Spajić takes part in Western Balkans Investment Summit in London

The future of the Western Balkans lies in the European Union, which is why it is important for the region to integrate into the EU through the Growth Plan even before formal accession, concluded the sixth Western Balkans Investment Summit organised by the European Bank for Reconstruction and Development (EBRD).

Through investments, based on reforms and the strengthening of the rule of law, and by promoting regional cooperation, the European Union aims to accelerate the enlargement process.

This encourages investors to invest much more in the countries of the region.

Therefore, it is crucial for Montenegro and other Western Balkan countries to seize the right moment to join the European family.

Enlargement is a priority for European Union leaders, and we are working hard to prepare for new members because your future lies within the EU. We know that we need to accelerate the process, so both sides need to be ready. Enlargement is a challenging process that brings benefits and obligations. It requires strengthening the rule of law and democratic values, as well as economic readiness for the EU, so we must strengthen economic convergence. That is why we have proposed the Growth Plan as support and a signal of our full commitment to the gradual integration of the region. This will strengthen integration but also the economy, as there is potential to double the economy of the Western Balkans through this plan, said Charles Michel, President of the European Council.

European Commissioner for Neighbourhood and Enlargement Olivér Várhelyi also emphasised the importance of the Growth Plan.

This is a new moment for EU enlargement for the Western Balkans, and we have identified four pillars as key: bringing the Western Balkans closer to the single market, strengthening regional economic integration, accelerating fundamental reforms, and increasing financial support. Together, these things will enable the Western Balkans to feel the benefits even before officially joining the European Union, Várhelyi stated.

Prime Minister Spajić emphasised that the 44th Government is already preparing the necessary reforms to make the best use of the funds from the Growth Plan. He also explained why Montenegro should be the choice of credible investors.

The fact that we are a credible NATO partner is very important for investor security, as is the fact that we use the euro, so all our assets, liabilities, and revenues are in euros and fully protected. Thirdly, we are fiscally responsible both within EU criteria and in terms of debt to GDP ratio and fiscal deficit. Over the next six years, we will be working on major infrastructure projects, highways, and railways, as well as focusing on airport and Port of Bar development. We are making rapid progress in EU integration, especially in the rule of law field, said the Prime Minister, adding:

What sets us apart is also one of the lowest energy prices in Europe, and importantly, we have secure supply, especially of electricity. We have enormous potential for developing capacity for renewable energy sources. Through our underwater connection with Italy, there is also room to influence the price of electricity in the market because you produce it in the Balkans, in Montenegro, and sell it where it is one of the highest prices in Europe. These are great opportunities for businesses in Montenegro.

He also emphasised the importance of establishing an International Arbitration Court, which will ensure efficient resolution of possible disputes, thereby enhancing investor confidence in Montenegro.

Responding to questions from potential investors, Prime Minister Spajić also highlighted Montenegro's desire for good relations with all neighbours, which will be confirmed through numerous projects. They aim to connect the region and create a bridge between Europe and Asia.

The European Bank for Reconstruction and Development will continue to provide strong support to the Western Balkans in the field of development, particularly in the domain of green transition.

We at the EBRD look forward to cooperating with the European Commission and the countries of the region on implementing the EU Growth Plan. This initiative has the potential to change things in the region, accelerate projects and much-needed reforms. The goal is for the Western Balkan countries to implement EU policies even before accession. We promote regional integration through supporting various intergovernmental projects, which will bring great benefits to the region, countries, and investors, said EBRD President Odile Renaud-Basso.

In addition to Prime Minister Milojko Spajić, the top officials of other Western Balkan countries also spoke at the Summit in London.