EU support to Western Balkan Six Chamber Investment Forum for the Development of the Common Regional Market

Growing Together: How the New EU Project Opens Doors for Western Balkan Businesses

In a major move toward economic progress, the Western Balkans Six Chamber Investment Forum (WB6 CIF)jointly with six member chambers and with the support of the European Commission have signed the contract for the implementation of the new project supporting enhancing competitiveness of WB6 companies. The new project, ” EU support to Western Balkan Six Chamber Investment Forum for the Development of the Common Regional Market,” aims to significantly enhance the business environment and represents a crucial step in fostering regional economic cooperation and closer integration with the European Single Market.
The project holds great significance for the business community, guaranteeing to deliver substantial benefits for them.

Growing Together: How the New EU Project Opens Doors for Western Balkan Businesses
In a major move toward economic progress, the Western Balkans Six Chamber Investment Forum (WB6 CIF) jointly with six member chambers and with the support of the European Commission have signed the contract for the implementation of the new project supporting enhancing competitiveness of WB6 companies. The new project, ” EU support to Western Balkan Six Chamber Investment Forum for the Development of the Common Regional Market,” aims to significantly enhance the business environment and represents a crucial step in fostering regional economic cooperation and closer integration with the European Single Market.
The project holds great significance for the business community, guaranteeing to deliver substantial benefits for them.

With a comprehensive approach tailored to address specific challenges and foster growth, the initiative promises to deliver significant advantages across multiple fronts:

Enhanced Competitiveness: Central to the initiative is the creation of a more unified regional market, designed to significantly boost the competitiveness of WB6 companies. By reducing economic disparities and fostering closer ties with the European Union, businesses are expected to thrive in a more integrated and expansive market environment.

Enhancing Market Accessibility: The initiative will support development of common regional trade mark in EU and all WB6 economies which would make products from WB6 economies recognizable and to promote Western Balkans as a region with recognizable products that follow EU standards. Joint trade mark will build an asset and establish rights of WB6 companies, give benefits to companies by enforcing joint trade mark in a market of almost 500 million consumers.
Supporting the business community to access The Market Access Database as a key digital tool, this operational platform hosts over 2,400 users, 2,200 companies.

With modules like Supply Chain Management, B2B matchmaking, Event Management, and a Supply and Demand module, the database is designed to support the longevity of businesses and facilitate their participation in the Regional Suppliers Development Program. It serves as a bridge, connecting WB6 companies eager to join global and regional supply chains with multinational corporations in search of new suppliers from the Western Balkans. This setup not only encourages the exchange of data between companies but also ensures a robust platform for future trade expansion.

Enabling Regional and International Business Participation: A key focus is facilitating regional businesses’ engagement in international fairs and events, providing them with unprecedented access to new markets and collaboration opportunities. This initiative supports the collective presentation and promotion of businesses, enhancing their visibility and the potential for developing new partnerships and supply chains.

Strengthened Regional Cooperation: At its heart, the project values the power of collaboration. By promoting business cooperation and investments through digital tools and networking events, it seeks to enhance intra-regional trade and investment.
Support Services for SMEs: Acknowledging the pivotal role of SMEs in the regional economy, the initiative offers dedicated support to these enterprises. From supporting in accessing to the EU funding to tailored training in digitalization and export promotion, the project equips SMEs with the tools needed for expansion and development, reinforcing their foundation in the regional and global markets.

Certification and Standards Alignment: To navigate the complexities of entering the EU market, the initiative assists companies in achieving compliance with stringent EU product standards. By providing support for obtaining necessary certifications and adopting EU health, safety, and environmental standards, businesses can enhance their product quality and competitiveness on the international stage. Focused on SMEs, it facilitates obtaining internationally recognized certifications, like the CE mark, which are vital for demonstrating compliance with European product safety directives. The process, often complex and costly, is going to be simplified through a proposed online tool integrated within the WB6 CIF Market Access database. This tool will guide businesses in determining if their products meet EU regulations, saving time and resources in securing the necessary certifications. Additionally, the initiative will offer training and support, ensuring companies navigate the certification landscape effectively. This approach not only boosts the export potential of SMEs but also enhances their competitiveness on the global stage.
By bridging the gap with the European Union, fostering a unified market, and providing targeted support to SMEs, this project focuses on enhanced competitiveness, market accessibility, regional cooperation, and alignment with EU standards. It embodies a holistic strategy for economic integration and growth, furthering regional economic integration in the Western Balkans. With the Common Regional Market serving as a foundational step towards the EU Single Market, the project paves the way for a more interconnected and prosperous region. and represents a comprehensive approach to economic integration and development.