22nd Vienna Economic Forum – Vienna Future Dialogue 2025

The Secretary General also highlighted that over more than two decades, Vienna Economic Forum has developed into a well-known and highly recognized regional and European platform, contributing to the consolidation of the regional economy as part of the European and Global Economy and the improvement of the investment climate. Emphasizing that the regional economy is an immanent part of the European and global economy, she called for strengthening a common European vision amid profound geopolitical, economic, and technological change.

The Secretary General expressed her appreciation to Raiffeisen Bank International as a founding member, at that time Raiffeisen Zentralbank (RZB), and long-standing partner of Vienna Economic Forum. She concluded by encouraging all member countries to actively contribute to a strong and united Europe, echoing Raiffeisen Bank International’s motto: “Make it happen.”

In his welcome Words, Ambassador Dr. Emil Brix, Director, Diplomatische Akademie Wien / Vienna School of International Studies and President of Vienna Economic Forum, recalled the 2003 Thessaloniki promise of EU enlargement to the Western Balkans. While acknowledging that the enlargement process remains complex and incomplete more than two decades later, he stressed that Europe must grow and strengthen its ability to stand on its own in a changing geopolitical environment.

He underlined that economic cooperation remains the core and most effective driver of integration, stability, and trust, regardless of political challenges. Emphasizing that prosperity, security, and peace can only be achieved through strong economic collaboration, Dr. Brix called for continued focus on economic opportunities as a foundation for future EU enlargement.

In his Welcoming Words, Dr. Johann STROBL, CEO of Raiffeisen Bank International AG, reflected on more than two decades of progress in the region, highlighting the transformative achievements that have strengthened both local communities and Europe as a whole. He stressed that these developments demonstrate the potential of countries still seeking EU membership, offering both hope and a model for sustainable economic and political integration.

He elaborated on the motto “Make it happen”, explaining that it symbolizes the bank’s commitment to actively supporting people, companies, and economies despite political and economic challenges. He emphasized that consistent engagement—both locally and in Brussels—is essential to advancing regional integration and fostering trust, prosperity, and stability. Dr. Johann STROBL concluded by reaffirming the shared responsibility of all stakeholders to continue building strong economic foundations and a united, resilient Europe.

The Moderator, Ms. Daniela Philipp announced the beginning of the Panel Discussion on the topic: “Strategic Impacts on the European Energy Economy” and invited Dr. Severin Gruber, Secretary General, Federal Ministry for Economy, Energy and Tourism of the Republic of Austria to deliver the Introduction.

In his opening remarks, Dr. Severin Gruber stressed that geopolitics now strongly shapes European economic and energy policy, with competitive energy prices being essential for Europe’s attractiveness as a business location. He emphasized that Europe must balance energy security, decarbonization, resilience, and costs. Addressing key questions, Dr. Gruber argued that affordable, renewable, and independent energy can only be achieved through realistic trade-offs, faster renewable deployment, and strong infrastructure. He called for greater strategic clarity on which industries are truly critical, noting that not every sector can be considered strategic. Dr. Gruber also highlighted that infrastructure, such as energy grids and transport networks, should be prioritized over debates on production value chains. Finally, he underlined that Europe’s energy and industrial policy will require continuous adjustment, as no single, final solution exists.

Mr. Ivo Prokopiev, Founder and CEO of Renalfa IPP GmbH, stated that for private investors there is no longer a contradiction between affordable energy, energy security, and energy independence, as renewables have become Europe’s cheapest energy source. He highlighted battery technologies as a key enabler for high renewable penetration and a more flexible energy system. Rather than competing with China on scale and cost, he argued that Europe should focus on innovation and early adoption across technology, supply chains, financing, and business models. At the same time, he criticized inconsistencies in European policy that undermine competitiveness through high costs and regulatory barriers. He stressed that the European single market is still fragmented, slowing investment and large-scale projects. Removing these barriers, he concluded, is essential for a competitive and secure European energy transition.

