21st Vienna Economic Forum – Vienna Future Dialogue 2024

In her opening remarks, Ambassador Dr. Elena Kirtcheva, Secretary General and Founder of Vienna Economic Forum, emphasized the importance of close economic cooperation in the Region “From the Adriatic to the Black Sea.” She highlighted that “Vienna Economic Forum contributes to further developing this region as an immanent part of the European and global economy.”

The Secretary General also expressed her sincere gratitude to Federal Minister Karoline Edtstadler for representing the Austrian Federal Government and for her personal support for Vienna Economic Forum. She also announced the participation of Federal Minister for Labour and Economy Univ.-Prof. Dr. Martin Kocher.

Vienna Economic Forum (VEF) is THE European economic platform based in Vienna, with 13 Member Countries. For more than 20 years, VEF has contributed to the further development and consolidation of the regional economy through concrete economic projects. The Secretary General emphasized the importance of strengthening the region’s role in the European and global economy. “Trust is a key economic factor! In a reality shaped by mistrust, trustworthy cooperation is particularly valuable,” said the VEF Secretary General.

In his welcome Words, Ambassador Dr. Emil Brix, Director, Diplomatische Akademie Wien / Vienna School of International Studies and President of Vienna Economic Forum, reflected on the promise made 20 years ago to integrate the Western Balkan countries into the EU. He emphasized that the discussion should focus on whether the economy has become more intelligent and adaptable than politics. Highlighting the dependency of economic development on supply chains and their political feasibility, he underscored the impact of sanctions on politics and economic policy, particularly in a region closely interconnected with many partners, especially the European Union.

In his Greeting Words, Mr. Walid Farghal, Director General, AIM Congress, United Arab Emirates (UAE), Event Partner of Vienna Economic Forum (VEF) addressed his speech to the strong partnership between AIM Congress and VEF. He emphasized that the regional economy is no longer isolated but an integral component of the complex global system. He expressed his delight in fostering the strong collaboration between AIM Congress and VEF, which continues to drive new partnerships. Organizing the 21st VEF and building bridges between economics and politics is precisely what the EU and VEF aim to achieve: by taking on the role of co-creators in the journey toward technological integration and a sustainable future.

H.E. Mag. Karoline Edtstadler, Federal Minister for the EU and Constitution at the Federal Chancellery of the Republic of Austria, expressed her pleasure at participating in Vienna Economic Forum for the third time, an event that has now become a tradition for her. She commended the VEF’s efforts toward fostering collaboration and emphasized the importance of the economy—not only on behalf of Chancellor Karl Nehammer but also in her own capacity. The forum serves as a platform that, for over two decades, has promoted exchange and mutual understanding, not only in the economic but also in the cultural domain.

The Moderator, Ms. Daniela Philipp announced the 2nd Session: “Developing the Economy in the Region from the Adriatic to the Black Sea as Part of the European and Global Economy” and invited Mag. Peter Höfinger Deputy General Manager and Deputy Chaiman of the Managing Board Vienna Insurance Group AG (VIG) Vice-President of Vienna Economic Forum to deliver the Introduction.

Mag. Höfinger highlighted the successful collaboration between Vienna Insurance Group AG and the Vienna Economic Forum since 2004. “We are celebrating 200 years of VIG, having survived all world wars, crises, and revolutions, and we are still here,” he stated. He emphasized the importance of resilience and learning processes in the global industry, particularly during the COVID-19 pandemic. Europe must reconsider its approach regarding the concentration of production in China.

H.E. Mr. Kaspars Briškens, Minister of Transport of the Republic of Latvia, expressed his pleasure in participating in the 21st Vienna Economic Forum. He emphasized that over the past 20 years, Vienna Economic Forum has focused on Southeastern Europe, and from his perspective, it is now time to also encourage a focus on the north. He shared his views on three key areas that should be of significance across a broader geographic region: connectivity and infrastructure, investments, and security. These, he argued, are crucial factors for economic demand and sources of economic growth.

DI Dr. Günther Rabensteiner, Managing Director of eHydro500 and Honorary President of Vienna Economic Forum, highlighted the significance of Vienna Economic Forum, which has developed into a recognized network connecting high-level politics, diplomacy, and economy over the years. He emphasized that this collaboration brings benefits to all sectors involved. He underlined the importance of understanding the past in order to analyse the present and shape the future. Dr. Rabensteiner pointed to three influential topics in economics and industry: sustainability, the green transformation, and digitalization in its various forms.

