The World is Changing

We are Changing with It

Conference was organised by CMC in cooperation with the Central Bank and with the support of the British Embassy and the EU Delegation in BIH

The World in 2023 conference brought together government representatives, economic experts, business people and the diplomatic community to analyze the economic environment and investment climate in Bosnia and Herzegovina through constructive dialogue. Opening the conference, the Governor of the Central Bank of Bosnia and Herzegovina, Senad Softić, said that in 2023, the country expects a slowdown in economic activity, but not a recession. The largest part of the banking sector is capital-linked with banks from the European Monetary Union, which affects the banks’ policy. However, banks in Bosnia and Herzegovina (BiH) primarily rely on domestic sources of financing. The head of the EU delegation in BiH, Johann Sattler, pointed out that now that BiH has EU candidate status, he expects the authorities to achieve progress in the establishment of electronic business registers, reconstruction of public companies, accession to the WTO and a green energy transition. British Ambassador, H.E. Julian Reilly, pointed out that 2023 is a year of unpredictability, but also of opportunities, and that BiH has great economic potential that should be utilized. Resident representative of UNDP, Steliana Nedera, noted the decline in development in the past two years and increased insecurity, which augmented mistrust the second panel, Faruk Hadžić, Dean of the Faculty of Economics of SSST University, moderated the topic ‘Circular Economy and Energy Perspectives of Bosnia and Herzegovina and the Region’. UNDP Deputy Res- among people. During the ‘Brave New World’ panel discussion, the ambassadors in Bosnia and Herzegovina pointed out that the energy crisis demonstrated the need to eliminate energy dependence on Russia. French Ambassador, H.E. Christine Toudic, spoke about the steps France is taking in energy production using nuclear reactors. German Ambassador, H.E. Thomas Fitchen, pointed to climate change and the need for Bosnia and Herzegovina to use more energy from renewable sources. Swedish Ambassador, H.E. Johanne Strömquist, underlined that Sweden, through UNDP, is one of the biggest donors towards energy efficiency. Sweden invests 3% of its GDP in research and development, of which more than 2% comes from the private sector, which speaks to the importance of cooperation with the private sector. In ident Representative, Stephen Kinloch Pichat, highlighted the importance of maintaining resources in circulation for the preservation of biological diversity. Lada Buševac, head of the IFC Office for Bosnia and Herzegovina and Montenegro, pointed out that rivers and the environment are at risk, that 70% of carbon dioxide comes from production and that solutions must be comprehensive, systemic and solidarity-based. Head of the Operational Department for Economic Development and Natural Resources of the EU Delegation, Gilles Rebattet, spoke about the EU’s green plan, pointing out that the linear economy is in effect in Europe and only 12% of materials are reused. Regional Director of Trade and Investment for Central Europe and the Western Balkans, UK Department for International Trade, Richlove Mensah, pointed out that more and more resources will be needed to meet the needs and that it is necessary to move away from a linear economy to stop the destruction of biodiversity. Branimir Muidža, director of Heidelberg Materials in Bosnia and Herzegovina and Croatia, presented the experiences of this business group, pointing out that concrete is the most used material today, and that Heidelberg does not generate any by-products, since in production they also use waste products found elsewhere. Business leaders of Bosnia and Herzegovina and the region participated in the third panel called “Money Never Sleeps”, namely Director of the Violeta Company, Petar Ćorluka, Vice President of the External Trade Chamber of Bosnia and Herzegovina, Ahmet Egrlić, Director of the Adriatic Metals Company, Paul Cronin, Chairman of the Managing Board of ASA Bank, Samir Mustafić. Other participants were Jelena Ristić, director for Serbia, Montenegro and Bosnia and Herzegovina at Mastercard, Amir Softić, Chairman of the Managing Board of Sparkasse Bank, and Amer Hadžikadić, a Managing Board member of the same bank.