Free trade zone proposal for Balkans by Robert Comanoiu
Romania together with Albania, Bosnia, Bulgaria, Croatia, Macedonia, Moldova and Serbia-Montenegro could create a free commercial zone in 2006, in order to attract investments for the countries located in this region, a European Bank for Reconstruction and Development (EBRD) official stated on Wednesday, quoted by Reuters. Peter Sanefy, the EBRD's chief economist, stated that the idea emerged at a meeting of the Stability Pact for South-Eastern Europe, organized this week in Prague and should encourage investment in a region with a total population of 58.5 million.
"Although the region is attracting large investments, anyone knows that these are very much connected with the privatization process. These can take place only once but the states need other investment as well," stated Sanfey. The eight states attracted approximately 11 billion dollars investment in 2004, from foreign sources and privatization processes, with half the total attracted by Romania. To stimulate investments, these countries must improve their business climate, fight against corruption, reform the justice system and offer a coherent fiscal policy.
In Sanfey's opinion "these are the elements followed by investors but they also wish to see political stability in the region. The last five years were relatively stable and the levels of cooperation are unimaginable, compared with five-six years ago."
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