Mr. Faruk Kurtulmuş, Country Advisor, Presidency of the Republic of Türkiye Investment Office, Representative of the Board Member of Vienna Economic Forum, emphasized Turkey’s role in the VEF region. He discussed Türkiye’s strategic initiatives to promote sustainable development and highlighted that the country’s unique geostrategic location makes it a key factor for trade and investment, with access to 1.3 billion consumers and a GDP of 28 trillion US dollars.

Mr. Christoph Denk, Managing Director for Policy Strategy and Delivery, European Bank for Reconstruction and Development (EBRD), United Kingdom thanked Vienna Economic Forum for the opportunity to share insights into strategies for promoting economic growth in the VEF region. As a representative of one of the largest investors in the region, he identified three key areas for fostering growth: First, he emphasized the importance of strong economic governance, particularly in improving public services and connectivity. Second, he highlighted the need for openness to trade and investment to promote regional integration. Third, he advocated for an accelerated green transformation to combat climate change and reduce pollution.

Dr. Stéphanie Straub, Chief Economist for Infrastructure, World Bank Group, USA stated that his role as a team member of this institution is to provide answers and solutions. He emphasized that the combination of practical experience and expertise is crucial for finding the right solutions. He highlighted that infrastructure is a key factor for the development of low- and middle-income countries, and he advises them on their path to becoming highly developed economies. Additionally, he stressed the importance of infrastructure for the development of the VEF region.

H.E. Univ.-Prof. Dr. Martin Kocher, Federal Minister of Labour and Economy of the Republic of Austria, shared his perspective on current trends in his main statement. He pointed to the fragmentation of global trade, a process that began about a decade ago and was significantly accelerated by the COVID-19 pandemic and shifting global dynamics. Dr. Kocher emphasized the importance of economic growth for both the VEF region and Europe as a whole and posed the question of where this growth will come from in the next 10 to 20 years.

In his view, two key areas will drive growth in the next 10 to 15 years: First, the deepening of the internal market, with the European Union’s single market serving as a crucial political and economic advantage. Second, he highlighted the VEF region, including countries that are not yet EU members but are moving closer to the Union. This region, he explained, has the potential to generate unique dynamics and is a crucial factor for the economic strength of the EU.

The Moderator, Ms. Daniela Philipp announced the 3rd Session: “Shared Responsibility of Economy and Politics for a Secure European Future” and invited Mr. Matteo RIVELLINI Head of Division for Western Balkans & Türkiye, European Investment Bank (EIB) Luxembourg to deliver the Main Statement.

Mr. Matteo Rivellini thanked Vienna Economic Forum for the opportunity to represent the EIB at such an esteemed event and expressed his pleasure in speaking about Europe’s future. He mentioned that the VEF region is an inevitable part of the European Union, not only politically but also legally committed to EU membership. Mr. Rivellini suggested that the VEF region should continue to take steps to prepare for this accession. In his speech, he highlighted three key points: first, the positive development of the EIB in the region; second, the EU initiative to anchor the growth of this region towards EU membership; and third, the activities of the EIB in the Western Balkans.

Dipl. Ing. Dr. Sabine Herlitschka, MBA Chief Executive Officer, Infineon Technologies Austria AG spoke about microelectronics and provided detailed information about the production of silicon microphones used in two out of three cell phones worldwide. She mentioned that Infineon AG has a market share of nearly 50%, supplying the global market with these products. She also pointed out that Infineon has leveraged European initiatives to work with partners in the Western Balkans, being active in most of these countries.

H.E. Ms. Sanja Bozhinovska Minister of Energy, Mining and Minerals of the Republic of North Macedonia stated that it was an honor for her to represent North Macedonia at the 21st VEF. She addressed the previously mentioned topics, such as the Green Deal, energy transition, and the challenges faced by coal-dependent countries. She emphasized North Macedonia’s engagement in green energy and infrastructure projects. Božinovska also mentioned that North Macedonia is currently working on infrastructure projects in energy, including a tender with Greece as an alternative to Russian gas, and a signed memorandum with Serbia for a gas connection that will extend from Greece through North Macedonia, Serbia, and Eastern Europe. Additionally, she noted that North Macedonia is working closely with the EBRD on electricity connections.

