Croatian PM speaks at EBRD investment forum in London

Croatian Prime Minister Zoran Milanovic and the prime ministers of six other Western Balkan countries - Vjekoslav Bevanda (Bosnia and Herzegovina), Edi Rama (Albania), Hashim Thaci (Kosovo), Nikola Gruevski (Macedonia), Milo Djukanovic (Montenegro) and Ivica Dacic (Serbia) - met at an investment forum of the European Bank for Reconstruction and Development (EBRD) in London on Monday and presented the advantages of their countries and the region as a whole for investment, focusing on the transport sector and energy.

This is the biggest business and investment event between EBRD and Western Balkan leaders so far and its aim is to promote the region as an investment destination with great potential which can take pride in its very educated population and natural resources, EBRD president Sume Chakrabati said, adding that this region's shortcomings were insufficiently developed infrastructure and unfavourable business environment.

The EBRD played one of the critical roles in creating the financial sector in the post-communist countries of central and eastern Europe. Last year alone the bank invested in over 80 projects in the region, worth over EUR 1.2 billion.

In his brief address, Croatian PM Milanovic recalled "the strictest and the most thorough negotiations" which Croatia had gone through with the European Union during the accession process, saying that this was good for Croatia.

"However, reforms are only to begin and aligning laws with European legislation can hardly be called a reform," Milanovic said at the forum called "Investing in the Western Balkans". He underlined that Croatia must focus on exports.

Bosnian PM Bevanda said his country had important advantages such as its geographical position, a long border with EU member Croatia and that it was rich in natural resources. Bevanda particularly underscored "the large hydropotential" of his country of 6,000 mW, adding that only 37% of it was used.

Serbian PM Dacic said his country was a credible partner to investors as it guaranteed "security of investment", adding that Serbia was interested in investments in the energy sector, agriculture, infrastructure, and the car industry. He warned, however, that there would be no investments without the stability of the region.

Montenegrin Prime Minister Djukanovic said his country had recorded the highest per capita income of all six countries and that it had achieved fiscal stability.

The meeting was also addressed by European Enlargement Commissioner Stefan Fuele, who said that the EU was showing first signs of economic recovery and that the time had come for larger investments in the Western Balkans. He called on investors taking part in the conference in London to use today's opportunity and name areas that they were interested in investing in these seven countries.

British minister without a portfolio Kenneth Clarke warned that recent events in Bosnia and Herzegovina indicated that stability of this region had not yet been fully achieved, expressing hope however that the Western Balkans would continue on the path of European integration and stabilisation.

As part of the Joint Action Plan, the EBRD has pledged to invest over EUR 30 billion in the countries of central and southeast Europe in the 2013-2014 period.