CAVTAT FORUM DISCUSSES JOINT PROJECTS AND COMPETITIVENESS

CAVTAT, Dec 4 (Hina) - Participants in the two-day first regional economic forum of Southeast Europe, which opened in the southern Adriatic resort town of Cavtat on Thursday, discussed joint economic projects and the competitiveness of regional economies. #L# Ministers, business people and experts from eight countries of the region spoke of the experience and prospects of their nations in the process of joining the European Union. Among the topics discussed was the development of infrastructure and the monitoring and promotion of the competitiveness of regional economies. The eight countries -- Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Macedonia, Romania, Serbia and Montenegro, and Slovenia - -- cover 607,433 square kilometres and have a total population of 54.6 million. According to figures from the European Bank for Reconstruction and Development, the overall gross domestic product of the these countries totalled US$118.6 billion in 2002, or just 1.5 percent more than that of Portugal, which has a population of 10 million. By the end of 2002, the Southeast European countries had signed bilateral agreements on free trade. Most of such agreements were signed by Bulgaria and Romania (25 each). They are followed by Croatia, which signed 20, Serbia and Montenegro, Macedonia and Albania each signed nine, and Bosnia-Herzegovina eight. The liberalisation of foreign trade and the finance sector has resulted in a significant increase in direct foreign investment since the early 1990s. From 1994 until 2001, Romania attracted the largest investments ($7.749 billion), followed by Croatia ($5.743 billion). On the other hand, Bosnia-Herzegovina ($585 million) and Albania ($734 million) attracted the least. The forum continues on Friday. (hina) vm sb