Functional Economic Region Project

By , 06 Jul 2018, 13:05 PM Business
Functional Economic Region Project Copyrights: Chamber of Economy of Montenegro

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July 06, 2018 - The creation of a fully functional Regional economic area is the most important goal of the Berlin Process, which the business community and the representative of the Chamber Investment Forum (CIF) are eagerly awaiting, announced the Chamber of Economy of Montenegro.

The Chamber Investment Forum through its Secretariat and the Chambers Network of Member States, which represents more than 350,000 companies in the region, appeals to the governments of the Western Balkans, the European Commission, the EU Member States in the Berlin Process, the Regional Cooperation Council and all other stakeholders, to consider recommendations for facilitating better coordination and implementation of policies that should lead to the creation of a unique economic space. This consensus of the Chamber investment forum on regional economic space was reached a year after the Summit in Trieste and on the eve of the Summit in London, at the session of the operational part of the Permanent Secretariat, the Assembly and the Managing Board of the Forum of the Western Balkans Six in Podgorica.

The creation of a functional Regional Economic Area would, as estimated, make the region more competitive on the global investment map and enable the necessary economic growth, stability and development.

The establishment of the ministries for regional cooperation in all the governments of the Western Balkans is the key issue, as this measure will provide greater political influence and ensure the implementation of agreed policies and will, in addition, contribute to building trust among the political actors in the region, as explained in the statement of Montenegrin Chamber of Economy.

The recommendations include joint efforts to make this region more competitive in attracting foreign direct investment and fostering investment within the region by removing barriers and simplifying procedures and regulations. “More effort is needed to reduce obstacles to accessing bank loans and promoting alternative forms of financing (capital, quasi-capital, crowd-financing, leasing, etc.), as well as focus on the digital agenda, ensuring that quality education is accessible to everyone, including professional development, and enabling people mobility to create conditions for educated individuals to stay and work in the region”, the report says.

The Summit of the Chamber investment forum hosted the representatives from Montenegrin, Serbian, Albanian, Macedonian, Kosovar and Bosnian Chamber of Economy.

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