will strengthen the excel-lent cooperation that these twoassociations had so far, but theaim is also to send a message tothe relevant institutions that inve-stors will undertake joint activitieswith the goal to improve the bu-siness climate in BiH. AHK’s mem-bers/companies will from nowalso provide support through theWhite Book, the most importantwritten product of FIC! n

Agreed official cooperation betweenAgreed official cooperation betweenFIC and AHKFIC and AHK

FIC NEWS

Pursuant to the Memorandumof Cooperation, for the lasttwo years, Foreign Investors

Council (FIC) and the FBiH Go-vernment have constantly beenworking on improving the busi-ness environment in BiH by sug-gesting amendments to laws withthe aim of removing administra-tive obstacles for the investors.Through the White Book, FIC’smost important written document,nine laws in the fields necessaryfor revival of investment cyclesand attracting foreign investorshave so far been suggested to theFBiH Government. Those are: • Law on Bankruptcy in FBiH• Law on Business Registration• Harmonization of regulations for

obtaining residence and workpermits for foreign nationals

• Law on Enforcement Proceedi-ngs

• Law on Securities Market

• Legislation in the field of taxand fiscal policy

• Law on Enterprises

“Today we were informed that theFBiH Government, at the sessionheld on October 24 2013 prepa-red a set of draft laws in the follo-wing fields:• Draft Law on Enterprises• Draft Law on Public-Private Part-

nership• Draft Law on Amendments to the

Law on Business Registration• Draft Law on Inspections in FBiH• Draft Law on Amendments to

the Law on Internal Trade

Foreign Investors Council BiH re-cognises the efforts of the FBiHGovernment with hope that theParliament will pass the laws anddrafts which shall improve the bu-siness environment and encourageadditional investments necessaryfor growth and development of

BiH economy. Also, we expect thatthe FBiH Government will conti-nue cooperating with the FIC re-presentatives in creating betterbusiness environment particularlysince the FIC prepared the new2012/2013 edition of the WhiteBook which is the most appro-priate platform for the reformprocesses necessary for develop-ment of BiH economy. Likewise, we expect the adoptionof our initiatives aimed at tax re-lief and simplification of procedu-res for issuing various requiredpermits. We strive to be Government’s par-tner in removing the obstacles,and one way achieving that isthrough the implementation ofthe recommendations from theWhite Book”, said the President ofthe Foreign Investors Council BiH,Mr. Branimir Muidža. n

Foreign Investors Council welcomes the set of lawsForeign Investors Council welcomes the set of lawsestablished by the FBiH Government in the fields relatedestablished by the FBiH Government in the fields relatedto improvement of the business environment in FBiH to improvement of the business environment in FBiH

FIC CooperationFIC CooperationCouncil meetingCouncil meeting

On September 20 2013, exe-cutive director of the Fo-reign Investors Council, Ms.

Bojana Škrobić–Omerović hostedrepresentatives of the commercialdepartments of foreign embassiesin BiH at the traditional assemblyof the Cooperation Council. The participants of the meeting ex-changed information on new busi-ness ventures and projects of com-panies from their home countriesand which operate on the territoryof BiH. As a conclusion of this meet-ing, it was agreed to organize, inthe future period, a networkingcocktail between representativesof the Cooperation Council andrepresentatives of FIC with theaim of networking companies. n


9FIC NEWS

FIC NEWS 2013

On October 2 2013, hotelEurope in Sarajevo hostedthe event related to offi-

cial visit of Mr. Janko Veber, thePresident of the National Assem-bly of the Republic of Sloveniaand the business delegation. Theevent was organised by Slovenianbusiness club and the Embassy ofthe Republic of Slovenia in BiH.The invitees of the meeting wereaddressed by Janko Veber, presi-dent of the National Assembly ofthe Republic of Slovenia, H.E. IztokGrmek, Ambassador of the Repu-blic of Slovenia in BiH, Iztok Gor-nik, president of the Slovenian busi-ness club in BiH, Bojana Škrobić-Omerović, executive director ofthe Foreign Investors Council BiH,and representatives of Sloveniancompanies operating in BiH. TheSlovenian business delegation inSarajevo consisted of 28 compa-nies of different bran-ches thatwish to expand cooperation withBiH companies.The aim of the meeting was to fa-miliarize Slovenian companies ope-rating in BiH and those that aremembers of the Slovenian busi-ness delegation with the currentbusiness climate in BiH while pre-senting advantages and disadvan-tages of the business environment.

During the meeting it was stres-sed that Slovenia and Bosnia andHerzegovina are very connected,first of all through ties of friends-hip, and the cooperation at theeconomic, social and cultural levelbetween the two countries is in-dispensable. Janko Veber said onthis occasion: "Due to the excel-lent relations between Bosnia andHerzegovina and Slovenia we canconfirm that BiH is one of the cou-ntries in which the investmentswill be made in the future. Cur-rently, investments of Sloveniancompanies are mostly representedin the automotive industry, whereCIMOS has the largest stake."Executive director of the ForeignInvestors Council BiH, Ms. BojanaŠkrobić - Omerović said that the

business climate in BiH is not at ahigh level, but it is also not nega-tive since there are foreign inve-stors which have been present foryears, as well as potential investors. "Currently, the domestic capital isnot sufficient enough to securethe economic growth in the rightdirection, therefore we need fo-reign investments. Slovenia seespotential in our industry, moun-tains, water and the energy po-tential which shall be highlightedin the next few years. All this shallbe conditioned by the positive bu-siness climate and positive attitu-de of the local authorities towardsinvestors. It is necessary that thestate systematically provides moreincentives to foreign investors inorder to secure economic growth."

The constituting meeting ofthe new Committee for la-bour regulations which will

operate under Foreign InvestorsCouncil BiH was held on October24, 2013. The primary tasks ofthe Committee shall be: • to implement recommendations

from the White Book;• to maintain communication with

the relevant institutions of aut-

hority in BiH; • to provide assistance to mem-

bers/companies with overco-ming the obstacles in this field;

• to establish database and pro-vide information on legal andlabour legislation in BiH;

• to organise training and educa-tional programs in the field oflabour regulations for the FICmembers and institutions.

The first task of this Committeeshall be to establish cooperationbetween the Committee and en-tity and state institutions compe-tent in the field of labour andsocial politics, and to determinecommon activities with the aim ofimproving the legislation frame-work and practical implementa-tion of existing regulations in thefield of labour law. n

Foreign Investors Council BiH established the Foreign Investors Council BiH established the Committee for labour regulationsCommittee for labour regulations

FIC NEWS

Foreign Investors Council of BiH presented the activitiesForeign Investors Council of BiH presented the activitiesand the state of the business environment to Slovenianand the state of the business environment to Slovenianbusiness community in BiHbusiness community in BiH


10 FIC NEWS

Who are we?Deloitte, being one of the largestprofessional audit, consultancyand tax advisory organisations inBosnia and Herzegovina, offers abroad range of industry-specificaudit, tax advisory, financial advi-sory and business consultancyservices. It employs over 50 peo-ple in its offices in Sarajevo andBanja Luka.For the past 14 years of Deloitte’spresence in Bosnia and Herzego-

vina, we have been, and still are,market leader in audit and taxadvisory services. We offer busi-ness solutions based on substan-tial experience in specific indus-tries and business environments.We serve a broad range of clientsfrom SMEs, financial institutionsto large multinationals. Our clientsare served by our experienced pro-fessionals based in Sarajevo whocombine local and internationaltraining, experience and experti-se.

Our servicesWhatever your area of activity, wedeliver experience and knowledge

needed to create tailored, added-value solutions adapted to yourorganization.

We offer complex advisory andconsultancy services, including:• Audit and business advisory • Advice on all types of direct and

indirect taxes and various taxissues (corporate income tax,personal income tax, value-added tax, etc.)