Mr. Manuel Mahler-Hutter, Managing Director of Wien Energie International GmbH, explained that Vienna lacks sufficient space for large-scale renewable energy production, making regional cooperation essential. He emphasized expanding energy generation beyond the city while investing in grid infrastructure and storage, noting that renewables remain the cheapest option when supported by batteries and adequate grid capacity. He highlighted very positive investment conditions in for the countries in the VEF Region, particularly for solar, where longer sunshine hours significantly improve returns. EU enlargement, especially in the Western Balkans, was described as strategically crucial to unlock investment and prevent reliance on non-European actors in critical infrastructure. Mr. Mahler-Hutter also stressed the importance of hydrogen for long-term decarbonization and seasonal energy storage, especially for district heating systems. While hydrogen is still at an early stage, he underlined its clear long-term role in Europe’s energy and industrial future.

Mr. Konstantin Ivanov, Executive Director and Head of Energy & Utilities at Raiffeisen Bank International AG, emphasized that Europe’s energy transition requires strong government support and a focus on total energy costs embedded in industrial production. He highlighted efficient capital deployment, market-based tools such as CFDs, and well-connected transmission and distribution grids as essential for lowering costs and maintaining competitiveness. He noted that in many Eastern European countries, grid development remains reactive rather than strategic, slowing the transition. Addressing Chinese investors and technology, he explained that Chinese components are widely used and generally accepted by investors, particularly in solar projects. While supporting European production comes at higher cost, he stressed that Chinese investors are increasingly sophisticated and are likely to remain a niche but lasting presence in the region.

The Moderator, Ms. Daniela Philipp announced the 2nd Session: “Where There is a Will – There is a Way: Strengthening the Regional Economy and its Competitiveness on the Common European Path.” and invited Amb. Dr. Harald Stranzl Head of Department of the Federal Ministry for European and International Affairs to deliver his greeting words.

In his address at the Vienna Economic Forum (VEF), Amb. Dr. Stranzl highlighted the strong transformation of Central, Eastern, and Southeastern Europe since the fall of the Iron Curtain, while noting growing pressures from geopolitical tensions, the war in Ukraine, and economic challenges. He stressed that EU integration and enlargement remain the key anchors for stability, investment, and the rule of law, especially for the countries from the VEF Region.

He pointed to the EU Growth Plan for the Western Balkans as a concrete step delivering early integration benefits and supporting reforms. Focusing on Ukraine, he described reconstruction as a historic modernization project and reaffirmed Austria’s long-term commitment. Mr. Stranzl concluded that future convergence depends on innovation, energy security, skills, connectivity, and strong partnerships to ensure a resilient and united Europe.

In the panel discussion, Mag. Harald Riener, Member of the Managing Board of Vienna Insurance Group AD (VIG) and Cooperation Partner of Vienna Economic Forum (VEF), opened by emphasizing that Ukraine’s future depends on resilience, innovation, and sustained support from both individuals and companies. He warned that Europe risks decline if it remains inward-looking while global competitors move rapidly, drawing attention to the continent’s shrinking share of the global economy. Turning to demographic challenges, Mag. Riener argued that aging itself is not a problem; instead, Europe must foster optimism, support families, and plan for migration-driven population changes to maintain social and economic balance. Across both Ukraine and Europe, Mr. Riener framed the key challenge as the need for foresight, long-term commitment, and coordinated action to navigate crises and build a sustainable future.

During the discussion Ms. Charlotte Ruhe, Managing Director at Central and South-Eastern Europe European Bank for Reconstruction and Development (EBRD), highlighted the Bank’s strong commitment to Central and South-Eastern Europe, including Ukraine, with over €8 billion invested since the war began. She emphasized resilience through transformative projects, from energy interconnectors linking multiple countries to critical transport infrastructure, and showcased efforts to integrate regional stock exchanges to boost investment and connectivity. Ms. Ruhe underscored that EU membership remains the ultimate goal for countries like Montenegro and Albania, while reforms in rule of law, energy governance, and renewables continue. Responding to whether Europe needs a crisis to drive change, she noted that high energy costs have spurred some action but warned that momentum remains insufficient, particularly in energy efficiency. She also raised concerns about the Green Deal, highlighting the risk to Europe’s automotive sector if innovation and the transition to electric mobility do not accelerate. Across her remarks, Ms. Ruhe framed the EBRD as a steadfast partner, promoting long-term investment, integration, and sustainable growth to strengthen Europe’s future.