Ms. Dragijana Radonjić-Petrović Vice President of Serbian Association of Economists, Cooperation Partner of Vienna Economic Forum stated that Vienna Economic Forum is the only place where she feels like she is in the European Union, sitting together with panelists and participants from different countries. She pointed out that investments in the VEF region are primarily coming from the European Union and emphasized the importance of EU membership in driving economic growth.

Ms. Natalia Bejan, General Director, Invest Moldova Agency highlighted Moldova’s exports to 27 European countries, which account for 65% of its total exports. She noted that the issue at hand is not economic integration, but political integration, with Moldova advancing in the European integration process. Ms. Bejan also emphasized Moldova’s efforts in digitalization, particularly in the fight against corruption. Over the last year, Moldova has digitized 30% of its public services, and today more than 65% are digitalized, with an aim to reach 75% by the end of the year. Digitalization and de-bureaucratization remain key priorities. She concluded by inviting Vienna Economic Forum to consider Moldova as a future platform for VEF events.

Mr. Nikola Vujović, Vice President, Chamber of Economy of Montenegro, Cooperation Partner of Vienna Economic Forum raised the question of responsibility today, not only in the economy and politics but in general. He emphasized the possibility of a free market but pointed out that such a system and mechanism are missing, which should provide answers on who is responsible for what and what the consequences are. Mr. Vujović stated that there is a need to create a favourable environment for the business community and to share responsibility in creating a regulatory system that allows growth.

Amb. Victor Jackovich, Former President of Vienna Economic Forum, President of Jackovich International LLC, USA announced the 4th Session: “Economic Cooperation is More Important than Ever” and invited H.E. Mr. Albin KURTI, Prime Minister of the Republic of Kosovo, Patron of Vienna Economic Forum to deliver the Impulse Statement.

In his Impulse Statement, H.E. Mr. Albin Kurti, Prime Minister of the Republic of Kosovo, Patron of Vienna Economic Forum, shared his views on economic cooperation, a theme that matters to the VEF member countries and the region. As a young country committed to democratic growth, he emphasized that partnerships are crucial for achieving prosperity and peace, not only within borders but also across the region. H.E. Mr. Prime Minister Kurti stated that for Kosovo, economic cooperation is not just a policy choice but a strategic necessity. He explained that success and progress depend on creating an environment that fosters cross-border trade, attracts investment, and builds bridges between neighbouring countries. Prime Minister Kurti emphasized that economic cooperation is needed not just for resilience but also for moving barriers and creating new opportunities for citizens. He concluded by thanking Vienna Economic Forum for bringing together such a dynamic platform.

Mr. Emil Angelov, CEO & Vice-Chairman of the Management Board Glavbolgarstroy Holding AD (GBS), Bulgaria Cooperation Partner of Vienna Economic Forum congratulated the Vienna Economic Forum Board, particularly the Secretary General, Amb. Dr. Kirtcheva, for their continued efforts over the past 20 years. He emphasized the importance of economic cooperation in the region from the Adriatic to the Black Sea in increasing trade volumes, investment attractiveness, and economic stability. Mr. Angelov highlighted the importance of creating free trade agreements, common markets, and joint economic policies to connect the economic systems of different countries in the region.

Mag. Harald Kröger, Head of Group, Structured Finance and Investment Banking, Raiffeisen Bank International AG, Founding Member of Vienna Economic Forum began his speech by emphasizing Raiffeisen’s long-term commitment to the VEF region. He pointed out the importance of building bridges, especially when it comes to banks and international institutions. Mag. Kröger noted that for many decades, Raiffeisen has aimed to build bridges and cross gaps in the region. He added that the goal of everyone present was to build bridges and take them to the next level. This means creating a platform for education, innovation, infrastructure, trade, and more.

Dr. Olegas Niakšu, Vice-Minister of Health of the Republic of Lithuania expressed his delight in participating in the 21st VEF and stated that he was proud to be one of the two speakers bringing a Northern European perspective. He shared the Lithuanian government’s and people’s strong support for the self-determination, political independence, and economic independence of every country. Dr. Niakšu highlighted that economic development is about creating and adding value, as well as focusing on GDP and related factors. He emphasized the importance of digitalizing healthcare, especially for resource allocation during emergencies. Dr. Niakšu also noted that now, post-COVID crisis, is the best time to create an efficient system to address urgent issues.

