FOREIGN INVESTORS COUNCIL RECOMMENDS 10 ECONOMIC REFORMS TO BOSNIAN AUTHORITIES

SARAJEVO, Bosnia (January 29,2008) – The Foreign Investors Council (FIC) recommended the Bosnian authorities 10 key reforms which could be completed until March 31 2008 with a purpose of creating a more positive ambience for foreign investments and business in Bosnia.

FIC was established in 2006 and it represents interests of foreign investors in Bosnia. At the moment, FIC has 22 members which investments in Bosnia amount to over 4 billion Bosnian Marks.

Among 10 key reforms, the Council recommends setup of central electronic business register and initialing of re-registration process of all business subjects in this register in order to eliminate old and inactive subjects in the court.

Relevant institutions in the business sector are invited to announce all measures and guidelines for receiving permits for all procedures where necessary.

FIC recommends compliance of legal procedures in the segment of profit tax in Bosnia, via strategy created for elimination of double taxation.

Among key reforms FIC recommends establishment of joint market for the Southeastern Europe as a foundation for economic growth and regional conference on ministers’ level in order to speed up the setup of this market.

FIC also asks the Bosnian authorities to reduce custom fees and customs proceedings in general, and to eliminate customs and non-customs barriers on all raw materials for production in Bosnia.