The project comprised the implementation of EU-Western Balkan Chamber partnerships; a survey on Foreign Direct Investment; and participation in EUROCHAMBRES' Academies.

The closing event im Brussels was inaugurated by Pierre Mirel, Director at the European Commission-DG Enlargement, and included contributions from the Ambassadors to the EU of the six beneficiary countries (Albania, Bosnia and Herzegovina, Croatia, the former Yugoslav Republic of Macedonia, Montenegro, and Serbia).

EU and the WBC: Intensified Cooperation Needed

The results of the EUROCHAMBRES survey on obstacles to investing in the Western Balkans were also presented at the meeting. One of it's main fidings is that while the climate for Foreign Direct Investments in the Western Balkans receives an increasingly positive appraisal from European businesses, corruption practices and the unpredictability of the regulatory framework are perceived as the top two factors hindering investments in the Western Balkan region.

“While confirming the great business potential of the Western Balkans, our report clearly outlines the reasons why this potential remains untapped,” said Dirk Vantyghem, Director of International Affairs at EUROCHAMBRES. “EU and Western Balkan leaders must intensify their cooperation to tackle the lack of transparency and uncertainty of the legal and regulatory environment in the Western Balkan countries to the benefit of both regions’ economies.”

The report also highlights the serious lack of knowledge, on the European side, of the investment-related opportunities in the region, and the need, on the Western Balkan side, for a more rapid and full alignment with EU standards, as well as more efficient and up-to-date.

Sources: EUROCHAMBRES NEWS / December 09; Eurochambres Press release of December 13, 2009.