Mag. Ekkehart Stremitzer, Managing Director at AME International GmbH, Cooperation Partner of Vienna Economic Forum (VEF), addressed the role of healthcare as a strategic pillar of European sovereignty, highlighting challenges across the region—from workforce shortages and aging populations in Eastern Europe to efficiency needs in the West. He emphasized that digitalization and AI, along with strategic planning, innovation, and strong partnerships, are key to modernizing healthcare and enhancing resilience. Drawing on projects in Albania and Moldova, he showcased how IT networks, modern equipment, and training can strengthen health systems. Mr. Stremitzer also critiqued Europe’s slow decision-making, noting that political caution at national and EU levels delays action. On external migration, he offered a cautious perspective, warning that unprepared inflows can strain healthcare systems and require significant investment in training and integration. Across his remarks, Mr. Stremitzer framed healthcare, planning, and innovation as essential for Europe’s long-term strength and stability.

Ms. Dragijana Radonjić-Petrović, Vice-President of the Serbian Association of Economists, Cooperation Partner of Vienna Economic Forum (VEF), addressed Serbia’s challenges from rapid technological change, geopolitical tensions, and global competition, emphasizing that a shortage of skilled, young talent and an aging population threatens stability and growth. Echoing earlier points on healthcare and human capital, Ms. Radonjić-Petrović stressed that innovation must link research with industry and be supported by strategic long-term planning. She also pointed to infrastructure gaps, border inefficiencies, and energy needs as obstacles to competitiveness, calling for better regional connectivity. On the topic of competitiveness, she agreed with Mr. Krepak that education must be practical and closely tied to startups and industry, enabling professionals to deliver results immediately. Strong professional networks and collaboration, she argued, are essential for scaling companies and creating new value. Ultimately, Ms. Radonjić-Petrović framed investment in human capital as the decisive force enabling Serbia and the VEF countries to not only adapt to, but lead, in a rapidly changing global environment.

Mr. Dmytro Krepak, MBA, Executive Board Member BC Moldindconbank SA, Cooperation Partner of Vienna Economic Forum (VEF), emphasized Moldova’s strong fundamentals, including its vibrant democracy, rule of law, respect for private property, and resilient, business-friendly policies. He noted Moldova’s growing integration with Europe through initiatives like power grid synchronization, SEPA membership, and cross-border mobile services, while highlighting its prudent economic management and low public debt. On Europe’s challenges of aging, labor migration, and regional decline, Mr. Krepak argued that competitiveness is key: poorer regions must actively attract, retain, and grow businesses through lighter regulation, flexible labor markets, and clear incentives, citing South Carolina’s support for BMW as a model. Regarding talent retention in Southeast Europe, he drew on his economic development experience to stress that excessive restrictions waste creativity and human capital, while deregulation allows people to act freely, reduces informality, and strengthens transparency. Mr. Krepak concluded that removing unnecessary barriers is essential to promote productivity, uphold the rule of law, and foster sustainable growth.

Mr. Ivailo Izvorski, Chief Economist for Europe and Central Asia at the World Bank, emphasized the future of Western Balkan economies—such as Serbia, North Macedonia, Montenegro, and Albania—is closely tied to the European Union, which takes around 70% of their exports and provides most foreign investment. With the EU facing slow growth, high energy costs, and lagging innovation, the region’s progress depends both on domestic reforms and a more dynamic Europe. Mr. Izvorski outlined three priorities: stronger human capital through better education, more dynamic businesses driven by innovation and competition, and affordable, secure energy integrated into global markets. Mr. Izvorski added that economic growth and the rule of law reinforce each other, and that improving domestic conditions is key to retaining talent, as rising return migration in parts of Eastern Europe suggests.

