Migrations in the Context of the Economy and Economic Development

Emigration and competitiveness of countries in Southeast Europe was the topic of the Sixth International Scientific Conference, organized by the Faculty of Economy in Tuzla, from December 5 to December 7. Along with presentations of scientific papers, there was a parallel business forum with several sessions focused on current economic topics. 

The participants talked about the potential diaspora has when it comes to economic development, competitiveness and business climate in BiH, the effect of migrations on companies’ bottom lines, human resource management in banks of the future and the role of the insurance sector in improving the competitiveness of the economy.

The focus of this year’s conference was on migrations and their effect on the economy and business climate, and one particularly interesting session was dedicated to discussing the potential of the diaspora for boosting local economic development. It was noted that BiH citizens living abroad have significant economic potential which is evident from the inflow of remittances. However, since this money is spent on consumption, it should be re-routed into capital and investments. This will multiply the benefits and provide long-term impact. The cities of Tuzla and Živinice, and the Municipality of Maglaj presented positive examples of cooperation between the government and BiH diaspora when it comes to economic development. Examples include establishing permanent mechanisms for communicating with expat business owners, assistance in investing and launching enterprises, establishing departments specialized in these issues.

The conclusion is that higher levels of government must provide a strategic framework and direction, but that cooperation with expat business owners is best established at the local level, thus contributing to local economic development, employment and business climate. The conference was attended by a representative of the Institute.

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