• Accounting and bookkeeping• Financial advisory• Risk management • Legal and regulatory services. n

Deloitte d.o.o. Sarajevo Deloitte d.o.o. Sarajevo

FIC PRESENTS

Company Bekto Precisa d.o.o.is a leader in the produc-tion of highly sophisticated

tools for plastic and metal and isactively involved in product deve-lopment of its business partnersand customers. Bekto Precisatoday employs over 400 young,promising employees with a ten-dency towards further develop-ment and progress.Through years of experience,continuous investments in expertstaff, new technologies and deve-lopment, our company achievedrapid progress in all business seg-ments. Our goal is for Bekto Pre-cisa to continue maintaining thehigh standards of quality, offeringour customers the best products

and services.

The core values of our companyare:• innovations• desire to learn • initiative• winning spirit• ambition • professionalism • teamwork

Bekto Precisa owns modern faci-lities with modern machines, ex-perienced and professional staffthat can carry out the initial ideainto action, offering customersthe product in record time deli-very. Our previous projects high-light the variety of services weoffer and how we can increase thevalue of the project. Regardless ofwhether it is a simple or complexproject we are able to, based onour experience, provide superior

service to our clients. In one com-pany drives for design and manu-facture of tooling, plastic spraying,assembling finished products, qua-lity control, storage and distribu-tion are centralized.Our clients and partners comefrom the field of the auto industry,the ski industry, electrical indu-stry, and other industries: BMW,Volkswagen, Fisher, Marker, Mos-dorfer, Koncar, Hella, Promotechand many others who have reco-gnized the high quality of our pro-ducts.Employees of the company pos-sess the necessary knowledgeand skills and attend regular trai-ning courses which allow us toimprove our services and pro-ducts and to reach a higher levelof quality, with the aim of buildingand achieving the original busi-ness culture and significant role inthe region. n

Bekto Precisa d.o.o.Bekto Precisa d.o.o.


11FIC NEWS

FIC NEWS 2013

Httpool Online and Mobile Ad-vertising is the recognizedleader at the Internet Mar-

keting Industry and offers com-plete advertising solutions forclients and marketing agenciesfrom B&H, from the Region andfrom the world. Httpool services include consul-ting, communication strategies,media planning, media buying,creative solutions, serving of adver-tisement and analyzing of returnon investment (ROI). By combination of high techno-logy and experience professionalsfrom this area, we provide incom-

parable communication solutionsfor online advertisers of all areasand specializations. Httpool enables advertisement atthe entire network of local Inter-net portals, media buy of adverti-sement separately at all Internetportals in B&H, as well as adver-tising on Google, Facebook andother Internet portals and servi-ces worldwide, with the possibilityof geo-targeting and payment fordisplay or click on the advertise-ment, depending on the commu-nication aims of the campaign. Httpool is present at 16 countriesthroughout Europe and Asia,partner with more than 65 inter-national advertisement networks,and employs more than 85 pro-fessionals from the area of onlinemedia and advertisement.

To its clients, Httpool is offeringmore than 10 of its own techno-logical solutions for advertising atthe Internet, from which we wouldlike to point out the recently laun-ched Engagement advertisement,which enables new advertisingformats, micro sites inside adver-tisements including video ads, lo-cation maps, forms and calculators,and integration with Facebook andTwitter. At the moment Httpool isthe only one in the region offeringadvertisement with detailed tar-geting of desired public, by age,sex, incomes, interest etc. maxi-mizing the effect of each adverti-sement campaign for our clients.We invite you to contact us withfull confidence and to use all ofthe advantages which advertisingon the Internet is offering! n

Httpool d.o.o. SarajevoHttpool d.o.o. Sarajevo

Founded in 2000, HOLDINAd.o.o. Sarajevo is a companyengaged in oil and petroleum

products’ sale on the entire terri-tory of Bosnia and Herzegovina. Itis a member of INA Group, whichconsists of several subsidiary com-panies wholly or partly owned by

INA- Industrija nafte, d.d. head-quartered in Zagreb, Croatia, withINA being present in the local BHmarket through various forms ofactivity for over forty years. HOLDINA d.o.o. Sarajevo cur-rently employs about 400 em-ployees, while its leading positionin the trade of petroleum productshas been further strengthened inearly 2008 when it was joinedwith InterINA d.o.o. Sarajevo.The merger provided for the in-

creased number of the filling sta-tions throughout Bosnia and Her-zegovina, where the customersare offered products from INA’srefineries in Rijeka and Sisak andMaziva Zagreb. Given that thecompany is registered for trade inthe broadest sense, each fillingstation in all parts of Bosnia andHerzegovina offers to the custo-mers various products from alarge number of domestic produ-cers. n

HOLDINA d.o.o. SarajevoHOLDINA d.o.o. Sarajevo

FIC PRESENTS

FIC INTERVIEW with...

Mr. Krkoska, so far, in what wayshas EBRD offered help to Bosniaand Herzegovina in improving thebusiness environment and enhan-cing the economy of BiH?

Improvements in business environ-ment and investment climate arethe top priorities of the EBRD in Bo-snia and Herzegovina. EBRD has

been set up more than 20 years agoto support private sector develop-ment. In Bosnia and Herzegovina,we have to date financed a largenumber of investment projects, onaverage 10 projects in the corpo-rate sector per year mostly withlocal SMEs but also with larger andforeign owned enterprises. As a re-sult we have deep understanding of

the key issues facing investors inthe country and can therefore raisethose points in our policy dialoguewith the authorities at all levels ofthe government. In addition, wehave also very active in supportinglocal private enterprises via our bu-siness advisory services for smalllocal enterprises with over 60 pro-jects per year.

Mr. Libor Krkoska, Head of the EBRD office in BiHMr. Libor Krkoska, Head of the EBRD office in BiH


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FIC INTERVIEW with...

In your opinion and experiencewhat is the current economic crisisin Bosnia and Herzegovina? Bosnia and Herzegovina has beengreatly affected by the global eco-nomic crisis. It is therefore encou-raging to see that the positivestatistics on exports by local manu-facturing companies in the first halfof 2013. The EBRD is ready to pro-vide further support for innovativeexport oriented companies in thecoming months and years. We arecurrently streamlining our proces-ses to be able to expand our sup-port for SMEs and be able to deliverour financing faster than in the past.In addition, we are also introducingnew products to support in particu-lar dynamic growth of innovativecompanies as well as to promoteenergy efficiency investments.

What are the current major EBRDprojects which support the develop-ment of BiH economy?The EBRD is aiming to expand itssupport for the private sector, bothwith direct projects and via local fi-nancial institutions. We expect thatabout 50 per cent of our financingthis year will be devoted to privateprojects although we will also con-tinue to provide funds for further in-vestments in infrastructure andenergy sector. We are very pleasedwith the accelerated pace of the im-plementation of our existing pro-jects, in particular progress onCorridor Vc and Sarajevo Bypass,and we hope that motorway bet-

ween Zenica and Tarcin will be com-pleted by end 2014 as planned, inc-luding proper connection of down-town Sarajevo with Corridor Vc. Wealso expect to see continuation ofgood progress in construction ofDoboj – Banja Luka motorway. Lastbut not least we are very active insupport for energy and energy effi-ciency investments both with fundsand with technical assistance for le-gislative and regulatory reform.

What are you experiences with theBiH authorities? Did BiH authoritiesshow understanding and accep-tance of previous EBRD projects?Our experience with the BiH autho-rities is very good both at the statelevel and at sub-national levels. Theprogress with implementation ofour projects in the road sector andwith municipalities across the coun-try in both entities is the testimonyof good working relationship, ashighlighted by the EBRD presidentduring his recent visit of the coun-try. The authorities are also open tointroduction of more private sectorparticipation in infrastructure in-vestments and I very much hopethat we will soon see an agreementon the first PPP project according tobest international practice andawarded through open competitivetender.

In your opinion what are the mostimportant and the most urgent in-frastructure projects in BiH in whichEBRD will participate?The EBRD expects to continue fina-ncing infrastructure projects, parti-cularly those that aim to strengthenregional integration. Continuation ofthe construction of Corridor Vc isthe top priority for the country andwe are ready to help, together withthe EU, EIB and other financiers,including attraction of private part-ners via PPPs to address the issueof limited borrowing capacity of thecountry. We will also continue topursue projects in the energy sectorto help Bosnia and Herzegovina torealise its huge potential in sustai-nable energy production.

