Creating a Consulting Business in Bosnia Term Paper

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setting up a Consulting Business in Bosnia-Herzegovina (BaH); a newly independent state that sought international recognition on 6th April 1992. Since infancy, Bosnia met with fierce aggression due to racial discord administered by Serbs and Croats. Despite the odds, this nation upheld the emblem of unity within diversity. A home to 4.36 million people (1991 census figure), with a diverse ethnic background but melded culture and heritage, BaH suffers from a complex and divided legal environment. After the Dayton Peace agreement of 14 December, 1995 BaH evolved into a weak confederation of two entities namely, Federation of B-H in which only Bosniaks (Moslem Bosnians) and Croats enjoy full constitutional rights, and Republika of Srpska (Serb Republic) in which only Serbs have full rights. Hence the legal system of Bosnia lacks uniformity and integrity. Culturally, Bosnia is blessed with the wealth of ancient cultural heritage, Cyrillic and also world's finest writers, film makers, musicians, writers and cuisine. Topographically, Bosnia is rich with coal, iron ore, bauxite, copper, lead, zinc, chromite, cobalt, manganese, nickel, clay, gypsum, salt, sand reserves, forests and hydropower. While the natural hazards on land are destructive earthquakes. With a below average technological makeup, Bosnia was placed next to Macedonia as the poorest republic in the Yugoslavian Federation. Although agriculture is entirely privatized, the republic has a tradition of being an importer of food. The ethnic warfare of Bosnia 1992-1995 has crumbled the production and left behind soaring rate of unemployment.

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A sizeable current account deficit and high unemployment rate are two most serious economic issues. The country continues to receive lofty amounts of reconstruction assistance and humanitarian aid from the international community.

Planning a business venture in Bosnia will have to meet with certain monetary issues. Since the country has a current account deficit, an instable government and strained legal environment, a careful market aspect strategy needs to be chalked out keeping in mind the financial/corporate sector, political scenario and infrastructure. Even though some progress in macroeconomic stabilization and structural reforms has been witnessed but that too is less than expected. Moreover internal political situation appears to be complex and thus creates apprehensions for potential entrepreneurs. While Annual growth rate is 4-5%, and inflation in low single digits, strong reserve coverage is providing bedrock to currency board. Significant and necessary reforms have been made in the public sector thus improving the prospects of fiscal sustainability. The scenario is fairly favorable after having taken up the task of balancing budgets in both the entities; however the process of building state-level institutions would be presenting new fiscal challenges. Also critical challenges wait to be tackled due to poor data….....

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"Creating A Consulting Business In Bosnia" (2005, September 27) Retrieved May 18, 2024, from
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"Creating A Consulting Business In Bosnia" 27 September 2005. Web.18 May. 2024. <
https://www.aceyourpaper.com/essays/creating-consulting-business-bosnia-68165>

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"Creating A Consulting Business In Bosnia", 27 September 2005, Accessed.18 May. 2024,
https://www.aceyourpaper.com/essays/creating-consulting-business-bosnia-68165
   

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