Building on the earlier discussion about education, talent retention, and regional development, Amb. Dr. Elena Kirtcheva highlighted a concrete initiative to address these challenges. In June of last year, the Vienna Economic Forum (VEF) established The League of Universities, including institutions from Sofia, Chișinău, and Slovenia, aimed at fostering collaboration and innovation. She emphasized that the league is open to additional universities and seeks to proactively tackle Europe’s major educational and workforce challenges, supporting skills development, mobility, and regional competitiveness.

The Moderator, Ms. Daniela Philipp announced the 3rd Alpha Session: “Strengthening the European Voice from the Adriatic to the Black Sea and Beyond.”

H.E. Mr. Nik Gjeloshaj, Deputy Prime Minister for Economic Policy Minister of Economic Development of Montenegro, emphasized that the VEF Region “From the Adriatic to the Black Sea”, with VEF Member Country Montenegro playing an active role, can strengthen Europe’s unified presence by deepening regional cooperation and accelerating EU integration. Speaking at the Vienna Economic Forum, he stressed that Europe must act with one strong voice, aligning economic and political efforts to remain a credible global actor. As an EU candidate aiming for membership by 2028, Montenegro sees enlargement as a powerful tool for transformation and regional stability. Mr. Gjeloshaj highlighted the importance of good neighbourly relations and initiatives like the Berlin Process in building trust and economic connectivity across the Western Balkans. The Deputy Prime Minister concluded that Montenegro’s future—and that of the VEF Region—lies firmly in a united Europe that speaks and acts together.

H.E. Mr. Aleksandar Nikoloski Deputy President of the Government and Minister of Transport of the Republic of North Macedonia, highlighted infrastructure as the backbone of VEF Member Country North Macedonia’s economic growth and regional integration. He emphasized the country’s strategic location at the crossroads of major European corridors and outlined projects linking the Adriatic, Ionian, and Black Seas, aiming to improve travel, trade, and cross-border efficiency. Mr. Nikoloski also stressed the strategic importance of the Skopje–Sofia railway, part of NATO’s Corridor 8, for regional security and supporting Ukraine, noting the challenges of the terrain and the need for European companies to lead the project. He connected these investments to broader regional cooperation, showing how modern connectivity can drive economic growth, reinforce stability, and strengthen Europe’s unified presence.

Ms. Natalia Selevestru, Secretary of State for Business Environment Ministry of Economic Development and Digitalisation of the Republic of Moldova, emphasized that VEF Member Country Moldova’s strategic location, skilled workforce, and EU-backed reforms are key to attracting investment and accelerating growth. She highlighted progress in digital governance, innovation, gender equality, and business reforms, showcasing initiatives like Digital Moldova, aggrotech and high-tech innovation parks as platforms for startups, research, and technology transfer. Ms. Selevestru also underlined the importance of connectivity, EU integration, and export growth for strengthening Moldova’s position in the European single market. During the discussion, she stressed the value of education and youth retention through new faculties, digital tools, accelerators, and incubators, and concluded that Moldova’s greatest strength lies in its people and openness, positioning the country as an emerging hub for investment, innovation, and Europe’s future.

Dr. Sebastián Sosa, Regional Resident Representative for the Western Balkans at the  International Monetary Fund (IMF), highlighted that while the VEF Region has shown resilience and growth above the EU average since the pandemic, income convergence remains limited due to structural gaps and youth emigration. He argued that EU accession offers a historic opportunity for investment, technology, and reform, but gains are not automatic—ambitious reforms in governance, infrastructure, and the economy are essential. Stronger institutions would improve the business climate, slow emigration, and enhance competitiveness within the EU. Mr. Sosa also emphasized that Europe’s best response to global trade tensions is openness and deeper integration, using the single market to boost efficiency, competitiveness, and influence.

