The condition of investment is the rule of law

The Business Delegation of the Macedonian Chambers of Commerce (SCC), led by President Danela Arsovska, is in Belgrade on the two-day 7th Summit: EU and Southeast Europe – Sustainable Reconstruction in the Balkans, organized by the London-based The Economist. The summit united by relevant speakers was opened by Prime Minister of Serbia Ana Brnbic and Deputy Prime Minister Ivica Dacic, while representatives of NATO, the European Commission, governments of the countries of Southeastern Europe, ministers, ambassadors, directors of international financial organizations, discuss the most current topics for The Balkans.

The highlight of this year’s Summit is improvement of economic and regional cooperation, enlargement of the EU and the Western Balkans, business climate, digitization, energy efficiency, development of conditions for economic development of the region. Arsovska opened the panel devoted to the economy, together with Bojan Markovic, EBRD representative, Erika Teoman – Brenner, representative of the Austrian Trade Promotion Organization Advantage Austria, and Gaetano Masara, President of Tungsram, discussed what is behind business and the economy in the region, the importance of economic stability, the opportunities of the region acting as a single market and approaching the EU, as well as strengthening investor confidence.

“The countries of Southeast Europe have more or less similar challenges, but the biggest common challenge that unites them is the sustainable path to economic development, and in this direction the good neighborly relations and political stability of the region are part of the key conditions. The establishment of a joint regional market of over 20 million will make the region more competitive, but each country individually. The united market means new jobs, cost savings, faster flow of goods and people and more investors in the Western Balkans. On the other hand, investor confidence is undermined, which is another major challenge for our countries. We all face the same challenges that are part of the requirements of the European Union that must be regulated, such as the problems of rule of law, corruption and non-transparent and rapid change of legislation.

Tackling these key challenges is a condition for improving the business and investment climate, Arsovska said in her address, adding that it is necessary to make greater use of the available funds in order to build a strong economic network as a single market that will strengthen the region and bring it closer to the EU. At the session it was pointed out that it is now the moment to step up structural economic reforms to encourage investors and regain their interest in the region. This summit is one of the key events organized by The Economist as a global brand that annually organizes events at the level of world leaders discussing strategic political and economic issues. Last year, the EU and Southeast Europe Summit was held in Podgorica, and earlier in Vienna, Bucharest and other European centers.