Growth opportunities

SEE’s GDP grew faster than that of the EU in 2001-2017; predicted to accelerate in the years to come


Ease of doing business

Starting a business in the SEE is the easiest compared to Latin America, East Asia and Pacific, Middle East and North Africa in terms of days and procedures


Strong investors’ confidence

Strong investors’ confidence in the SEE - bringing steady above US$4.5bn per year to the region in the period 2013-2017

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Continuous improving

Continuous improving business environment – Doing business ranking in 2017 shows major progress of the region compared to 2008

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Strategic location

Access to EU market, Russia, Middle East via Turkey; strategic location for investment and trade opportunities and abundance of geo-natural resources


Skilled workforce

Availability of skilled workforce across various sectors, particularly manufacturing, ICT, further strengthens region’s FDI regime


Competitive lending rates

SEE region offers competitive lending rates, lower than major emerging markets such as BRICS

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Emerging innovation hub

SEE is emerging as an innovation hub with smart and innovative technology solutions

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GDP USD 11.87 billion
GDP per capita USD 4,126
population 2,876,000
FDI (2013 - 2017) USD 5,300 million


GDP USD 16.55 billion
GDP per capita USD 4,298
population 3,854,000
FDI (2013 - 2017) USD 1,755 million


GDP USD 6.62 billion
GDP per capita USD 3,602
population 1,839,000
FDI (2013 - 2017) USD 1,189 million


GDP USD 10.91 billion
GDP per capita USD 5,264
population 2,073,000
FDI (2013 - 2017) USD 1,387 million


GDP USD 4.18 billion
GDP per capita USD 6,707
population 623,000
FDI (2013 - 2017) USD 2,489 million


GDP USD 37,75 billion
GDP per capita USD 5,348
population 7,058,000
FDI (2013 - 2017) USD 9,994 million



SEE region is one of the fastest growing regions in Europe, with rates forecasted at 3%-4%. In addition, the region is marked by overall macroeconomic stability featured by low inflation, low budget deficit and stable public debt. SEE region’s economies are continuously improving their business environment, offering a favorable cost structure — characterized by comparatively low labor and utility costs, and a favorable tax regime. SEE’s location provides easy connectivity for trade and transportation, with great position to serve the markets of the EU, Russia, Turkey, the Middle East, and Northern Africa.

Favorite tax

Favorable tax regime & Attractive lending rates


Strategic location & Interconnected region


Skilled workforce


Abundance of geo natural resources

Lending rates in the SEE region compared to BRICS

South Africa
Bosnia and Herzegovina
North Macedonia
Source: Bloomberg L.P and local central banks
Note: No data for Montenegro and Kosovo since they adopted euro as their national currency

GDP growth rate (in %)

Source: EBRD, Transition Report 2017-18
Note: Source for projections for 2019 and 2020 is IMF World Outlook Database, October 2018

Fiscal balance, % of GDP

Source: World Bank, Western Balkans Regular Economic Report, No 13

FDI inflows, in USD millions

Source: UNCTAD, Investment Report 2017

Public debt, % of GDP

Source: World Bank, Western Balkans Regular Economic Report, No 12

Credit ranking by Standard & Poor's

Credit Ranking by stardard & poor's Rating Outlook
Albania B+ Stable
Bosnia and Herzegovina B Stable
North Macedonia B-- Stable
Montenegro B+ Stable
Serbia BB Positive

Doing business rank

Doing business rank 2008 2018
Albania 136 65
Bosnia and Herzegovina 105 86
Kosovo 40
North Macedonia 75 11
Montenegro 81 42
Serbia 86 43
Source: World Bank - Doing Business Report

Latest updates

Tikveš Wine Route with New Investments

Tikveš Wine Route with New Investments

The "Tikveš Wine Route" foundation announced several new investments and projects.

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A2A Selling its Stake in Elektroprivreda Crne Gore – Potential for New Partners

A2A Selling its Stake in Elektroprivreda Crne Gore – Potential for New Partners

A2A, the Italian utility company, ended the process of selling its 41.75% stake in the Montenegrin energy company Elektroprivreda Crne Gore. The Parliament of Montenegro adopted the Contract on the Execution of the Put Option between Montenegro and A2A.

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Border crossing point Markova Noga

Border crossing point Markova Noga

The border crossing point Markova Noga, between North Macedonia and Greece located in Prespa is expected to be opened in 2019.

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Hydro Power Plants on Morača River

Hydro Power Plants on Morača River

In 2010 the Government of Montenegro adopted two key documents: “Draft Detailed Spatial Plan for an area of multipurpose accumulations on the Morača river” and “Draft Strategic Environmental Assessment”, developed by the Norwegian consortium COWI, Oslo.

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Wastewater Treatment Plants

Wastewater Treatment Plants

Construction of wastewater treatment plants in the municipality of Bitola and Tetovo is expected to begin by the end of 2019.

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Investment in Irrigation Systems

Investment in Irrigation Systems

The Ministry of Agriculture, Forestry and Water Economy and the Agency for Financial Support of Agriculture this year will begin with investments and the rehabilitation of the irrigation systems and dams, in an amount of EUR 10 million.

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Experience Western Balkans 6 in a short video

Investors' confidence

“We were, amongst other benefits, attracted to Bosnia and Herzegovina by competitive labor force prices in comparison to high professional standards of local employees. Also, in the first years of operation, we had enjoyed tax policies which were highly in favor of foreign investors. A stable local currency pegged to Euro, low inflation rate as well as the rising incentives towards integration into the EU market, were additional levers for us to invest and settle in this area.”




Strategic partner

Karanovic Nikolic

Content partner


Content partner

I&F McCann

Communications partner