Chakrabarti: Integration Key for Economic Growth in the Western Balkans

(Patria) - Economic integration of the Western Balkan countries is crucial for reforms that can bring sustainable growth to the region, said EBRD President Suma Chakrabarti in the opening panel of the Board of Governors of this international financial institution. Addressing all present at the Annual Meeting, Mr. Chakrabarti also presented the plans of this international institution for the future period.

"2019 will be a key year for the EBRD – it will be the beginning of our future changes which, along with efforts to increase the volume of our investments and projects in all regions, will simultaneously require an increase in the quality of our work," said Mr. Suma.

Chakrabarti pointed out that this financial institution, in the previous three years, invested nearly 10 billion euros each year.

"I hope that in 2019, for the first time in its history, we will cross the 10 billion mark," said the EBRD President.

Chakrabarti also emphasized the importance the EBRD places on achieving positive changes in the Western Balkan countries, highlighting integration as the key to success for this region.

"I consider integration an extremely powerful path for expanding markets, increasing cross-border investments, and encouraging the exchange of new ideas and innovations, which is perhaps the most important," he pointed out.

He also addressed the topic of infrastructure integration, i.e., connecting the region through roads, railways, ports, airports, and telecommunications, which will facilitate the movement of both people and goods. At the same time, he sees investment flows as a strong link in integration, which can be of great help to economies suffering from high emigration rates.
 
"This can truly help break this vicious cycle and stop labor migration, which leads to a decline in productivity, reduced investment, and then further emigration," said Chakrabarti.