EU's Von der Leyen says private sector deals could unlock 4 billion euros for Western Balkans

European Commission President Ursula von der Leyen said on Monday private sector deals signed or in the pipeline could unlock about 4 billion euros ($4.63 billion) in new investment as part of an EU growth plan for the Western Balkans region.

During a summit in the Albanian capital Tirana between the EU and the Western Balkans countries, Von der Leyen invited investors to take part in the growth plan that aims to double the size of the region's economies in the next decade.

She said that 10 important business deals will be signed in Tirana on Monday, and 24 other potential investments will be discussed on Tuesday.

"Together they could bring more than 4 billion euros in new investments in the region," Von der Leyen said at the summit.

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"The time to invest in the Western Balkans is now."

The EU has pledged 6 billion euros to help the six Western Balkans nations form a regional common market and join the European common market in areas such as free movement of goods and services, transport and energy.

But in order for payments to be made, Albania, Bosnia, Kosovo, Montenegro, North Macedonia and Serbia must implement reforms and resolve outstanding issues with their neighbours.

Von der Leyen identified artificial intelligence, clean energy and industrial value chains as three strategic sectors that would integrate local industries into EU supply chains.

She cautioned that regulatory integration and industrial alliances are key to this effort.

The six countries were promised EU membership years ago but the accession process has slowed to a crawl.

The delay is partly due to reluctance among the EU's 27 members and a lack of reforms required to meet EU standards - including those concerning the economy, judiciary, legal systems, environmental protection and media freedoms.

Serbia and Montenegro were the first in the region to launch EU membership talks, and Albania and North Macedonia began talks with Brussels in 2022. Bosnia and Kosovo lag far behind.

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