Please comment the position of Bo-snian exporters now that Croatia isa member of EU.Bosnia and Herzegovina is now onthe border of the single EuropeanUnion market with more than half abillion customers and this is a hugepotential opportunity for local com-panies. The fact that BiH is on theborder with EU is also important inefforts of the country to attractmore foreign direct investors.

Tell us briefly about your experiencewith FIC and in your opinion why issuch association necessary for BiH?EBRD is associated with the FICsince its establishment and we arevery pleased with the efforts of FICand its members to improve busi-ness environment for private com-panies in the country. The WhiteBook produced by FIC is an impor-tant publication based on experien-ces of FIC members and it is verygood that the authorities pay closeattention to the recommendationpresented there. I hope that in thefuture editions of the White Bookwe will be able to present also casestudies of how the recommenda-tions which were implemented bythe authorities positively affectedoperations of FIC members in thecountry.

What is your prognosis with regardto the development of BiH economyin the period until the end of 2014?It is difficult to make economic fo-recasts during the crisis period. Ob-viously we hope that the recoverywill come as soon as possible andsome of companies based in Bosniaand Herzegovina are able to growthstrongly despite the crisis. However,we are also aware of the risks andpossible setbacks. We are confidentthat EBRD financed projects willcontinue to contribute to economicdevelopment of Bosnia and Herze-govina, including sustainable jobcreation, and hope that the countrywill be able to take full advantage ofthe economic recovery in Europe assoon as the crisis is over. n


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FIC NEWS 2013

FIC MEMBER'S ACTIVITIES

Messer Group the world'slargest companies for theproduction and supply of

technical and specialised gases,started to emerge in BiH marketfifteen years ago.Since its first contract with Tehno-plin d.d. Mostar this was first pro-ject in BiH “Messer“ started itsexpansion.

It is sufficient to say that in recentyears “Messer“ had invested inBiH 100 million KM which makesthis company one of the biggestinvestors in post- war BiH. “Mes-ser“ is also recipient of officialawards including Foreign Invest-ment Promotion Agency of B&H(FIPA) as the bigger foreign inve-stors in BiH in 2009. In a ceremony that took place onthe 21st of June in Mostar it hadbeen announced new investment

activities, and the first of then willbe the start of construction of thebottling plant and related facilitiesin Banja Luka.General Manager of Messer BHGas / Messer Tehnoplin, ValentinIlievski emphasized the data fromthe balance of the company sta-ting that „Messer“ more and moreexporting to regional and othermarkets, specifically in Slovenia,Hungary and Croatia. All compa-nies within the „Messer“ Groupcontinuously operate positively.The growth rate last year was 4percent, and exports 20 percent.100 million of KM which are inve-sted in BiH are the best proof andguarantee that „Messer“ stays he-re and goes on, concluded Iliev-ski.At the party arrived and Mr. Ste-fan Messer the owner of this fa-mily owned German company witha tradition long 115 years, whosaid that market of Bosnia andHerzegovina is very important for„Messer“ because of evident pre-disposition that our country has interms of the development of indu-strial capacity. Thus, here „Messer“see the possibility of supplying avariety of consumers to which

these gases are essential in theproduction process but also theopportunity to be exported to othercountries.The mayor of city of Mostar LjuboBeslic, underlined the importanceof the „Messer“ in creation of po-sitive image of Mostar and BiH toforeign investors and said that the“Messer“ is the best recommen-dation to other foreign companiesto operate in our country.

In the past fifteen years therehave been no incident and maxi-mum attention is paid to the eco-logy. Messer in BiH now has threecompanies (Tehnoplin Messer, Mes-ser Mostar Gas and Messer BHGas), two production plants (Ze-nica and Sočkovac) and four dis-tribution centers. Employs morethan one hundred employees. n

Fifteen years of Messer in BiHFifteen years of Messer in BiH

During the "Open days" ma-nifestation which aims tobring together employees

of the company with the popula-tion of local communities, ZehraObralija, Executive Director for Fi-nance and Economic Affairs, pre-sented the donation of 50.000,00KM to Director of the Public HealthCentre Kakanj, Mirsad Tursum. "For our patients, these machinesare the means for sustaining life.There are 26 patients who requiredaily hemodialysis in Zenica andVisoko. Some patients have to co-

mmute up to a hundred kilome-ters both ways between their fa-mily houses and these facilities.This is very difficult for them andthat's why this donation by theCement Plant provides a great re-lief both for patients and our staff.I hereby express my gratitude toKakanj Cement Plant, on behalf ofall the employees of the PublicHealth Centre and especially onbehalf of patients for whom thismachine means life" said Tursum."Kakanj is lucky for having such afactory which, in these difficult

times, operates very efficientlyand is willing to help its fellow ci-tizens" added Tursum.Izudin Neimarlija, Executive Di-rector for the production, said onthis occasion, "This donation tothe Health Centre Kakanj is a do-nation for all Kakanj citizens. Ourfellow citizens who were forced totravel to other cities every coupleof days for hemodialysis will soonbe spared all this extra effort andthey will have an adequate medi-cal care in their town. This is yetanother contributing factor of Ka-

Kakanj Cement Plant donated a hemodialysis machineKakanj Cement Plant donated a hemodialysis machineto the Public Health Centre Kakanjto the Public Health Centre Kakanj


14 FIC NEWS

kanj Cement Plant to improve con-ditions in the community."Mayor of Kakanj municipality, Ne-rmin Mandra, also attended the“Open days” manifestation: "Ka-kanj Cement Plant is not only oneof the cornerstones of economicdevelopment of the Kakanj muni-cipality, it is also one of the maincarriers of the overall social life inKakanj," said Mandra. "This is anopportunity to thank them, at thistraditional event that brings a lotof positive energy, entertains chil-dren and the youth of Kakanj, and,

of course, to thank them for thisvery valuable donation on behalfof all the citizens of the Kakanjmunicipality because they have acompassion for the needs of thosewho are often ignored", added Ka-kanj Mayor.On June 29th 2013 Kakanj Ce-ment Plant, for the twelfth time,traditionally opened its door forKakanj citizens and visitors withinthe "Open days" manifestation. The aim is to bring together em-ployees and the citizens throughthe rich kid's program, entertain-

ment and sports. As a part of thesustainable development program,this event provides an opportunityfor everyone to visit the factory, tosocialize and meet its employ-ees. n

XELLA BH INOVATIONS

Since 2009, Xella BH d. o. o.from Tuzla manufacturesand sells the world famous

building material Ytong, with spe-cial attention being paid to envi-ronmental protection and the intro-duction of the principles of energyefficiency in the construction of alltypes of structures in BiH. Since2009 hardworking team of XellaBH company has developed and in-troduced many innovations to thelocal market in the area of its ope-rations, so that today, among otherthings, it offers the best and mostcreative solutions for fast, simple,high-quality and innovative con-struction of your home.One of the innovations are theYtong family low-energy hou-ses, which can be designed to ac-commodate all the household mem-bers in line with world trends onenvironmental protection and sa-ving precious energy for heatingand cooling. After a very quick andsimple construction using Ytongsystem, the house is eventuallymerged with the natural environ-ment, as Ytong are materials pro-duced from natural raw materials,which contributes to the value ofthe home for future generations forwhom ecology will be one of thefirst prerequisites for quality life.Safe from moisture and other ex-

ternal influences, superbly protec-ted from fire and earthquake, andabove all with a pleasant microcli-mate in the area, this home beco-mes an oasis of each family for anunlimited number of years. Ytongis family homes are healthy, solidand cost-effective.In order to familiarize citizens, buil-ders, and investors with the buil-ding materials and modern con-struction systems, in 2012 XellaBH designed and launched a spe-cial project of construction and de-monstration of Ytong low-energyhouses. In June 2012 the houseswere built in front of SKPC Mejdanin Tuzla and sparked a great inte-rest. Between April 8th and 30th infront of BBI centre in Sarajevo theunique presentation of buildingYtong houses was demonstratedlive. By doing this Xella BH providean opportunity to a large numberof interested citizens and investorsto follow the methods of modern

energy construction using innova-tive Ytong construction materials.Within this program, specially trai-ned Ytong craftsmen demonstrateddaily how to quickly and easily getto your own home while meetingall environmental requirements.Clean construction, without anywaste and without compromisingthe environment was demonstra-ted. On the site all visitors had anopportunity to learn about mate-rials from their production and salesassortment such as Ytong termblock, Ytong Multiport-mineral ther-mal insulation material, Ytong lintelsand window lintels, Ytong Dryfix.The aim of the promotion was todemonstrate the affordability ofperformance with a small initial in-vestment, the ultimate profitabilitydue to large energy savings, andpeople could witness live the mosteconomical solutions built from theground up to the roof. Export advi-sors from Xella were present all thetime to provide useful informationand advice. In the meantime orga-nizers were preparing many othersurprises for the people of Sara-jevo. Ytong playroom for childrenwas installed in front of the BBIcentre with special program which,apart from games, also had aneducational character. Adults wereable to participate in prize compe-titions.


