19th Vienna Economic Forum – Vienna Future Dialogue 2022

The conference was moderated by Ambassador Victor Jackovich, President, Jackovich International LLC, USA and Member of the Board of Vienna Economic Forum.

In his Opening Speech of the First Session: “Can the Economy be a Driving Force in Difficult and Uncertain Times”, the VEF President DI Peter Umundum greeted the many participants onsite and online and spoke about the importance of strong cooperation, especially in these difficult and uncertain times. President Umundum stressed that for our focus VEF region, Vienna Economic Forum is a platform for communication and collaboration and invited the participants to use the Forum.

During his Welcome and Input, the host, Mag. Peter Lennkh, Member of the Management Board, Corporate Banking, Raiffeisen Bank International AG, (RBI) and Board Member of the Vienna Economic Forum stated that in light of this current crisis and the prevailing uncertainty, the European politics must take ambitious measures to support the economic activity of our continent and to ultimately safeguard our Western model of democracy and way of living.

In her video Impulse Statement, H.E. Ms. Mariya Gabriel, EU Commissioner for Innovation, Research, Culture, Education and Youth, stressed that the lessons learned of the past century in Europe has taught us that economic cooperation works. She spoke about the importance and advanced achievements of the cooperation of the Balkan countries in the field of digitization and the important role of this cooperation and she concluded her speech with the message: “Where there is a will, there is a way”.

In her insight, the VEF Secretary General, Ambassador Dr. Elena Kirtcheva emphasized how important it is to stay true to the VEF vision of building a “Common Economic Area from the Adriatic to the Black Sea”, especially in these difficult and uncertain times. Giving the audience some negative (abandoned Nabucco project) in the past, and positive examples (Greece-Bulgaria Interconnector) from the present she reminded of the significance in times like these to focus on regional cooperation and the implementation of long-term projects that could offer options to the VEF region and Europe.

Ambassador Victor Jackovich announced the Second Session “Securing Regional Economic Development in an Insecure Environment. How to Manage the Challenges under the Pressure of the Reality” and invited H.E. Mr. Albin Kurti, Prime Minister of Kosovo and Patron of Vienna Economic Forum to deliver his Keynote.

H.E. Prime Minister Kurti expressed his belief that the regional economic development depends on coming closer to democratic values and aspirations towards EU membership of each and every country of the Western Balkans. The global pandemic and the consequent war in Ukraine have taught the democratic policy makers and the businesses of all sizes an important lesson over the past two years: it is not only of an absolute necessity to allocate production and other services to geographically closer regions but to base our economies on sound market principles and democratic values alike in order to be resilient. Interest and values go hand in hand.

Mr. Djordje Radulovic, Foreign Policy Advisor to the Prime Minister and Former Minister of Foreign Affairs of Montenegro stated that the best way to tackle today’s challenges is through European integration and through regional cooperation.

Mag. Peter Höfinger, Member of the Board of Vienna Insurance Group AG and Vice President of Vienna Economic Forum stated that we are entering a multi-polar world which is going to change a lot of the mechanisms of globalisation used in the past, leading more to regionalization and cooperation between the regions and stressed the importance of adapted supply chain. Mag. Thomas Arnoldner, CEO of A1 Telekom Austria Group, Member of the VEF Board, stressed that we cannot underestimate the role that technology plays in mastering the ongoing crises. The one who masters technology best is the first to go out through these crises as a winner, the one who masters technology is to be the fastest to overcome and prevail these crises. Dr. Stephan Pachinger, LL.M, Partner, Freshfields Bruckhaus Deringer, Member of the VEF Board spoke about the dangers and risks of a non-harmonized, fragmented legal framework as can be seen and experienced today.

