Decision on lower Import Duties of specific Types of Goods in BiH brought excellent Results

July 11, 2018 9:00 AM

Application of the Decision on temporary suspension and temporary decrease of import duty rates of specific types of goods in BiH brought excellent results in the year of 2017. Minister of Foreign Trade and Economic Relations, Mirko Sarovic, noted that businessmen and numerous companies are achieving excellent results.

“It is about 57 tariff lines that were used by more than 200 companies in BiH. We looked the results of only largest 23, and results show that these companies hired more than 1200 employees only on the basis of suspension of import duty rates and that they managed to increase export to markets of CEFTA, the EU and third countries for more than 150 million BAM. Due to incentive measures, those 23 companies invested around 50 million BAM in their new plants, reconstruction and procurement of new machines and equipment”, said Minister Sarovic.

Ministry of Foreign Trade and Economic Relations with chamber system in BiH is preparing new Decision on temporary suspension and temporary decrease of import duties for export-oriented companies in BiH. According to Sarovic, the decision should be made by the end of August, through the process that will include various institutions.

Radovan Pazurevic, the owner of company Sanino from Derventa, emphasized that this type of measures should be systematic.

“Minister Sarovic and Foreign Trade Chamber invested large efforts in the last several years in order to actively include these measures into real production sector. The sector leather/textile/footwear employs more than 40.000 people in BiH, and the value of export in the first five months of this year amounted to more than 680 million BAM. The increase of export value compared to the last year amounts to 3 %. Those are indicators that it makes sense to discuss this topic, but that it is only one of many other steps that should stimulate our economy,” noted Pazurevic.

(Source: E. Lj./Klix.ba)

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