Regional Investment Reform Agenda in focus of the RCC-organized meeting
Vienna – The Regional Cooperation Council (RCC)’s Joint Working Group on Investments (JWGI) of the South East Europe Investment Committee (SEEIC) and Central European Free Trade Agreement (CEFTA), discussed Regional Investment Reform Agenda (RIRA), at the meeting held in Vienna today.
Representatives of the RCC and the World Bank presented the RIRA adjusted to correspond to individual economies’ needs discussed earlier this month at national consultations on RIRA. Participants analysed RIRA activities within the policy areas of investment entry and establishments, investment protection retention and investment attraction and promotion, reflecting on the activities and national responsibilities, including the involvement of relevant ministries, national authorities and private sector.
The meeting is a part of implementation of the RCC-prepared Multi-Annual Plan for Regional Economic Area (MAP REA), endorsed by the region’s leaders in Trieste last year. It was organized by RCC, World Bank and CEFTA. The Regional Investment Reform Agenda produced by this meeting will be reviewed by the South East Europe Investment Committee on plenary and ministerial levels, and subsequently put forward for consideration and endorsement to the WB6 Prime Ministers at the upcoming WB6 Summits in Sofia (17 May 2018) and London (10 July 2018). The RIRA will outline the investment-pertinent policy areas that will be subject to a regional dialogue and policy reform in WB6, so as to improve the investment environment, facilitate higher inflow of FDI and improve the flow capital throughout the region.
JWGI also agreed on the updated Terms of Reference of this platform amending the roles and responsibilities of the SEEIC-CEFTA JWGI in accordance with the priorities of MAP REA and the developments of regional cooperation on investment.
Back to back with the JWGI meeting, the RCC organises the second Meeting of the Western Balkans (WB) Working Group on Capital Markets (WGCP), to take place also in Vienna the following day. The meeting is expected to agree on the proposed Terms of Reference of the WGCP, established in December last year. Furthermore, the participants will discuss further activities for support to integration of the region’s capital markets aiming to finalize the concept of the regional programme on capital markets development. The agreed programme proposal, representing the activity plan is to be put forward for consideration and endorsement of the WB Prime Ministers at the Berlin-process Western Balkans Summit taking place on 10 July 2018 in London.
The meeting will gather representatives of the Western Balkans authorities in charge of financial markets: ministries of finance, securities commissions, and stock exchanges, along with international partners: World Bank, Vienna Initiative, and the European Commission.