IFC helps Federation of Bosnia and Herzegovina To Improve Competitiveness and Attract Investment

Source: ONASA

SARAJEVO, Nov 26 (ONASA) - IFC, a member of the World Bank Group, has signed an agreement with the Government of the Federation of Bosnia and Herzegovina (FBiH) marking a joint commitment to improve business enabling environment.

Improving the business environment by simplifying administrative procedures and providing better services will help reduce the cost and risk of doing business, increase competitiveness of FBiH and attract more foreign direct investment, IFC said Wednesday.

“Regulatory reform at the level of FBiH should simplify existing rules and regulations impacting company's start-up and operations, and create mechanism for systemic regulatory review to be done in the future,” FBiH Justice Minister Feliks Vidovic said.

The FBiH Government and IFC will coordinate the process of regulatory reform and seek active participation of business community and non-governmental organizations.

“By supporting regulatory reform at the level of the Federation of Bosnia and Herzegovina, we hope to develop a more favorable business environment and stimulate the development of the private sector,” said Philip Condon, Head of IFC Advisory Services in Southern Europe.

Regulatory reform will encompass administrative procedures related to inspections and general business operations. The reform will be implemented in two stages, starting with procedures relating to inspections and moving to general business operations procedures. The reform process is expected to start in the early 2009 and last for 15 months.

IFC is already assisting municipalities in Bosnia and Herzegovina to improve local business environment through its subnational competitiveness projects.