Mag. Frank Schuster, Head of the European Investment Bank (EIB) in Austria, highlighted Europe’s strong innovation potential, especially in clean technologies, but noted that fragmented regulations and limited high-risk financing make scaling startups difficult. He stressed that Europe must reduce dependencies on foreign energy and production, strengthen the single market, and pursue deeper integration, with EU enlargement, particularly of the Western Balkans, signalling confidence and supporting long-term growth. Mag. Schuster also pointed to the growing private equity market as a key tool for scaling businesses, arguing that visible success stories and supportive policies are crucial to attracting investment and unlocking Europe’s economic potential.

Amb. Dr. Emil Brix President of Vienna Economic Forum, distinguished EU enlargement from reunification, explaining that joining the Union means accepting its rules, while reunification implies having equal influence. He noted that candidate countries are eager to join, yet existing members often focus more on what they gain than what they contribute. This imbalance is reflected in Europe’s fragmentation across defence, education, and social systems, which limits its economic and strategic potential. On higher education, Dr. Brix highlighted that merit-based funding favours older Western universities, leaving regional institutions underfunded and making local talent retention a pressing issue. He concluded that, without a common vision, the EU’s efforts risk being disconnected—like “wheels moving but not touching the ground”—underscoring the need for shared goals to turn activity into meaningful progress.

Ambassador Dr. Elena Kirtcheva, Founder and Secretary General and of Vienna Economic Forum, highlighted the EU’s growing focus on the Western Balkans, particularly Albania, Montenegro, and Moldova, emphasizing the VEF region’s strategic importance. She pointed to a historic infrastructure milestone: the long-planned 24 km railway between Skopje and Sofia, never completed since 1897, which she framed as both a technical and symbolic step toward regional connectivity and EU integration. Dr. Kirtcheva also highlighted Vienna Economic Forum’s new network of universities of the VEF Region – From the Adriatic to the Black Sea, uniting institutions from Sofia, Skopje, Chișinău, and Slovenia, with plans to expand further. She stressed the central role of education in shaping the future, encouraging students to apply their knowledge pragmatically to improve both their own lives and society. While the economy remains the engine of development, Dr. Kirtcheva noted that politics and regulation often constrain progress, and real change begins with a shift in mentality driven by educated, forward-looking young people focused on practical solutions and shared growth.

The 22^nd Vienna Economic forum concluded with the traditional Annual Award Ceremony. The Vienna Economic Forum Award “Country Partner of the Year 2025” was presented to the Republic of Moldova and graciously accepted by Ms. Natalia Selevestru, in recognition of the country’s valuable contribution to the realization of the VEF mission and its excellent, longstanding, and future-oriented cooperation.

European Investment Bank (EIB), represented by Mag. Frank Schuster, Head of the EIB in Austria, received the VEF Award “Supporting Partner of the Year 2025” in recognition for their valuable contribution.

Vienna Economic Forum (VEF) is founded as a platform for dialogue and economic cooperation between the countries in the VEF Region “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. 22nd Vienna Economic Forum – Vienna Future Dialogue 2025 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 opportunities for the future of the region.

VEF is proud to cooperate with:

AME International GmbH, Bulgarkontrola LTD, Canon, enso GmbH, Glavbolgarstroy Holding AD, Chamber of Economy of Montenegro, Moldindconbank,  Municipal Guarantee Fund of Sofia Municipality, Novomatic AG, Serbian Association of Economists, Sopharma AG, Steiermärkische Bank und Sparkassen AG, Vienna Insurance Group AG

Special Thanks:

European Investment Bank (EIB), Moldindconbank, Vienna Insurance Group AG, Penkov, Markov & Partners, Serbian Association of Economists

Media Coverage

VEF Main Media Partner Diplomatic Society Magazine @Richard Pobaschnig

sanusetsalvus.com @Dessislaw Pajakoff