Vienna   -   At the sixth annual Ministerial Conference of the Investment Compact in Vienna today (27 June), ministers from South Eastern Europe unanimously adopted a Regional Framework for Investment (RFI) and decided to create a SEE Regional Investment Committee.

The decisions are groundbreaking: South Eastern Europe (SEE) is the first region to adopt such a Framework, which provides a reference for the elaboration, implementation and evaluation of national policies related to investment in the region.  Moreover, a newly created SEE Regional Investment Committee, based on the OECD model and composed of senior government officials and private sector representatives from SEE and OECD countries, will undertake peer reviews and develop recommendations to improve policies for investment.

The adoption of the Regional Framework for Investment by SEE countries demonstrates that SEE countries are now entering a new phase of co-operation.  It is also a testimony to the commitment of the region to increase its competitiveness, maximise new investment and further enhance access to European markets.

The sixth Ministerial Conference was opened by the Austrian Federal Minister of Economics and Labour Martin Bartenstein and was organised by the co-chairs of the Investment Compact for South Eastern Europe - Austria, Bulgaria and the OECD - as well as the Working Group on Trade Liberalisation and Facilitation within the framework of the Stability Pact for South Eastern Europe.

Addressing the Ministerial Conference, Special Co-ordinator of the Stability Pact for South Eastern Europe Erhard Busek said: "South Eastern Europe has to attract more greenfield investments - the bonanza of privatisations is virtually over - and for that, it has to compete with highly attractive countries such as China and India.  Even though much progress has been done in recent years to improve the investment climate, more efforts are needed to keep pace with these formidable competitors." 

The South East Europe Compact for Reform, Investment, Integrity and Growth ("The Investment Compact"), launched in 2000, is a key component of the Stability Pact's Working Table II on Economic Reconstruction and Development.  The work of the Investment Compact is co-ordinated by the OECD, which provides the secretariat.  It promotes and supports policy reforms to improve the investment climate in South Eastern Europe and thereby encouraging private direct investment and the development of a strong private sector.

Official press release from the OECD Investment Compact

Speech by the Special Co-ordinator of the Stability Pact for South Eastern Europe Erhard Busek

For further information, please contact:

Georgiana Pop, Promotion and Communications Officer
OECD Investment Compact
Tel: +33 1 45 24 88 10 or Georgiana.Pop@oecd.org

Stability Pact's Spokesperson Mr Dragan Barbutovski
at the SP Secretariat in Brussels
Tel: +32 2 401 87 25 or press@stabilitypact.org
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PR2006/009