|_“R33 Enabling company de-registration in Brcko” _|**P**|�Create more jobs|
|---|---|---|
|has permitted judges to de-register fictitious companies<br>without the signature of the initial registrant (which obviously<br>cannot be obtained since the companies are fictitious), thus<br>significantly helping reduce the gray economy.|� �<br>**OTENTIAL OUTCOME**|�Bring more tax revenue to the<br>authorities<br>�Free up capital for investment<br>�Boost exports<br>�Reduce the administrative<br>burden<br>�Reduce the gray economy|
|_“R43 Easing collateral transferability” _|**P**|�Create more jobs|
|has given the opportunity to banks to resell packages of<br>loans to other banks. So far since the implementation of this<br>reform, 327 commercial and consumer loans with a total face<br>value of approximately KM 90 million have been sold in BiH,<br>involving at least four commercial banks in the process.|� �<br>**OTENTIAL OUTCOME**|�Bring more tax revenue to the<br>authorities<br>�Free up capital for investment<br>�Boost exports<br>�Reduce the administrative<br>burden<br>�Reduce the gray economy|
|_“R47 Liberalization of Inter Entity Transport Regulations for_<br>_Helping Refugee Return Transportation”_|**POT**|�Create more jobs<br>�Bring more tax revenue to the<br>|
|has permitted a number of refugees in hard-to-reach<br>communities to create bus services with 8+1 passenger<br>vans, thus enabling other refugees to reach urban areas<br>while developing a new public transportation activity. While at<br>least five such companies are known to have registered in<br>one area, a systematic survey is now taking place to quantify<br>theresult throughout the jurisdictions.|� �<br>**ENTIAL OUTCOME**|authorities<br>�Free up capital for investment<br>�Boost exports<br>�Reduce the administrative<br>burden<br>�Reduce the gray economy|

But more than the specific result achieved by each individual reform, the largest impact on the investment climate is the fact that those reforms were passed as a package, pushed by the private sector itself, and that they received a positive response from the government, thus creating a constructive dialogue between the private and the public sectors.

The initiative succeeded in shifting the mindset of many entrepreneurs. For instance "Horizonte”, one of the main Austrian investment funds, had decided to stop investing in BiH because of the intensely bureaucratic behavior of the authorities and problems linked to corruption. After two years of dormant operations, they decided to reopen the fund because they considered the Bulldozer a positive indicator of improvement of the business climate.

The Austrian bank HVB, which participated in the Bulldozer Initiative by submitting two of the selected first 50 reforms, decided to carry out the acquisition of National Profit Banka, more than doubling its presence in BiH by doing so. In his first speech marking the acquisition, the head of HVB mentioned the important role of the Bulldozer process in forming the Austrian headquarters’ view of the business environment of BiH.

At the South East Europe Investment Conference, the BiH Foreign Investment Promotion Agency (FIPA) listed the Bulldozer Initiative as the number one factor of economic stability, noting that it helped create the “fastest improvement of business climate in Southeastern Europe”<sup>3</sup> .

Such examples, among many others, demonstrate a sure, if not measurable, improvement of the perception people now have of the country, and show how Bulldozer was key in shifting mindsets. But its reach, in fact, goes well beyond investment climate per se.

> 3 FIPA presentation, Zurich, September 4 2003

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