In his Video Statement H.E. Olivér Várhelyi, EU Commissioner for Neighbourhood and Enlargement pointed out that this year’s Vienna Economic Forum comes at a critical time for Europe and the region.
In view of the unprecedented crisis caused by the global pandemic 2 years ago and the current war of aggression in Ukraine, which has worsened the state of affairs by fuelling global inflation, increasing geopolitical fragmentation and challenging macroeconomic stability, Commissioner Várhelyi elaborated on the impact of these political and economic changes in the EU neighbourhood and the Western Balkans countries and stressed that as a result, the war has brought EU and the neighbouring countries closer together, as well as that the changing geopolitical situation has strengthened the EU enlargement and neighbourhood policy!

H.E. Commissioner Várhelyi concluded his address by accentuating that strengthening the bonds between the EU and Western Balkans in this new geopolitical reality is indispensable and pointed out that to attract investments the region must rethink existing strategies and further explore new opportunities like nearshoring.

The Q and A session that followed prompted lively discussions and an exchange of ideas with high-ranking representatives of regional and European politics as well as high-ranking representatives of Austrian, regional, European and international economy.

At the beginning of the third session: “Enhanced Cooperation between the Regional Economy and Politics – what is the right way?” the participants had the opportunity to hear the video Keynote statement by Dr. Lilyana Pavlova, Vice-President of the European Investment Bank (EIB). Dr. Pavlova stressed the importance of Vienna Economic forum as a platform that fosters regional cooperation, economic ties and solidarity and pointed out that we need to unite forces more than ever towards sustainable and prosperous Europe.

EIB Vice President Pavlova spoke about the aspiration of the EIB to support the neighbourhood and enlargement countries by launching a dedicated branch EIB Global earlier this year for the Bank’s operations outside the EU. This branch is to serve as a dedicated arm to assist in shifting the operating model through reinforcement of the local presence of the EIB thus helping the region benefit from the latest EU initiative Global Gateway.

The EIB Vice President Dr. Pavlova concluded her Statement by saying that at these grave times for the world that threaten to disrupt the very foundation of our lives and economies, the only way forward is to advance with all activities that ensure sustainable future for all. The EIB Group, together with the European commission and other local partners can play a decisive role in supporting the energy security, green transition, and competitiveness of the regional economies.

Mr. Ahmet Burak Dağlıoğlu, President of the Investment Office of the Presidency of the Republic of Türkiye Investment Office, VEF Board Member delivered the second Keynote. He spoke about the rising importance of regional cooperation in times of deglobalization. He stressed that it is not only political or economic cooperation of importance when we talk about regional cooperation, but cooperation in logistics and infrastructure is also important for the resilience of the supply chains as well. Thus, we must think and act on various other fields of regional cooperation.

He accentuated the many challenges that we have been facing that are taking the focus off our region. We must keep the cooperative environment alive in order to have robust geography with political fields in terms of economy, trade relations and investment relations. All of the stakeholders involved, must make decision taking into consideration the well being of others as well.

In his concluding remarks he called for all of the countries to join the global discussions and called for development of more inclusive policies and inclusive mechanisms for the decision-making processes globally. He accentuated the Motto of the Investment Office “Türkiye is your resilient partner in your businesses”.

Dr. Achim Kaspar, Member of the Executive Board, COO of Verbund AG, Vice-President of Vienna Economic Forum spoke about energy policy being the right example for cooperation in Europe on a global base. Energy is of utmost importance in order to have sustainable development. Dr. Nina Drakic, President of the Chamber of Economy of Montenegro, Member of the VEF Board spoke about the traditional challenges with which the business community faces enhanced by the current challenges. Dr. Drakic expressed her belief that we have an obligation to require the views of the business community to be put into focus to the attention of the decision makers. Mr. Burak Bilge, CEO of Austria Card Türkiye and President of ge Türkiye-Austria Business Council at the Foreign Relations Board of Türkiye (DEIK), Strategic Partner of Vienna Economic Forum expressed his views on the importance of logistic cooperation and nearshoring and the important role that Türkiye plays and shall play in these areas for the years to come. He furthermore accentuated the tremendous potential of start-ups in the future cooperation.

