EUROPEAN UNION OFFICE IN KOSOVO /
EUROPEAN UNION SPECIAL REPRESENTATIVE
PRESS RELEASE
Pristina, 23rd May 2014
European Investors to contribute to the development of Kosovo business environment
Sixteen investors from European Union member states and EFTA countries have founded The European Investors Council (EIC) to foster investment plans in Kosovo and responsibly contribute to the development of an efficient business environment which is the cornerstone for a sustainable growth of the economy and the improvement of social indicators.
The EIC is created to give a voice to the European investors with the aim of lifting the systemic deficiencies of the business environment and increase the foreign direct investments which in turn would realise Kosovo's potential by building competitiveness and capacity for citizens and businesses alike.
Who are EIC founding members?
The European Investors Council is a non-profit, non-governmental business organisation, founded by 16 investors from European Union and EFTA countries: ARDA REI, Baker Tilly Kosovo, Coresteel, CROATIA Sigurimi, Ecovision, Illyria Insurance, IPKO, M & Sillosi, Mamidoil Kosovo, NLB Prishtina, Panax Institute, Petrol Oti Slovenia, PricewaterhouseCoopers, ProCredit Bank Kosovo, Raiffeisen Bank Kosovo and Sharrcem.
The EIC members are operating companies in a variety of business sectors in the Kosovo market and therefore have first-hand experience of certain systemic drawbacks/adversities which not only impede the development of their activities but, in some cases, undermine the sense of business itself. These issues have to be properly and timely addressed by the Kosovo authorities in order to establish a stable market and boost value creation through investment in Kosovo.
The EU Office in Kosovo /EUSR and the EBRD act as honorary members.
Why is EIC needed?
Foreign investors that are today operating in Kosovo are experiencing several significant deficiencies in the business environment which call for administrative rectifications and repairs in the following areas of capital importance:
- Equal treatment / Fiscal Compliance / Customs practices
- Law enforcement / Lack of sub-legal acts / Efficiency of the Judiciary
- Licensing and efficiency of administrative procedures
- Energy, manufacturing and employment policies
- Informal economy
The EIC members are facing such severe drawbacks which on one hand impede the implementation of their business plans – hampering any investment included therein – and make the country unattractive for new Foreign Direct Investment on the other.
What has EIC done already?
The EIC considers that such issues have to be addressed with the highest priority and has already engaged in the following activates:
─The creation of working groups to deal with the identified shortcomings. The working groups would carry out in-depth analysis of each issue employing external expertise where needed. The working groups would be open for direct co-operation with public authorities relevant to the issue under examination.
─The drafting of proposals based on the outcome of the working groups analyses. Such proposals would include the financial, social and environmental impacts as far as possible. Wherever feasible, the proposals will be benchmarked with EU-states practices and regulations.
─The disclosure of findings and proposals by means of open meetings and dedicated events in order to present and discuss them with all stakeholders.
─The close co-operation with the EU Office in Kosovo to verify that EIC proposals do not divert from the EU principles and directions.
For more information on future work of the European Investors Council contact:
- Radica Nusdorfer, Deputy Head of Political, Economic and EU Integration Section at the EU Office in Kosovo ()
- Edon Kalludra, Economic Affairs Policy Officer at the EU Special Representative Office in Kosovo ().
Contact:
Stojan Pelko, Spokesperson & Press and Public Information Officer, European Union Office / EUSR,
, 038 5131 305, 00 386 49 787 928