In an important initiative of the Stability Pact for south eastern Europe a Business Advisory Council (BAC) for the region was launched in Berlin on 19 January by Bodo Hombach, Special Coordinator of the Stability Pact, and Dr Manfred Nussbaumer, chairman of the board of the German construction company Zueblin AG. Dr Nussbaumer is the designated co-chairman of the BAC, together with Jerome Monod, chairman of the board of the French water company Lyonnaise des Eaux. Speaking ahead of the launch Bodo Hombach said:"Direct foreign investment is essential if the economies of south eastern Europe are to have the opportunity to grow. The challenge is to remove existing barriers to investment and to replace them with measures which attract investors to the region. That is the purpose of the Investment Charter, already agreed among the Stability Pact participants. "The BAC is made up of about 20 senior businesspeople from the countries of the EU, G8 and south eastern Europe. It will help and encourage governments to implement their commitments under the Investment Charter. It will intervene on behalf of businesses confronted by problems dealing with official structures. It will provide technical assistance for institutional reform. "Together with the other activities of the Working Table on Economic Reconstruction, Development and Cooperation, this initiative is an important step forward for the successful development of the countries of south eastern Europe".