News from the XELLA BH d.o.o. TuzlaNews from the XELLA BH d.o.o. Tuzla


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FIC NEWS 2013

XELLA BH WORKS IN LINEWITH EU STANDARSDSProduction facilities of Xella BHcompany in Tuzla are made withthe aim of covering both BiH andCroatian markets. This export star-ted successfully in 2010 and eachyear it significantly increased. Giventhe fact that Croatia enters Euro-pean Union in 2013 Xella has star-ted prompt preparations in orderto be able to continue the exportafter July 1 without any interfe-rence. On the way to the European mar-ket is an important and necessaryfor every product to have a CEmark. The free flow of goods is the

basis of the internal market of theEuropean Union. The goal of thefree flow of goods is to preventnew restrictions for trading, mutualrecognition, and technical harmo-nization. The CE mark allows thefree flow of goods to the EU marketand for this reason the CE mark re-ferred to as "passport, the ticketfor the European market."Preparations for receiving CE markhave started in September 2012.The supervisory review has beenconducted on February 15th 2013and the certificate was issued onNovember 4th 2013 by ZAG Ljub-ljana, Department of Civil Engine-ering no. 1404-CPD-1960. Xella BH

received a certificate for produc-tion of blocks of aerated concretemasonry, category I, 2 + system.Certificate is related to four pro-duction brands within which pro-duct line is distributed, and theproduct brands are: 2.4-0.4 PP, PP3-0.45, 4-0.5 PP, PP 4-0.65.The entire collective was involvedin the procedure necessary for is-suing and maintaining CE certifi-cate. This certificate made it possi-ble for Xella BH to mark their pro-ducts with CE sign which serves asconfirmation of their competencein the process of production andproduct quality and they can befreely exported to the EU market. n

The company SHP Celex wasfounded back to 1966. as inthat time the most modern

paper factory in the ex-Yugoslaviaand privatized in 2001. by the SHPGroup from Slovakia, the largestpaper group in South-Eastern Eu-rope. SHP GROUP is a member ofEco-Invest, and has so far investedover 24 million Euro in SHP Celex.Related to final products SHP Ce-lex produces toilet paper, kitchentowels, hankies and napkins underthe brand Harmony.It is important to mention thatHarmony is a domestic brand pro-duced in a factory in Banja Luka.As a long-term development is notpossible without a very good pro-duct, which is made in conditionsthat respect the most strict qualitystandards, and since the beginningof the privatization a special atten-tion was given that all equipmentand technical solutions in which isthe investment, present the state-of-art of technology in the producti-on of pulp paper and paper products.Starting from 2009 SHP Celexmade paper production tests rela-ted to high softness. Roughlysome factors can be named affec-ting the perception of softness:product rigidity, volume or com-pressibility and surface roughness.

There are several techniquesmake quantification of paper soft-ness. One of them is the technique(EMTEC) which includes an esti-mate of the above mentioned fac-tors and it is used in test produc-tion to define the conditions of theproduction process. With the assi-stance of Eucalyptus pulp supplierthere were made comparativeanalysis of references. Referencesamples included paper samplesfrom all over the world with thehighest level of softness that aworld leader in the production ofEucalyptus pulp (Fibria) presentedin the scope of the presentation ofreferences. The analysis of theproduct and production processparameters of hygienic paper areoptimized production conditions:Eucalyptus pulp refining, Eucalyp-tus pulp share in total input, cre-ping process, recipe componentsfor Yankee coating. Without theapplication of softeners and condi-tioners, number values of paper

softness are reached at the world'smost famous producers. As one ofmany good examples of relations-hips with employees is the factthat the company SHP Celex scho-larships, improves, educates andpromotes its employees in highereducation institutions, specializedschools and in its operation sec-tors, creating a highly educatedand professionally oriented per-sonnel, in the interest of the com-pany, but also in the interest of theenvironment, with which SHP Celexlives, works and cooperates.SHP Celex invests a lot in the en-vironment implementation so a lotof attention gives to environmen-tal protection and ecological wastetreatment. Proper waste treat-ment can directly influence on theprotection of the environment andreduce costs which are allocated interms of ecology.As SHP Celex is the member of theSHP Group, whose home countryis the member of the EU, and acti-vities related to professional worksafety are harmonised with EU re-gulations. The primary task of worksafety is a continuous improve-ment of the working conditionsand providing of the optimal workconditions. n

SHP Celex, a.d.SHP Celex, a.d.



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Activities of the Governmentof Tuzla Canton (TK) andSalt Mine Tuzla give us con-

fidence for the realization of ourplans and new investments," saidat a meeting held on September19 2013 at the Ministry of Indu-stry, Energy and Mining of TuzlaCanton, Mr. Sabahattin Günceler,President of chemical group Sise-cam. Delegation of Sisecam SodaLukavac d.o.o. (SSL) congratula-ted and expressed their satisfac-tion and gratitude to the Gover-nment and the mine managementfor opening new drill holes in SaltMine Tetima and thus increasingthe capacity of the mine. Only inthe past two years, the Govern-

ment of TK and ministry for theimplementation of new explora-tion - exploitation drill holes at Te-tima allocated approximately800,000.00 KM, which, amongother things, increased the capa-city of the mine and created pre-conditions for the realization ofplans and increase of productioncapacity of Sisecam Soda Lukavac."SSL and Turkish investments arewelcome. We appreciate thatthrough SSL, Limestone Mine Vi-jenac and Salt Mine Tuzla we haveestablished very good cooperationand the Government of TK will doeverything in its power for SSL toobtain the required amount ofbrine", stated the Minister of in-

dustry, energy and mining, Mr.Željko Knežićeg while addressingthe Turkish delegation. On thisoccasion they discussed plans ofsoda factory for the upcoming pe-riod and the dynamics of futurecooperation and common deve-lopment and the ultimate goal isfor SSL to be the largest producerof soda in this part of Europe."We are pleased to have in ourenvironment the company withserious developmental projectswhich has established good coo-peration both with its businesspartners and with the local com-munity and authorities in TuzlaCanton" said the Prime Minister ofTuzla Canton, Mr. Sead Čauševićwho also attended the meeting.Apart from Prime Minister Čauše-vić, Minister Knežiček and thePresident Güncelera, the meetingwas attended by the DeputyChairman of chemical group Sise-cam Mr. Hidayet Özdemir, GeneralManager of the Sisecam soda Lu-kavac d.o.o. Mr. Umut Boris Don-mez and CEO of Salt Mine TuzlaMr. Amir Sušić. n

The Government of Tuzla Canton hosted the delegationThe Government of Tuzla Canton hosted the delegationof Sisecam Soda Lukavac (SSL)of Sisecam Soda Lukavac (SSL)

After a survey of businesstransactions in 2013, Euro-money announced that Uni-

Credit was the preferred providerof transactional business for inter-national companies in Austria anda number of CEE countries suchas Bosnia and Herzegovina, CzechRepublic, Croatia, Poland, Roma-nia, Serbia, and Slovenia.The results of the survey, whichincluded feedback from more than17,000 international companies,

were published on the website of themagazine (www.euromoney.com).

