The Federal Ministry of Development, Entrepreneurship and Crafts, with the support of UNDP, will support small and medium-sized enterprises with 13 million BAM
Vojin Mijatović, the Minister of the Federal Ministry of Development, Entrepreneurship, and Crafts (FMRPO), and Narine Sahakyan, the Resident Representative a.i. of the United Nations Development Programme in Bosnia and Herzegovina (UNDP in BiH), signed a letter of intent for cooperation.
The FMRPO will support small and medium-sized enterprises (SMEs) in the Federation of BiH with 13 million BAM in the upcoming period through the project "Strengthening the Competitiveness of SMEs." Thanks to financial support from Sweden, UNDP will provide FMRPO with expert and technical assistance for the adequate design of an integrated support package for small and medium-sized enterprises, as well as provide software solutions for the complete digitalization of the SME support process.
The support package related to the project "Strengthening the Competitiveness of SMEs" includes support for the technological modernization of business processes, digital transformation in business, investments in the circular economy, and improvements in energy efficiency in line with the transition to a green and digital economy, as well as the introduction of international quality standards.
It is important to emphasize that the application process for incentive measures will be fully digitalized, with applications submitted through a specially designed online platform initially funded by the European Union. In this way, strengthening the capacities of small and medium-sized enterprises will enable the continuity and improvement of business activities.
"This event marks the beginning of a strategic partnership between FMRPO and UNDP. I take this opportunity to inform you that the Federal Ministry of Development, Entrepreneurship, and Crafts has just today announced a Public Call for the selection of beneficiaries of grant funds for current transfers for the year 2024. The grant funds will be allocated through seven projects. Additionally, this year, the Government of the Federation of BiH has allocated significantly more funds for the support of small businesses. The Federal Ministry of Development, Entrepreneurship, and Crafts has been approved four programs for the utilization of current transfer funds, totaling 27,200,000 BAM, which is almost four times more than the previous year,"
said Minister Vojin Mijatović.
"Our cooperation with the Ministry will focus on two key pillars - strengthening private sector development and leading digital transformation initiatives. Through tailored support measures and capacity-building efforts, our goal is to empower small and medium-sized enterprises, enhance their competitiveness, and contribute to the creation of a more resilient and dynamic economy."Narine Sahakyan, Resident Representative a.i. of UNDP Bosnia and Herzegovina
Support for FMRPO is provided through the program "Translating the SDG Framework in Bosnia and Herzegovina into sustainable and inclusive growth" (SDG2BiH), a joint initiative funded by Sweden and implemented by UNDP in partnership with UNICEF and UN Women. This is part of the United Nations' support to the authorities in Bosnia and Herzegovina in implementing the Framework for the Implementation of Sustainable Development Goals.