17th Vienna Economic Forum – Vienna Future Dialogue 2020

Following greetings from DI Peter Umundum, President of Vienna Economic Forum, and Peter Lennkh, Executive Board Member for “Corporate Banking” at Raiffeisen Bank International (RBI) and VEF Board Member, Gunter Deuber, Head of Raiffeisen Research, presented the input report “Regional Economy at the Crossroads? Recipes for a Sustainable Rebound and the Next Leg of Convergence,” emphasizing from a banking and financial perspective that although investments in a successful economic transition for Southeastern European countries are tied to certain conditions, they are actually very promising.

Highlighting the pivotal role of the “Triangle of Knowledge: Research, Innovation, and Education” and the physical and digital mobility within this framework, both for growth-oriented economic transition and for youth prosperity, EU Commissioner Mariya Gabriel drew attention to her recent flagship communications: the European Education Area, the European Digital Education Action Plan, and the European Research Area. Additional theme-related examples of recent European Commission initiatives were also presented.
Regarding physical mobility, EU Commissioner Mariya Gabriel stressed the importance of implementing sustainable and smart alternatives in the automotive sector and beyond. COVID-19 has made the value of digital mobility very clear to us. Together, we must drive the ongoing digital transformation forward, which will greatly aid in bridging the convergence gap between regions.

For youth, a sharper separation of physical and virtual mobility is essential. Both types should be promoted so that we can maximize their respective advantages. Similarly, to gain citizens’ trust in the so-called “European green transition,” it is critical to communicate the overwhelming benefits of this process clearly.
Prime Minister Avdullah Hoti emphasized that, despite the pandemic’s challenges, much of his government’s efforts are directed toward activities of regional integration included in the EU Agenda, with a particular focus on establishing a regional economic area as a common market for the Western Balkan countries (WB6). The market-based integration process also promotes the region’s political integration, which is why Kosovo has called for strong economic cooperation.

Prime Minister of Ukraine Denys Shmyhal described “COVID-19 as a global challenge and also as an opportunity for developing ‘new forms of cooperation’.” The highest priorities for Ukraine are deepening political association with the EU and achieving ever closer economic integration with increasing access to the European internal market. The country welcomes new and robust EU initiatives for post-pandemic economic recovery and views the EU’s green agenda not only as a policy but as a new reality. Ukraine will strongly focus on sectors such as critical raw materials, energy, digitalization, and agriculture.

Dr. Lilyana Pavlova, Vice President of the European Investment Bank (EIB), highlighted EIB’s support for the Western Balkans through the European COVID-19 response package, amounting to EUR 1.7 billion. She also noted that numerous region-specific projects totaling EUR 2.3 billion are ready for financing, with EIB not only co-financing but also providing valuable technical and advisory support. In addition to the EU’s Instrument for Pre-Accession Assistance (IPA III) worth EUR 9 billion, the EIB is working on a guarantee mechanism to increase the region’s investment capacity, potentially generating up to EUR 20 billion in funds.
As the “Green Bank of the EU,” EIB provides targeted financing that will strongly support the region’s “green” transition toward a more interconnected, inclusive, and sustainable economic model. Focus areas include renewable energy, environmental protection, digitalization, connectivity, and disaster resilience.
Deputy Prime Minister of North Macedonia, Mr. Fatmir Bytyqi, emphasized the importance of planning and preparing the region for the post-COVID period. The pandemic has forced us to confront long-neglected regional issues directly. He called for open cooperation to build a regional internal market that would create “a region of competitiveness rather than competition.” Accelerating digitalization processes, establishing resilient value chains, intensifying investments in innovation and research, and addressing climate change through public and private investments are the drivers that will propel our economies to the next level.

The main discussion of the 17th Vienna Economic Forum was summarized by Vienna Economic Forum Board Member and President of Jackovich International LLC, USA, Ambassador Victor Jackovich, who emphasized that Vienna Economic Forum must remain at the forefront, continuing to support the implementation of the initiatives discussed despite the many challenges in the Southeastern European region.

During the subsequent Closing Discussion with EU Commissioner Mariya Gabriel and EIB Vice President Dr. Lilyana Pavlova, other Vienna Economic Forum Board Members participated: Dr. Achim Kaspar, Executive Board Member at VERBUND AG, Vice President of Vienna Economic Forum, Mr. Wilbert Verheijen, Managing Director, CANON CEE GmbH, Dr. Emmanuel Forest, CEO, BOUYGUES Europe SA, Belgium, and Mr. Furkan Karayaka, representing Mr. Ahmet Daglioglu, President, Investment Office of the Republic of Turkey.

As host in the Trumpet Hall of Österreichische Post AG headquarters, Vienna Economic Forum President DI Peter Umundum concluded with gratitude: “In such extraordinary times, we must not lose sight of what is essential. This year’s edition of Vienna Economic Forum enabled us to examine the latest developments in the digital world and their effects on the economy and politics. Vienna Economic Forum offers an excellent platform for coming closer together, both regionally and digitally.”

Secretary General Ambassador Dr. Elena Kirtcheva emphasized, “The decision of the VEF Board to organize the 17th Vienna Economic Forum under the theme ’90 Minutes with EU Commissioner Mariya Gabriel’ carries strong symbolic significance. Commissioner Gabriel’s portfolio also includes youth, and as we all know: The future is digital! And youth is the future!”
At the close of the Special Online Edition of this year’s 17th Vienna Economic Forum – Vienna Future Dialogue 2020, the traditional Annual Award Ceremony for “Partner of the Year 2020” took place. In the online live broadcast, Vienna Economic Forum Secretary General Ambassador Dr. Elena Kirtcheva announced that Mariya Gabriel, EU Commissioner for Research, Innovation, Education, Culture, and Youth, could hold the “Partner of the Year 2020” award thousands of kilometers away, and she gratefully accepted this high honor with an emotional speech.

Vienna Economic Forum thanks all members, partners, and friends for their continued and steadfast support, which drives us to reach greater goals and expand our horizons.
Special thanks go to: A1 Telekom Austria Group, AME International GmbH, Bouygues Europe SA, CANON CEE GmbH, DenizBank AG, Ecolog International FZE, EVN AG, Flughafen Wien, Freshfields Bruckhaus Deringer, HYPO NOE Landesbank, Jackovich International LLC, LANSKY, GANZGER + Partner, Novomatic AG, Österreichische Post AG, Penkov, Markov & Partner, International Law Firm, Raiffeisen Bank International, Serbian Economic Association, Sopharma PLC, Investment Office of the Republic of Turkey, Verbund AG, Wiener Börse AG, Wien Holding GmbH.

Additionally, Vienna Economic Forum extends particular thanks to Österreichische Post AG for their hospitality and strong technical support.