Mag. Frank Schuster, Director Head of the European Investment Bank (EIB) Group Office in Austria, Vienna congratulated Secretary General Amb. Dr. Elena Kirtcheva and President Amb. Dr. Brix for another successful edition of Vienna Economic Forum. He emphasized the importance of such a platform, which has kept the economic topics alive and on the agenda for years, contributing to the European level. Mag. Schuster noted that the VEF region has seen remarkable achievements over the past decades, including an 80% growth in GDP per capita between 2003 and 2023. He pointed out that the European Union is deeply committed to the VEF region and continues to support its progress. He also highlighted that Europe and the EU are the largest foreign investors in the VEF region, with 12 billion euros in pre-accession funds and 12 billion euros in EIB support.

At the conclusion of the 4th session, Ambassador Dr. Emil Brix, Director, Diplomatische Akademie Wien / Vienna School of International Studies, President of Vienna Economic Forum delivered a comprehensive overview of the 21st Vienna Economic Forum – Vienna Future Dialogue 2024. He also provided an insightful analysis of the European Union’s role in the VEF region, emphasizing the critical importance of the European integration process for both political and economic development.

In her Concluding Remarks, Amb. Dr. Elena Kirtcheva, Founder and Member of the Board, Secretary General of Vienna Economic Forum, extended warm appreciation to the distinguished participants for their valuable insights who contributed to the event’s success, and thanked all attendees for their active engagement. Secretary General conveyed special thanks to the Members and Strategic Partners of Vienna Economic Forum for their ongoing cooperation and trust in the economic potential and growth of the entire VEF region, with particular recognition for the Supporting Members and Partners.

The Secretary General further acknowledged the skilled moderators, translators, and everyone involved in ensuring the organization of the 21st VEF. She expressed her heartfelt gratitude to the VEF Team, highlighting their full dedication that ensured a remarkable success of the 21. Vienna Economic Forum.

The 21st Vienna Economic Forum (VEF) concluded with the signing of two Memorandums of Understanding. Vienna Economic Forum and AIM Congress, represented by Director General Walid Farghal, formalized their collaboration through an Event Partnership Agreement acknowledging the significance of strategic partnerships in fostering global economic growth and future more active collaboration in promoting investment opportunities and enhancing business climates globally. Additionally, an agreement was signed with the Bulgarian Industrial Capital Association, represented by Member of the Governing Board, Mr. Kiril Jeliazkov expressing the will as Strategic Partners to establish cooperation and good relations in order to support the economic development in the VEF Region.

The event also featured the traditional Annual Award Ceremony. The Vienna Economic Forum Award “Country Partner of the Year 2024” was presented to the Republic of Kosovo and graciously accepted by H.E. Mr. Albin Kurti, Prime Minister of Kosovo and Patron of Vienna Economic Forum, in recognition of the country’s valuable contribution to the realization of the VEF mission and its excellent, longstanding, and future-oriented cooperation.

Glavbolgarstroy Holding AD (GBS), represented by Mr. Emil Angelov, CEO & Vice-Chairman of the Management Board, and a Cooperation Partner of Vienna Economic Forum, received the VEF Award „Cooperation Partner of the Year 2024“ in recognition of its valuable contribution to realisation of the VEF mission of enhancing regional economic cooperation at both European and global levels.

Vienna Economic Forum proudly presented the Vienna Economic Award to the following VEF- Vice Presidents for the valuable support as longstanding Vice-President of VEF and the great contributions to the economic development of the Region “From the Adriatic to the Black Sea”: • Mag. Peter Höfinger, Deputy General Manager and Deputy Chairman of the Managing Board, Vienna Insurance Group AG • DI Ryszard Presch, Executive Board Member, Novomatic AG • Dr. Ognian Donev, CEO, Sopharma AG.

The Vienna Economic Forum Award „Media Partner of the Year 2024“ was presented to Society Magazine and proudly received by its Publisher, KR Mag. Gertrude Tauchammer, in recognition of the valuable contributions to the realisation of the VEF mission of fostering common understanding at Regional, European, and Global levels.

Vienna Economic Forum (VEF) is founded as a platform for dialogue and economic cooperation between the countries “From the Adriatic to the Black Sea.” Over the course of its two-decade history, VEF has become a platform for integration, innovation, and partnership, bringing together representatives from politics and economy. 21st Vienna Economic Forum – Vienna Future Dialogue 2024 reflects the need for closer economic cooperation between VEF member countries for a secure and prosperous European future. The discussions and outcomes of this year’s forum highlight the importance of building bridges in a connected region, where economic cooperation opens up opportunities for the future of the region.

Media Coverage by VEF Main Media Partner Society