The European Bank for Reconstruction and Development (EBRD) usually holds its annual meetings of the Board of Governors in countries where they are most active which is why they chose to hold it in Sarajevo, the former governor of Bosnia's Central Bank, professor Kemal Kozaric, told N1 on Tuesday.
“The EBRD has invested significant funds in the Western Balkans, and over €2 billion in Bosnia alone. They plan to invest another €350 million here, in 2019, which is evidence that this region has potential,” Kozaric said.
He explained that the third day of the meeting will be important for Bosnia because the local entrepreneurs will have the opportunity to present themselves.
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“Entrepreneurs from the fields of IT, wood-processing industry, tourism and other fields will present themselves. It's a chance to stop the departure of youth from the country and to show them that there is a perspective here and that they can find their place under the sun here, as well,” he noted.
Asked about the implementation of projects which only seem to be announced but never fully implemented, he explained that investors give up on projects when they face the endless red tape in Bosnia.
“I've seen the EBRD's annual report, and the first obstacle to a successful business is Bosnia is political instability, then come corruption and complex administration, only after these three comes the labour force – which is evidence of the structural problem,” Kozaric told N1.
“We're used to working in such conditions, but people with money don't want to wait and go from one institution to another. They don't understand why they have to do all that,” he concluded.
Some 2,000 representatives of the international business community, investors, top government officials and civil society organisations confirmed their presence at the Annual Board of Governors Meeting on Sarajevo which starts Tuesday evening.
