IFC and Montenegro’s Ministry for Economic Development hosted a two-day conference in Podgorica to promote business environment reform in the region. The event brought together key policymakers from across the region to discuss the progress and challenges of related reforms.
The conference focused on business environment reform as an important driver for economic growth and competitiveness in the context of ongoing regional integration and movement toward European Union accession.
“The quality of regulation affecting market and business activities in general is increasingly viewed as a factor of competitiveness, which influences investment decisions of both foreign and domestic investors,” said Rachel Kyte, IFC Vice President for Business Advisory Services.
IFC is working with three municipalities in Montenegro to improve the local business environment, and plans to assist the government in conducting regulatory reform nationally. IFC is also assisting governments and municipalities in Bosnia and Herzegovina and in Serbia. These efforts are complemented by the work of a Doing Business reform teams in Albania and FYR Macedonia.
“The global financial crisis has highlighted the need for IFC’s advisory services in business environment reform, as competition for investors is only going to get tougher. This is the time to be more focused, not less. IFC is a long-term partner of governments and business in southeast Europe,” concluded Kyte.
At the conference, government and private sector representatives from the region discussed initiatives to improve the business environment and increase the competitiveness of companies. Representatives of the World Bank, European Commission, and GTZ also made presentations, advocating for closer regional cooperation and improvements in the business enabling environment.