"We are extremely proud of thisrecognition for business transac-tions which comes from ourclients. Results of the survey eva-luate and confirm our continuingeffort to improve customer ser-vice and to deliver the best possi-ble solutions in order to meet theneeds of our clients," said SelmaRiđanović - Kenović, Director ofMarketing and Communications ofUniCredit Bank. Director of Corporate and Invest-ment Banking of UniCredit for

South-eastern Europe GianfrancoBisagni said that they were verypleased to receive these awardsthat testify of the relevance oftheir offers and persistent enga-gement of their teams.

"Transaction services are centralservices for our international cli-ents doing business in Central andEastern Europe, where UniCreditseeks to find solutions that aretailored to all needs. We will con-tinue to focus on improving anddeveloping the offers to our keycustomers," added Bisagni. n

UniCredit Bank is the best bank for business UniCredit Bank is the best bank for business transactions in BiHtransactions in BiH


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FIC NEWS 2013

ADOPTED LEGISLATION IN BiH*

Official Gazette of BiH

BiH PARLIAMENTARY ASSEMBLY• The Law on Amendments to the Law

on the Indirect Taxation System inBosnia and Herzegovina (Official Ga-zette BiH 32/13)

• The Law on Amendments to the Lawon Administrative Procedure Act (Of-ficial Gazette BiH 41/13)

• The Law on Amendments to the Lawof Civil Procedure at the Court of Bo-snia and Herzegovina (Official Ga-zette of BiH 58/13)

• The Law on Amendments to the Lawon Deposit Insurance in Banks of Bo-snia and Herzegovina (Official Ga-zette of BiH 58/13)

• The Law on Amendments to the Lawon Mutual Legal Assistance in Crimi-nal Matters (Official Gazette of BiH58/13)

• The Law on Amendments to the Cri-minal Procedure Code of Bosnia andHerzegovina (Official Gazette of BiH72/13)

• The Law on Amendments to the Lawon Foreign Trade Chamber of Bosniaand Herzegovina (Official Gazette ofBiH 72/13)

BiH COUNCIL OF MINISTERS • Decision amending the Decision on

the classification of goods in the ex-port and import regimes (Official Ga-zette BiH 04/13)

• Decision amending the Decision onestablishing the Customs Tariff forthe 2013 (Official Gazette of BiH60/13)

• Decision on temporary suspensionand temporary reduction of tariffs onthe importation of certain goods to31.12.2013. (Official Gazette of BiH64/13)

• Regulation on methods of analysis ofheat-treated milk for human con-sumption (Official Gazette of BiH82/13)

BiH MINISTRY OF FOREIGN TRADEAND ECONOMIC RELATIONS • Regulation on types of registers (Of-

ficial Gazette of BiH 61/13)• Regulation on Classification of ciga-

rettes and stamps (Official Gazetteof BiH 62/13)

• Ordinance amending the Ordinanceon the labelling of raw materials andproducts of animal origin and deve-

lopment, the form and content of theveterinary code (Official Gazette ofBiH 75/13)

BiH MINISTRY OF FINANCE ANDTREASURY• Ordinance amending commands on

the ordinance on administrative fees(Official Gazette BiH 38/13)

• Order amending the order on the ac-counts for administrative fees (Offi-cial Gazette of BiH 72/13)

BiH INDIRECT TAXATION AUTHORITY • Guidelines on the authorized sender

and authorized recipient (Official Ga-zette BiH 03/13)

• Instructions on local import clea-rance (Official Gazette BiH 03/13)

• Decision on the establishment oftemporary coefficients for the alloca-tion of funds from the Single Accountfor the period January-March 2013(Official Gazette BiH 26/13)

• Instructions on customs proceduresin passenger traffic (Official Gazetteof BiH 48/13)

• Guidance on amending the Instruc-tions on local export clearance (Offi-cial Gazette 49/13 of BiH)

• Guidance on amending the Instruc-tions on simplified customs procedu-res on the basis of invoices (OfficialGazette of BiH 49/13)

• Decision on the amount of compen-satory interest rate for the periodfrom July 1, 2013 to December 31,2013 (Official Gazette of BiH 57/13)

• Instructions on modification instruc-tions on the implementation of theprocedure by TIR carnet (Official Ga-zette of BiH 61/13)

• Instructions amending the Instruc-tions on registration and enrolmentin the Unified Register of indirecttaxes (Official Gazette of BiH 79/13)

STATE ELECTRICITY REGULATORYCOMMISSION - DERC• The decision to extend the validity of

the Decision on determining tariffsfor ancillary services (Official Ga-zette BiH 03/13)

• Decision on issuing licenses for inter-national trade in electricity (OfficialGazette 03/13)

• The decision to issue a license forelectricity transmission (Official Ga-zette 05/13)

• The decision to issue a license forelectricity distribution (05/13)

• Decision on issuing the license forelectricity supply to qualified buyers(Official Gazette 05/13)

• The decision on the amount of one-time fee for the procedure in accor-dance with the Licensing Rule (OfficialGazette 41/13)

• Decision on the Indicative Develop-ment Plan approval for the period2014-2023. (Official Gazette 41/13)

• Decision on establishing the regula-tory fee for 2014 (Official Gazette ofBiH 73/13)

COMMUNICATIONS REGULATORYAGENCY BiH – RAK• Regulation 68/2013 on performing

activities of providers of public telep-hone services (Official Gazette 17/13)

• Regulation 69/2013 on conditions forproviding telecommunications servi-ces and relationships with end users(Official Gazette 28/13)

• The regulation amending regulation62/2012 on Number Portability (Of-ficial Gazette 39/13)

• Regulation 70/2013 on the licensefees for the use of blocks of telep-hone numbers, individual non-geo-graphic numbers, short numbers andcodes for network and signalling (Of-ficial Gazette of BiH 71/13)

• Code of amending the Code of Com-mercial Communications (OfficialGazette of BiH 78/13)

• Instruction on the manner of appli-cation forms and permits for the useof individual non-geographic/shortnumbers, block numbers and codesfor network and signalling (OfficialGazette of BiH 85/13)

BiH DEPOSIT INSURANCEAGENCY • Decision on Amendments to the De-

cision on the participation of banksin the deposit insurance Deposit ofInsurance Agency of Bosnia and Her-zegovina (BiH Official Gazette of BiH75/13)

Official Gazette of the Federation ofBosnia and Herzegovina

FBiH PARLIAMENT • The Law on Amendments to the Law

on agriculture (Official Gazette ofFBiH 07/13)

*This list contains laws and decisions of interest for foreign investors


18 FIC NEWS


• The Law on Amendments to the Lawon Personal Income Tax (Official Ga-zette of FBiH 07/13)

• The Law on Amendments to the lawon Tax Administration of the Federa-tion of Bosnia and Herzegovina (FBiHOfficial Gazette 07/13)

• The Law on Amendments to the Lawon Courts in the Federation of Bosniaand Herzegovina (FBiH Official Ga-zette 07/13)

• The Law on Amendments to the Lawon the late interest on public reve-nues (FBiH Official Gazette 28/13)

• The Law on Amendments to the Lawon the Federal Administrative Taxesand Tariffs for federal administrativefees (Official Gazette of FBiH 43/13)

• The Law on Electronic Document(Official Gazette of FBiH 55/13)

• The Law on Amendments to the Lawon Deposit Insurance in Banks of Bo-snia and Herzegovina (Official Ga-zette of FBiH 57/13)

• The Law on Amendments to the Lawon Leasing (Official Gazette of FBiH65/13)

• The Law on Amendments to the Lawon Personal Income Tax (Official Ga-zette of FBiH 65/13)

• The Law on Amendments to the Lawon Banks (Official Gazette of FBiH66/13)

• The Law on Property Rights (OfficialGazette of FBiH 66/13)

• Nature Protection Act (Official Ga-zette of FBiH 66/13)

• The Law on Electricity in the Federa-tion of Bosnia and Herzegovina (Of-ficial Gazette of FBiH 66/13)

• The Law on the use of renewableenergy sources and efficient cogene-ration (Official Gazette of FBiH70/13)

• The Law on Amendments to the Lawon Companies (Official Gazette ofFBiH 75/13)

