Western Balkans Business Hindered by Corruption, Grey Economy, Weak Institutions, Says Chamber President
Branko Azeski, President of the Chamber of Commerce of Macedonia, participated in a European Union enlargement debate in Brussels. The event, organized by the European Economic and Social Committee (EESC), drew over 500 attendees from European institutions, the business community, social partners, and civil society. Azeski addressed the gathering, speaking on behalf of the private sector in the Western Balkans. He identified corruption, the grey economy, and weak institutional frameworks as significant impediments to business development in the region. These factors collectively stifle economic growth and deter investment across the Western Balkan countries. Azeski's remarks highlighted the urgent need for structural reforms to foster a more conducive business environment. The discussion aimed to explore pathways for integrating the Western Balkans more effectively into the European economic landscape. Addressing these core issues is crucial for unlocking the region's economic potential and aligning it with EU standards.
The statement by Branko Azeski points to systemic challenges within the Western Balkans that require comprehensive governance and economic reforms. The prevalence of corruption and a large grey economy suggests a need for enhanced regulatory enforcement and transparency to foster fair competition and attract legitimate investment. Weak institutions, often a consequence of political instability or insufficient capacity, hinder the effective implementation of policies and the rule of law, which are foundational for a robust private sector. Addressing these issues is not merely about economic growth but also about strengthening democratic institutions and public trust. Over the next decade, the region's ability to integrate into global value chains and attract foreign direct investment will be heavily influenced by its success in tackling these entrenched problems, potentially creating a feedback loop where improved governance leads to greater economic opportunity and vice versa.
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