Prime Minister Đukanović receives Vienna Economic Forum award for contribution to national and regional economic development

Vienna, Austria (24 November 2013) – At 10th session of the Vienna Economic Forum, whose objective is promoting investment opportunities in South East Europe, Prime Minister of Montenegro Milo Đukanović received an award for his contribution to national and regional economic development.

Prime Minister Đukanović noted the VEF has played an important role for the South East Europe region’s development in the past 10 years with its strong commitment to partnership, EU integration, shared values, and tackling the challenges of globalisation.

In his address to the Forum, PM Đukanović underlined the heavy impact the economic crisis of 2008-9 has had on slowing down the Western Balkans economic growth, which he noted has been at over 4% and sometimes 5% following transition to market economy, and as much as 8% in Montenegro. He also underlined that the decline suffered by the EU countries has had an effect on the region as well by causing decline in investment and in the demand for the products from the region.

Prime Minister Đukanović said the crisis has shown the lack of structural reform is a key generator of economic troubles, especially in the eurozone, and he welcomed the new approach to the EU enlargement process which includes economy in top priorities for accession, strongly tied with the need to improve the rule of law.

Mr Đukanović pointed out that the Western Balkans region needs more Europe and more integration, which will help accelerate the process of economic development. Among the most important policies for ensuring growth he noted the removal of trade barriers, wiser utilisation of natural resources, improved fiscal stability, implementation of reforms, better competitiveness, and more attractive business environment. He noted the region’s countries must cease mimicking the policies of welfare state, which can only exist for the redistribution of already acquired wealth, and should instead focus on more development and attracting business, thus generating growth.

He also stated that the region’s development rests on reconciliation and good neighbourly relations, and noted the region’s current determination to cooperate in areas of shared interest will lead to more stability and development.

Mr Đukanović noted Europe’s most important role in the Balkans is to help it ensure its future of prosperity without conflict, adding this can best be achieved by not only political integration, but more importantly by helping the economic development and reaching the living standards akin to those of the EU countries.