• The Law on the exploration and ex-ploitation of oil and gas in the Fede-ration of Bosnia and Herzegovina(Official Gazette of FBiH 77/13)

FBiH GOVERNMENT • Regulation amending the Regulation

on familiarizing the President andmembers of the supervisory boardand the management of companieswith state capital (FBiH Official Ga-zette 02/13)

• Regulation on conditions, proceduresand criteria for leasing office spacewhich the government of the Federati-

on of Bosnia and Herzegovina the rightto use (FBiH Official Gazette 35/13)

• The decision on distribution of fundsfrom the passive sub-bilans of com-panies and banks (Official Gazette ofFBiH 05/13)

• Decision amending the Decision onthe amount and method of paymentto cover the cost of quality control ofcertain products for imports and ex-ports (Official Gazette of FBiH 68/13)

FBiH MINISTRY OF FINANCE• Ordinance amending Ordinance for

submission of applications for regi-stration and changes of registrationin single system of registration, con-trol and collection of contributions(FBiH Official Gazette 01/13)

• Ordinance amending the Ordinanceon the payment of the public reve-nue of the budget and extra budge-tary funds in the territory of BiH(FBiH Official Gazette 01/13)

• Ordinance amending the Ordinanceon the payment of the public reve-nue of the budget and extra budge-tary funds in the territory of theFederation of Bosnia and Herzego-vina (FBiH Official Gazette 08/13)

• Ordinance amending the Ordinanceon the terms and conditions of is-suance, renewal and revocation of li-censes, for certified auditors and auditfirms (FBiH Official Gazette 17/13)

• Ordinance amending the Ordinanceon the Implementation of the Law onIncome Tax (Official Gazette of FBiH27/13)

• Regulation on the form and contentof the application form for the de-duction of interest on arrears on pu-blic revenues and required docume-ntation (FBiH Official Gazette 29/13)

• Ordinance on the payment of publicrevenue budget and extra-budgetaryfunds in the Federation of Bosniaand Herzegovina (FBiH Official Ga-zette 35/13)

• Ordinance Amending the Ordinanceon the payment of public revenuebudget and extra-budgetary funds inthe Federation of Bosnia and Herze-govina (Official Gazette of FBiH53/13)

• Ordinance amending the Ordinanceon the manner of issuance, renewaland revocation of licenses, statutoryauditors and audit firms (Official Ga-zette of FBiH 55/13)

• Ordinance amending the Ordinanceon the payment of public revenue

budget and extra-budgetary funds inthe Federation of Bosnia and Herze-govina (Official Gazette of FBiH63/13)

• Ordinance amending the Ordinanceon the Implementation of the Law onPersonal Income Tax (Official Ga-zette of FBiH 71/13)

FBiH MINISTRY OF ENVIRON-MENT AND TOURISM• Ordinance on limit values for air

emissions from combustion plants(Official Gazette of FBiH 03/13)

• Regulation on the method of deter-mining the environmentally accepta-ble flow (Official Gazette of FBiH04/13)

• Ordinance amending the Ordinanceon the management of packagingand packaging waste (Official Ga-zette of FBiH 28/13)

• Decision on establishing fees for thelisting of authorized legal entities forthe Study of Environmental ImpactAssessment (Official Gazette of FBiH16/13)

FBiH MINISTRY OF JUSTICE• Regulation on the technical use of Re-

gistry System in electronic form forthe registration of business entitiesin the Federation of Bosnia and Herze-govina (FBiH Official Gazette 07/13)

• Tariff of notary fees and charges (Of-ficial Gazette of FBiH 57/13)

FBiH MINISTRY OF TRADE • Instructions on Amendment of In-

struction on the manner, content anddelivery period of a change in pricesand margins of individual productsand services (Official Gazette of FBiH74/13)

FBiH MINISTRY OF ENERGY, MINING AND INDUSTRY • Regulation on technical measures

and safeguards in the process of ex-ploitation of minerals using deepdrilling method (FBiH Official Gazette38/13)

• Ordinance amending the Ordinanceon determining the quality of liquidfuels (Official Gazette of FBiH 39/13)

• Ordinance amending the Ordinanceon determining the quality of liquidfuels (Official Gazette of FBiH 71/13)

FBiH BANKING AGENCY • Decision amending the Decision on


19FIC NEWS

FIC NEWS 2013

Minimum Standards for Credit RiskManagement and Classification ofbanks' assets (Official Gazette ofFBiH 15/13)

• Decision on amendments to the De-cision on the form of reports thatbanks submit to the Banking Agencyof the Federation of Bosnia and Her-zegovina (FBiH Official Gazette 15/13)

• Decision on temporary restrictionand minimum conditions for the pay-ment of dividends, discretionary bo-nuses and purchase its own sharesby banks (Official Gazette of FBiH15/13)

FBiH SECURITIES COMMISSION • Decision on fees (Official Gazette of

FBiH 31/13)• Rules on disclosure and reporting to

the Securities Market (Official Ga-zette of FBiH 35/13)

• Ordinance amending the Ordinanceon the authorized participants in thesecurities market (Official Gazette ofFBiH 46/13)

• Program of the professional exami-nations for obtaining permits for bu-siness brokers and investmentadvisors/managers in the securitiestransactions (Official Gazette of FBiH46/13)

• Regulation on Investment of closedinvestment funds with a public offe-ring (Official Gazette of FBiH 53/13)

• Regulation of qualified equity parti-cipants in the securities market (Of-ficial Gazette of FBiH 53/13)

• Ordinance amending the Ordinanceon brokerage transactions in securi-ties (Official Gazette of FBiH 53/13)

CHAMBER OF AUDITOR's FBiH• Audit services tariff (Official Gazette

of FBiH 57/13)

FBiH REGISTER OF SECURITIES • Decision amending the Decision on

compensation for services of the Re-gistry of Securities in the Federationof Bosnia and Herzegovina (FBiH Of-ficial Gazette 38/13)

Official Gazette of Republic of Srpska

NATIONAL ASSEMBLY OF REPU-BLIC OF SRPSKA • The Law on Amendments to the Law

on Investment-Development Bank ofthe Republic of Srpska (RS OfficialGazette 28/13)

• The Law on Amendments to the Lawon Privatization of State Capital inEnterprises (Official Gazette of RS28/13)

• The Law on Amendments to the Lawon the Fund for Development andEmployment of the Republic of Sr-pska (RS Official Gazette 28/13)

• The Law on renewable energy sour-ces (Official Gazette of RS 39/13)

• The Law on Spatial Planning and Cons-truction (Official Gazette of RS 40/13)

• The Law on the Development ofSmall and Medium Enterprises (Offi-cial Gazette of RS 50/13)

• The Law on Energy Efficiency (Offi-cial Gazette of RS 59/13)

• The Law on Concessions (Official Ga-zette of RS 59/13)

• The Law on Banking Agency of theRepublic of Srpska (Official Gazetteof RS 59/13)

• The Law on Amendments to the Lawon Banks of the Republic of Srpska(Official Gazette of RS 59/13)

• The Law on Amendments to the Lawon Securities Market (Official Ga-zette of RS 59/13)

• The Law on Amendments to the Lawon Takeover of Joint Stock Compa-nies (Official Gazette of RS 59/13)

• The Law on Amendments to the Lawon Civil Procedure (Official Gazetteof RS 61/13)

• The Law on Registration of BusinessEntities in the Republic of Srpska(Official Gazette of RS 67/13)

• The Law on Amendments to the Lawon Tax Procedure of the Republic ofSrpska (Official Gazette of RS 67/13)

• The Law on Amendments to the Lawon Enforcement Proceedings (OfficialGazette of RS 67/13)

• The Law on Amendments to the Cri-minal Code of the Republic of Srpska(Official Gazette of RS 67/13)

• The Law on Amendments to the Lawon Companies (Official Gazette of RS67/13)

• The Law on Amendments to the Lawon Trade (Official Gazette of RS67/13)

• The Law on Amendments to the Lawon Court Fees (Official Gazette of RS67/13)

• The Law on Amendments to the Lawon Administrative Fees (Official Ga-zette of RS 67/13)

