In response to recent worldwide challenges in public sector finance and private sector economic activities, the Kosovo Ministry of Finance (MoF) and the International Monetary Fund (IMF) conducted a virtual forum on May 22, supported by the USAID Economic Governance activity.  Business representatives virtually joined the online conference to discuss the impact of response measures on public finances, as well as the future role of the private sector. 

During discussions, Lorika Tahiri, from the Kosovo Apparel Marketing Association (KAMA) highlighted the opportunity for Kosovo companies to tap into international supply chains that are currently under stress or being restructured due to the pandemic.  She was joined in the discussions by representatives from the Kosovo Chamber of Commerce, American Chamber of Commerce in Kosovo, Kosovo Manufacturing Club, Council of European Investors, Chamber of Doing Business in Kosovo, Kosovar-German Chamber of Commerce, Association of Wood Processors of Kosovo, Metal Industry and Renewable Energy Cluster of Kosovo, the Center for Entrepreneurship and Executive Development, and the Kosovo Banking Association.

While the panelists and participants of the forum represented a wide range of sectors, they agreed that input from the private sector is key for policy making and decisions, and that there is a need to create a framework for accountability.  Participants also pointed out that the private sector must recognize and address responsibilities to register their businesses and operate formally, rather than informally, for the security of their employees and for the health of the overall economy.

While recent international challenges and domestic government decisions have affected Kosovo businesses, some representatives, like Tahiri from KAMA, see opportunity.  Despite the challenges, Kosovo textile and apparel companies have nimbly shifted in response to the current environment, and begun producing protective face masks and single-use protective clothing for both the local and EU market.  Tahiri highlighted that she sees decreased investments in Asia as an opportunity for Kosovo companies to start thinking about exports to Europe.  Opportunities such as these, which allow the pursuit of new business deals and market openings, will contribute to the economic growth, integration, and fiscal stability of Kosovo.