Sarajevo, March 19, 2024 - Today, the eighth Economic Forum of Bosnia and Herzegovina 2024 was held in Sarajevo, organized by the University of Sarajevo – School of Economics and Business. The theme of the forum, "SDGs, EU, WB Reform Agenda 2030 – from confrontation to cooperation," was presented through two panels: "Economy" and "Green Transition." The keynote speaker was the Permanent Representative of Bosnia and Herzegovina to the UN, Prof. Dr. Zlatko Lagumdžija. Forum speakers included prominent experts and professionals from the public and private sectors, as well as representatives of the Bosnian government.
In her opening speech, the Dean of the School, Professor Meliha Bašić, PhD emphasized: "This time we are talking about the green economy, green transition, and sustainable development, which are imperative for future global development. The green economy entails a significant challenge, but also a great opportunity for reform. Establishing such an economy represents a path toward economic sustainability. The academic community plays an important role, contributing to the achievement of the goals of the green economy through its knowledge and education of new generations."
"We have put economic diplomacy at the forefront of our administration's work and continuously collaborate with all our diplomatic missions abroad to promote investment opportunities in Bosnia and Herzegovina, boost exports of goods and services from our country, and attract tourists to our beautiful land. As the Minister of Foreign Affairs of Bosnia and Herzegovina, I want to emphasize the crucial importance of Bosnia and Herzegovina's integration into the European Union. This process not only provides economic and trade benefits but also ensures stability and the rule of law, which are fundamental values for sustainable development. Our country's accession to the EU opens up new opportunities for investments, business projects, and technology transfer, directly contributing to economic growth and improving the standard of living for all citizens of Bosnia and Herzegovina," stated Minister of Foreign Affairs of BiH Elmedin Konaković in his opening speech.
On this occasion, the Mayor of Sarajevo, Ms. Benjamina Karić, emphasized: "Sustainability becomes a necessary component to ensure that our city becomes prosperous, vibrant, and environmentally friendly. In the context of the green transition, Sarajevo faces the need for infrastructure modernization, promotion of renewable energy sources, and enhancement of energy efficiency. This is not just a matter of economic progress but a way to protect our environment and ensure sustainability for future generations. Therefore, the theme of this year's Forum is more relevant than ever."
In his address, the keynote speaker of the Economic Forum, Professor Zlatko Lagumdžija, PhD highlighted the focus of this Forum on the activities initiated in September 2023 at the United Nations, where a group of countries, friends of sustainable development goals of the European Union and the Western Balkans, was formed dedicated to the Agenda 2030. The emphasis was placed on two out of the five selected areas in this project - economic integration and green transformation, to see rapid progress in each of the five areas.
"This project promotes the idea of phased integration in individual segments, such as creating a common economic area and integrating the region into the entire EU economic space, so that the EU and the Western Balkan countries undergo a shared integrated green transformation, encompassing areas of digital transformation, artificial intelligence, education, and ultimately, the creation of a European Health Union. Increased collaboration worldwide is necessary for growth and development, as well as for a better economy," emphasized Dr. Zlatko Lagumdžija.
Ambassador Dr. Lagumdžija also addressed the current situation regarding the achievement of sustainable development goals in Bosnia and Herzegovina and globally, noting that 15% of the sustainable development goals are halfway to being achieved, progress is very slow in 48% of the goals, and stagnation is evident in 37%. Bosnia and Herzegovina performs better in achieving SDGs at the global level than in terms of GDP per capita. Negative results in achieving goals at the global level are evident in the areas of an inclusive economy, reducing inequalities, climate action, poverty eradication, clean water, and quality education.
The focus of the first panel was on current topics from the financial sector and challenges in the accession negotiation process of Bosnia and Herzegovina to the European Union. Speaking about the opportunities our country can utilize in this process were Professor Jasmina Selimović, PhD the Governor of the Central Bank of Bosnia and Herzegovina, Aurelie Valtat, Head of European Integration, Policy, Press, and Information Department at the Office of the EU Special Representative, Jasmin Mahmuzić, Director of Banking Agency of the FBiH and Hatidža Jahić, Advisor for Economic Affairs to the Chairman of the Presidency of Bosnia and Herzegovina, H.E. Denis Bećirović. The moderator of the first panel was Dr. Mirza Kršo, Professor at the University of Sarajevo – School of Economics and Business.
As highlighted in this panel, Bosnia and Herzegovina's creditworthiness has improved according to the latest reports from relevant credit institutions, and the currency board remains stable in all quantitative indicators monitored by the Central Bank of Bosnia and Herzegovina. Additionally, the banking sector in Bosnia and Herzegovina is stable, and the Bosnian regulatory framework is fully aligned with EU directives, which is particularly important in times of crisis. Furthermore, it is of paramount importance for Bosnia and Herzegovina to join the Single Euro Payments Area (SEPA) for bank transfers to make payment services and money exchanges between Bosnia and Herzegovina and EU countries faster and cheaper. Technically, the system is ready, but appropriate legal regulations are needed.
Ingrid Macdonald, the UN Resident Coordinator in Bosnia and Herzegovina, Edin Dilberović, Secretary of the Ministry of Foreign Affairs of BiH, Sanel Buljubašić, Acting CEO of JP Elektroprivreda BiH d.d. - Sarajevo, and Mirza Kušljugić, Professor at the Faculty of Electrical Engineering, University of Tuzla, discussed energy and green transition, as well as mobilizing green financing for rejuvenation and accelerating the progress of sustainable development goals. The session was moderated by Amina Mahmutović, President of the Management Board of UniCredit Bank.
In her reflection on the discussion in the second panel, Ms. Macdonald stated: "Today's Economic Forum is crucial for shedding light on issues that affect ordinary people in Bosnia and Herzegovina, such as environmental problems, energy crises, climate change, and so on. This panel focused on what we can all do together in Bosnia and Herzegovina to move this country forward. In a very short time, positive changes in terms of decarbonization will have to occur in Bosnia and Herzegovina, which requires the collaboration of governments, the private sector, and ordinary citizens, as well as finding common ways to implement changes. Otherwise, there will be very negative consequences for the Bosnian economy and ordinary citizens, reflected in rising prices of consumer goods, electricity prices, and significant difficulties with exports."
Economic Forum of Bosnia and Herzegovina 2024 was organized in collaboration with the Sarajevo Economic Institute, the Foundation of Common Values Society, the Nizami Ganjavi International Center (NGIC), the Western Balkans Solutions Network for Sustainable Development (WB SDSN) and the Bosnian Institute - Adil Zulfikarpašić Foundation.
University of Sarajevo - School of Economics and Business