• The Law on Amendments to the Lawon the Agency for Intermediary, ITand financial services (Official Ga-zette of RS 68/13)

• The Law on Amendments to the Lawon Electronic Signature (Official Ga-zette of RS 68/13)

• The Law on Amendments to the Lawon Foreign Investments (Official Ga-zette of RS 68/13)

• The Law on Amendments to the Lawon Pension and Disability Insurance(Official Gazette of RS 82/13)

• Law on Services (Official Gazette ofRS 89/13)

RS GOVERNMENT • Terms amending policy for place-

ment of funds to support the fina-ncial sector (Official Gazette of RS48/13)

• Terms amending the for rules ofbuying and selling securities (OfficialGazette of RS 48/13)

• Ordinance amending the Regulationon the procedure and terms for cal-culation and payment of special fees(Official Gazette of RS 44/13)

• Decree amending the Decree onconditions and manner of implemen-tation of the program of support toinvestments and employment (Offi-cial Gazette of RS 38/13)

• Regulation amending Regulation oncompensation for environmentalburden deriving from packagingwaste (Official Gazette of RS 38/13)

• Regulation amending the Regulationon the management of packagingand packaging waste (Official Ga-zette of RS 38/13)

• The decision to reimburse diesel fuelfor spring works in 2013 (Official Ga-zette of RS 30/13)

• Regulation on the classification ofactivities of the Republic of SrpskaNo. 04/1-012-2-157/13 (Official Ga-zette of RS 09/13)

RS MINISTRY OF FINANCE • Instructions for determining the sur-

plus available for distribution (Offi-cial Gazette of RS 45/13)

• Ordinance amending the Ordinanceon the implementation of the In-come Tax Act (Official Gazette of RS17/13)

• Regulation on conditions and man-ner of registration and identificationof taxpayers (Official Gazette of RS04/13)

• Regulation on the manner and pro-cedure for carrying out inspection ofthe payment of fees and taxes ongains (Official Gazette of RS 49/13)



20 FIC NEWS


RS MINISTRY OF INDUSTRY,ENERGY AND MINING• Rules of procedure for the approval

of exploitation fields and keeping re-cords on approved exploitation fields(Official Gazette of RS 42/13)

• Program for determining the com-pliance quality of liquid fuels for thesummer season 2013 (Official Ga-zette of RS 35/13)

• Regulation on conditions and criteriafor granting subsidies to stimulateand develop the economy in the2013 (Official Gazette of RS 56/13)

• Instructions on maintenance of theRegister of projects from renewableenergy sources and efficient cogene-ration (Official Gazette of RS 76/13)

• Program of the determination ofcompliance quality liquid fuels forthe winter 2013/2014 season (Offi-cial Gazette of RS 78/13)

• Regulation on determining eligibilityfor services on power plants, equip-ment and pressure vessels (OfficialGazette of RS 81/13)

RS MINISTRY OF SPATIAL PLANNING, CONSTRUCTION ANDECOLOGY• Rules of procedure for revision and

renewal of permits (Official Gazetteof RS 28/13)

• Regulation on the content of the re-port on the strategic assessment ofthe environmental impact (OfficialGazette of RS 28/13)

• Regulation on criteria for deciding onthe need for the implementation ofthe strategic assessment of the en-vironmental impact (Official Gazetteof RS 28/13)

• Regulation on the form, content andmanner of issuing location require-ments (Official Gazette of RS 69/13)

• Regulation on the development andadoption of spatial planning docu-ments under the simplified proce-dure (Official Gazette of RS 69/13)

• Regulation on the method of prepa-ration, content and formation of spa-tial planning documents (OfficialGazette of RS 69/13)

RS SECURITIES COMMISSION• Ordinance amending the Ordinance

on the supervision of stakeholders inthe securities market (Official Ga-zette of RS 47/13)

• Decision amending Tariff of fees, no01-XXXII-143/13 (Official Gazette ofRS 22/13)

• Ordinance amending the Ordinanceon the operations of stock brokers(Official Gazette of RS 05/13)

• Ordinance amending Ordinance onamendments to the Rules of CustodyOperations (Official Gazette of RS05/13)

• Guidelines on the termination of theGuidelines on the method of repre-sentation of shareholders at the Ge-neral Assembly of Shareholders(Official Gazette of RS 54/13)

• Ordinance amending the Ordinanceon the conditions and procedure forissue of securities (Official Gazette ofRS 88/13)

CENTRAL REGISTER OF SECURITIES BANJA LUKA• Ordinance amending the Ordinance

on the registration and transfer ofsecurities (Official Gazette of RS25/13)

• Rules on clearing, settlement andtransfer of securities (Official Gazetteof RS 11/13)

• Decision on amendments to the Rulesfor the depositary of investment funds(Official Gazette of RS 04/13)

RS FOND FOR PENSION AND DISABILITY INSURANCE• The decision on the method of deter-

mining compensation for servicesperformed for the fund policyhol-ders, employers and other persons(Official Gazette of RS 43/13)

• Prices of services carried out by theFund, and Professional Service of theFund for Pension and Disability Insu-rance of the Republic of Serbianupon requests of the insured per-sons, employers and other persons(Official Gazette of RS 43/13)

• Decision on the establishment of theminimum pension in 2013 (OfficialGazette of RS 16/13)

• Decision on fixing the coefficient forevaluation of wages in 2013 (OfficialGazette of RS 13/13)

RS BANKING AGENCY• The decision on temporary restric-

tion and the conditions for the pay-ment of dividends and discretionarybonuses by banks (Official Gazetteof RS 18/13)

• Decision on Minimum Standards forCredit Risk Management and Classi-fication of of Assets in Banks (OfficialGazette of RS 49/13)

• Decision amending the Decision onMinimum Standards for ManagingConcentration Risk in Banks (OfficialGazette of RS 49/13)

• Decision on lawful conduct of mana-gement members of banks (OfficialGazette of RS 80/13)

• Decision of the policy and practice ofcompensation of employees in thebank (Official Gazette of RS 80/13)

• Decision on Assessment of manage-ment members of banks (Official Ga-zette of RS 80/13)

• Decision on amendments to the De-cision on Temporary restrictions andconditions for the payment of divi-dends and discretionary bonuses bybanks (Official Gazette of RS 90/13)

RS ENERGY REGULATORY COM-MISSION• Decision on the implementation of

the Tariff procedure for approval oftariffs for use of a segment of thetransmission system of natural gasin the Republic of Serbian (RS Offi-cial Gazette 13/13)

• Decision on the implementation ofthe Tariff upon the application for theapproval of fees to connect to distri-bution network (Official Gazette ofRS 13/13)

• Regulation amending Regulation onissuing permits (Official Gazette ofRS 65/13) n


21FIC NEWS

FIC NEWS 2013

WHITE BOOK

BiH ECONOMIC OVERVIEW

At the regular assembly, heldon June 27th 2013, theBoard of Directors of the

Foreign Investors Council (FIC)adopted the final text of the newedition of the White Book. The FICPresident, Mr. Branimir Muidza,pointed out that this new editionof the White Book has the highestquality content so far. Other BoDmembers agreed.