Mag. Teodora Georgieva, Executive Officer and Board Member of ICGB AD Gas Interconnector Greece – Bulgaria shared the success story from the inception to the realization of the Gas Interconnector Greece – Bulgaria especially during these extremely challenging times. She accentuated the strategic role of this impressive project calling it “the game changer for the region” providing options not only for the two countries but for the whole region as well. Dr. Gabriel Lansky, Partner, Lansky, Ganzger, Goeth, Frankl + Partner (LGP), Member of the VEF Board spoke about cooperation not only on regional level but on a global scale, stressing the effect that the current ongoings have an impact on the world-wide economy. He invited the audience to consider several though-provoking aspects of the many implications and effects of the actions that are currently in force as a result of the war in Ukraine. Dr. Nikolay Tsenkov, Manager of Municipal Guarantee Fund of Sofia Municipality, Member of the VEF Board spoke about the significance of the geography of the countries and the opportunities it provides. He expressed his views that in the current situation it is the regional cooperation that should be in the forefront offering collaboration not only on a economic or political level but connecting the countries on cultural and traditional level as well.

During the Insight that Ms. Velina Tchakarova, M.A., Director, Austrian Institute for European and Security Policy (AIES) provided she stated that the only certainty in global affairs is actually the uncertainty. Change is the only constant in life.

She pointed several trends which in her view would be equally important for both the EU institutions and for the businesses and would in turn affect the lives of the citizens. Ms. Tchakarova pointed out the impact that globalization has had and stressed the bifurcation of the global system as a highly important megatrend whose development would greatly affect the global fashions and the global well-being.

In her final remarks she stated that when it comes to the geoeconomic side, many countries are in position to weaponize geoeconomic means. We must be cautious and businesses must develop a clear understanding about the geopolitical and geoeconomic risks linked directly to the behaviour of states and organizations with important international relevance. Finally, as a lesson drawn from the previous industrial revolutions, the power that emerged victorious out of riding the way of the industrial revolution became also the global power.

At the end of the third session, the moderator, Ambassador Dr. Victor Jackovich, President of Jackovich International LLC, USA and VEF Board member, provided an extraordinary overview of the 19th Vienna Economic Forum – Vienna Future Dialogue 2022, of the many interesting statements, contributions and observations of the high-ranking participants and speakers, as well as of the many happenings currently affecting the VEF region.

The Vienna Economic Forum Award “Country Partner of the Year 2022” was given to the Presidency of the Presidency of the Republic of Turkey Investment Office for the excellent and fruitful cooperation. The award was accepted by the President Mr. Ahmet Burak DAĞLIOĞLU, Member of the VEF Board.

During the lunch that followed, the participants and guests had the opportunity to exchange ideas, cultivate contacts and make new ones in an informal and friendly atmosphere.

The subsequent response has been extremely positive.

Vienna Economic Forum would like to thank all members, partners and friends for the enduring and constant support that drives us to achieve greater goals and broaden our horizons.

Special Thanks goes to: A1 Telekom Austria Group, AFRY Management Consulting Austria GmbH, AME International GmbH, CANON CEE GmbH, Freshfields Bruckhaus Deringer, Jackovich International LLC, KELAG Kärntner Elektrizitäts AG, LANSKY, GANZGER + Partner, Chamber of Economy of Montenegro, Municipal Guarantee Fund of the City of Sofia , Novomatic AG, Österreichische Post AG, Presidency of the Republic of Turkey Investment Office, Raiffeisen Bank International, Serbian Business Association, Sopharma PLC, Steiermärkische Bank und Sparkassen AG , Verbund AG, Vienna Insurance Group, Wien Holding GmbH.

In addition, Vienna Economic Forum would like to thank Raiffeisen Bank International in particular for the hospitality and strong technical support, and also to VEF Media Partner Society Magazine.