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Deputy Minister of Economy Pavlov: Western Balkan Countries Have Significant Economic Potential

Deputy Minister of Economy Pavlov: Western Balkan Countries Have Significant Economic Potential

The Western Balkan countries have strong economic potential, which with joint efforts we can turn into real economic development and create conditions for long-term integrative growth in the region, said Deputy Minister of Economy and Industry Nikolay Pavlov at the conference “10 years Berlin Process – The Western Balkans as an economic area on the way to the EU,” held in Berlin. The event was hosted by Germany’s Federal Minister for Economic Affairs and Climate Action, Robert Habeck, and attended by representatives from the partner countries involved in the Berlin Process initiative.

Deputy Minister of Economy Pavlov: Western Balkan Countries Have Significant Economic Potential

Deputy Minister Pavlov was adamant that the ongoing economic and political challenges internationally, along with active military conflicts, necessitate seeking more opportunities to enhance the attractiveness and competitiveness of the countries in the Balkan region and their approach to the European Union’s Single Market. “We are ready to maintain our commitment through active, visible, and focused dialog,” the Deputy Minister announced.

“As external observers have evaluated, enterprises from the EU have provided more than half of the investments for the region”, Pavlov announced, adding that the EU is a major trading partner for the countries of the Western Balkans, accounting for two-thirds of the region’s total trade.

The Deputy Minister of Economy and Industry confirmed that Bulgaria will continue to support the improvement of the investment climate in the Western Balkan countries by deepening regional economic cooperation and removing barriers to trade and investment, ensuring better market access for companies in the Western Balkans.

“The free movement of goods, services, capital, and people should be the foundation of cooperation, as it would lead to increased investment opportunities, integration of the Western Balkans into the pan-European digital space, transformation of industrial sectors, development of regional value chains, and their integration into the EU’s value chains. It would also support innovation and the internationalization of small and medium enterprises, as well as improve youth mobility across the region, which will retain them locally and reduce the level of brain drain,” Pavlov added.

He added that emphasis should also be placed on regional security, which is a result of the unfinished integration process of the Western Balkan countries into the EU. Additionally, efforts should be directed towards active collaboration in developing transport, energy, and digital connections, and the implementation of more joint projects.

The Berlin Process is a high-level cooperation platform between the leaders of the Western Balkan countries, EU countries, and the United Kingdom, with the participation of civil society, youth, and businesses in the region. It was launched by Germany in August 2014. The aim is to support the deepening of economic integration of the Western Balkan states, bringing the region closer to the EU’s values and socio-economic standards. Since joining in 2017, Bulgaria has continued to have active, consistent, and constructive engagement in the Berlin Process.

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