Certainly one of the most impor-tant events in the economic circ-les of BiH will be the promotion ofthe White Book 2012/13 which isplanned for November/December2013 in Sarajevo and Banja Luka.In addition to representatives ofour members this event will gat-her the representatives of the in-ternational community in BiH,international and local economicorganizations, and representati-ves of the relevant authorities inBosnia and Herzegovina who areour direct partners in the imple-mentation of systemic reforms re-ferred to in the White Book. To re-mind, the new edition of the WhiteBook 2012/13 will include elabora-ted issues in the following areas:

• Taxes• Business registration• Construction permits• Environmental permits• Energy efficiency and rene-• wable energy sources• Concessions • Labour law• Judiciary• Exports

Although the last edition of theWhite Book has seen its imple-mentation at all levels of BiH aut-hority, which we are ultimatelyvery satisfied with, if we take intoaccount the political crisis in Bo-

snia and Herzegovina, we expressour hope that this edition will alsoresult in a large number of adop-ted recommendations and con-firm the readiness of BiH authori-ties to support entrepreneurs andimprove business environment inBosnia and Herzegovina. On this occasion the FIC officewould like to thank all its mem-bers, team leaders, and membersof the FIC working groups thathave joined their efforts andgiven their contribution and tech-nical assistance in the preparationof this important document. n

The White Book 2012/13The White Book 2012/13

Economic indicators and forecasts - October 2013* Economic indicators and forecasts - October 2013* • Our baseline growth scenario for B&H in 2013 is still

unchanged reflecting the expansion in external side ofeconomy (export and industry). Low statistics base andrevived external demand for BiH industrial goods pavethe way for export oriented industrial categories to re-turn into the positive territory after slump in 2012. Theindustrial outcome soared by 6.6.% yoy in 8 months of2013 while export of goods registered increase by 8.5%yoy over the same period. Therefore, these two catego-ries will be the most important sectors behind expectedfrom the construction sector, for the first time since 2009.

• On opposite, there are no signs of improvement in thedepressed labour market (37.5% unemployment in H12013) neither in disposable income. The retail sales alsoremained depressed, while consumption loans and re-mittances also showed clear signs of deceleration andeven decline in H1 2013, all indicating that private con-sumption will negatively contribute to economic growth

for the fourth year in a row (our estimate is decline by0.5%)

• However, giving the much better results in the exportoriented sectors we believe that GDP estimate is moreclose to upper bend of our forecast which was in rangeof 0.2% yoy to 0.5%. Hence, our current estimate for2013 GDP is 0.5% yoy with even some upside potentialuntil the end of the year, which could be revised up-wards after publishing of full Q3 hard weight data. Wenow see that this upside potential is could come beside,already mentioned exports and industrial production,also from gross fixed capital formation which will mostprobably contribute positively to GDP growth in this yearas well. However, the upside revision of the GDP projec-tion for 2013 will have only statistical affect as the eco-nomic expansion in more range of 0.5% yoy to 1% yoyis not significant for improving the life standard of B&Hcitizens.

*Source: Raiffeisen Research – Economic and financial market outlook, October 2013


22 FIC NEWS

BiH ECONOMIC OVERVIEW

Bosnia and Herzegovina 2008 2009 2010 2011 2012 2013e 2014 2015

Nominal GDP (EUR bn) 12,7 12,4 12,7 13,1 13,2 13,4 13,9 14,8

Real GDP (% yoy) 5,6 -2,8 0,7 1,0 -1,1 0,5 1,5 3,5

GDP per capita (EUR) 3314 3222 3298 3416 3424 3489 3614 3840

GDP per capita (EUR at PPP) 7600 7400 7500 7500 7450 7550 7700 7900

Household consumption (real, % yoy) 5,5 -4,6 0,1 -0,3 -0,4 -0,5 0,1 1,5

Gross fixed capital formation (real % yoy) 14,8 -27,8 -16,1 14,6 -5,0 -2,0 12.0 15,5

Industrial output (% yoy) 7,3 -3.3 1,6 5,6 -5,2 2,5 4,0 6,0

Producer prices (avg, % yoy) 8,6 -3,2 0,9 3,7 1,9 -1,0 2,3 2,4

Consumer prices (avg, % yoy) 7,4 -0,4 2,1 3,7 2,1 1,0 2,5 2,5

Average gross wages (LCY, % yoy) 15,7 9,2 2,4 6,8 2,2 0,1 3,5 4,0

Unemployment rate (avg, %) 23,4 24,1 27,2 27,6 28,0 28,3 27,5 26,5

General budget balance (% of GDP) -2,2 -4,5 -2,5 -1,3 -2,0 -1,5 -1,0 -1,0

Public debt (% of GDP) 30,1 35,1 38,4 39,2 39,7 41,5 39,6 38,5

Trade balance (% of GDP) -38,5 -28,2 -26,3 -28,5 -28,8 -27,5 -27,9 -28,7

Current account balance (% of GDP) -14,1 -6,6 -5,5 -9,5 -9,7 -8,6 -9,8 -10,2

Net foreign direct investment (% of GDP) 5,3 1,4 1,5 2,1 3,5 3,9 5,0 6,1

Official FX reserves (EUR bn) 3,2 3,2 3,3 3,3 3,3 3,4 3,7 4,0

Gross foreign debt (% of GDP) 48,6 53,8 57,5 67,1 63,1 62,7 62,0 60,3

EUR/LCY (avg) 1,96 1,96 1,96 1,96 1,96 1,96 1,96 1,96

USD/LCY (avg) 1,33 1,40 1,47 1,41 1,52 1,50 1,47 1,50

EVENTS WITH FIC MEMBERS PRESENCE

Events with FIC members pre-sence in the first half of the 2013

Event content Date and place of event

FIC members attended RIA workshop on

FDI policy law in BiH

Workshop on amending FDI policy law in BiH

organized and supported by IFCTeslic, January 2013

Meeting with USA Embassy

representatives

Discussion regarding new project under the

supervision of the USA Embassy aimed at em-

ployment in BiH

FIC Office, January 2013

Meeting with FIPA Aftercare program teamInvolvement of 7 FIC member companies in

FIPA Aftercare programFIC Office, January 2013

FIC BoD representatives met with JICA

representatives

Discussion about current economic and infra-

structure reforms in BiH with the aim of star-

ting new project of JICA in terms of develop-

ment of infrastructure

FIC Office, February 2013

Dinner with BiH high officials, Mr. Vjeko-

slav Bevanda organized by the business

department of the French Embassy

Event was organized with the aim to bring to-

gether investors and Council of Ministers Pre-

sident, Mr. Bevanda in order to discuss econo-

mic issues

French ambassador residence in

Sarajevo, February 2013

Meeting with representatives of the Mini-

stry of Finance and treasury of BiH

Negotiating a long-term cooperation regarding

the education of FIC member companies from

the competence of Ministry of finance and

treasury of BiH

Sarajevo, February 2013


23FIC NEWS

FIC NEWS 2013

EVENTS WITH FIC MEMBERS PRESENCE

Events with FIC members pre-sence in the first half of the 2013

Event content Date and place of event

Meeting with Confindustria representativesDiscussion regarding Greenfield investments

in BiH and attraction of potential investorsFIC Office, February 2013

FIC Assistant attended a workshop on IFC

program on RIA development

Discussion was aimed at FDI policy law amen-

dments Sarajevo, March 2013

FIC participated on conference “Foreign

investors and the justice sector”

Sead Miljkovic, BoD member, delivered speech

at this important conference with emphasis on

creating a better business environment by eli-

minating barriers in the justice sector

Sarajevo, April 2013

Austrian Business club event Meeting of foreign investors Sarajevo, April 2013

FIPA BoD meetingRegular quarterly meetings of FIPA with FIC

BoD members Sarajevo, April 2013

EU DECEB project kick off conference

ED participated at the launch of this very im-

portant project for supporting development of

local communities in BiH in order to set up

better infrastructure

Sarajevo, May 2013

Meeting with EBRD Chief economist,

Mr. Peter Sanfey

ED met with Mr. Sanfey in order to discuss FIC

activities and possible technical assistance of

EBRD regarding Law amendments in FBiH

Sarajevo, June 2013

ED met with representative of FMRPO Meeting was in order to discuss project coo-

peration of the municipalities certificationSarajevo, June 2013

Meeting with FMRPO Minister, Mr. Sanjin

Halimovic

Discussion regarding future cooperation bet-

ween Ministry and FICSarajevo, June 2013

Mubera Brkovic, BoD member and ED met

with economic councillor of the Prime Minister

Niksic

Discussion regarding future development of

PPP in FBiHSarajevo, June 2013

Meeting with US Embassy commercial

attaché

Formation of One Stop Shop agency for foreign

investors in BiHSarajevo, June 2013


FIC Members

Gases for Life

Documents

FIC NEWS 2013 · 2019-02-13 · FIC NEWS 3 FIC NEWS 2013 INTRODUCTION Dear colleagues, partners, ladies and gentlemen, I t is my honour to greet you on behalf of Foreign Investors