Beltalks 2026 Conference Second Edition Held: "We Must Work on Our Path to the EU"

The second edition of the BELTALKS: Belgrade Economic Talks conference took place on 9th and 10th September in Belgrade, with the participation of around 150 representatives from the political, business, and financial sectors across Europe and the region. The general partner of the event was the WMG Foundation, while EUpravo Zato served as the media partner.

Panel V: The imperative of adaptation: Competitiveness and trade in a new era

The rules of global trade are being rewritten. Tariffs, the relocation of production and supply chains to allied countries, and geopolitical rivalry are displacing market logic as the primary drivers of economic decisions, with Europe caught in the middle. The question is no longer whether Europe must adapt, but how quickly and at what cost.

As Europe reshapes its industrial base, which sectors offer the Western Balkans the most credible path to integration into higher-value-added supply chains, and what are the key constraints preventing this integration?

Participants:

• Aleksandar Vučić, President of Serbia
• František Ružička, Deputy Secretary-General, OECD
• Alexander Schallenberg, former Federal Chancellor and Minister for Foreign Affairs of Austria
• Moderated by Rikard Jozwiak, Europe Editor, Radio Free Europe/Radio Liberty

The President of Serbia stated: "There are fewer investments than ever before, for various reasons, not just here, but across Europe and in many parts of the world. In the first half of the year, Serbia reached a growth rate of 3.5%, which is the number one result in Europe. Am I absolutely satisfied? No."

He continued: "It is impossible to make plans with major wars in Ukraine and the Middle East. I just heard that the price of gas is $168 per thousand cubic metres, and the price of oil has exceeded $100. When we talk about global trade, it is no longer about the market. Today we see that everyone is dealing not only with subsidies, but is introducing barriers, tariffs, and customs duties against competitors to create advantages for their own companies. Thus, we arrive at an insecure world where you cannot plan."

Commenting on recent events surrounding the funeral of Ratko Mladić, the President pointed out that he understands emotions, but that peace is the priority.

"We must forget everything, focus on economic growth; we do not need any war, we have even outpaced some European countries in net earnings, and that is what we should focus on. Still, fewer people came to the funeral than anticipated, but I was not surprised by people's emotions.

We are the only country that lost territory; others gained something. And you still expect us to say, 'Thank you so much, you have such lovely decisions.' But we must forgive that and focus on the fact that peace is the priority of the Serbian people. We must work on our path to the EU," Vučić added.

To the moderator's remark that he might soon become Prime Minister, President Vučić replied: "If I don't lose the elections - and I probably will, or so they say."

PANEL IV: A new deal for Europe: Integration without full membership?

When the leaders of Albania and Serbia jointly called for accelerated access to the EU Single Market and Schengen - without a veto, without a commissioner, and without changing the voting structure - they essentially reframed the question of enlargement.

Is the Rama-Vučić proposal a genuine strategic opening or pressure tactics? And how do EU member states interpret it?

How can differentiated integration be designed so that it accelerates convergence and preserves incentives for reforms, rather than becoming a way to bypass merit-based accession and undermine the integrity of the EU decision-making process?

Participants:
• Marko Đurić, Minister of Foreign Affairs of Serbia
• Oleksandr Kava, Deputy Minister of Finance of Ukraine
• Tommaso Bocciio, Director for the Adriatic and Western Balkans, Ministry of Foreign Affairs of Italy
• Edita Hrdá, Government Envoy for the Western Balkans, Czechia
• Kaus Arha, Senior Advisor to the Pupin Initiative
• Moderated by Rikard Jozwiak, Europe Editor, Radio Free Europe

The panel kicked off with the Vučić-Rama plan, addressed by Minister Marko Đurić.

"The initiative you mentioned should be interpreted as part of our efforts to push the region towards the future and build connections within the region. I always believe that Serbia should use its advantage. While major players decide on the pace of accession, I think we should not sit back. Not only are we ready and capable, but we are also capable of working together and representing the region - not just this Vučić-Rama initiative, but also what the presidents did previously. Does this mean everything is resolved? No, but it is important to send a message about the direction. I am a person who believes Serbia does not want to be the Puerto Rico of Europe; I want Serbia to have a voice, I want us to be consulted. I am also aware of the fact that not everything is in our hands. Should we sit for the next 15 years and wait, or take the initiative? To that dilemma, I definitely vote that something must be done," the minister said.

Has Serbia revealed its goal and plan regarding joining the European Union too soon?

"I will quote an official now: 'We should not speak in advance about what matters most to us, because that will put us at the back of the queue.' My response is - we do not want such relations either with member states or with Brussels. We want a relationship where everyone wins."

The accession of Ukraine to the European Union is one of the main issues, and this nation has a clear goal.

"We only accept full EU membership; our people do not support any other variants. Over 80% of Ukrainians support joining the EU; the first thing people expect is a better future for their children and peace," Kava stated.

Tommaso Bocciio, Director for the Adriatic and Western Balkans, stated that the approach is flexible.

"First of all, the starting point of our policy is that the region's future is in Europe. That is the goal, and the path could be slower for some countries. Our approach is flexible. We must take into account that the process has two tracks - technical and political. There is a lot of work to be done."

Edita Hrdá, the Czech government's envoy for the Balkans, commented on the Vučić-Rama initiative.

"We were impressed; the initiative arrived at the right moment. The geopolitical situation is changing in Europe, and there is great pressure. When you look at what Rama and Vučić are saying - that we can make concessions - it is very interesting. It gave an impetus to member states, which have begun considering different situations. We must look at different candidate countries; some we need to help more, the approach must be individual. Montenegro is there, and it will be an example. We must see how the EU will function," Hrdá said, adding: "Serbia would have opened Cluster 3 if it were based purely on merit."

Kaus Arha, Senior Advisor to the Pupin Initiative, is pleased that Serbia and America have a dialogue.

"I completely disagree with you; I would not say that the American task is to advise Europeans. We are not known for wisdom. I think that at this moment, for America to have a strategic dialogue with Serbia is a transformative thing; we also have a successful dialogue with Poland and Romania, and having it with Serbia is an exceptionally important thing. A stronger America is good for Europe, a stronger Europe is good for America. Serbia's place is in Europe," the senior advisor stated, adding:

"What we know is not good for Europe and the world is a response that says - we don't do things that way. That is not a good answer; another solution must be found. That is unchangeable, and that now applies to Serbia as well; the entire burden is not on Europe. America has completely opposite interests to Russia. You must look at core issues; once you agree on those, you can discuss layers later. Once you decide what your interests are, we will talk about them openly."

The Minister of Foreign Affairs of Serbia then added:

"I wanted to boast about our strategic dialogue with America; I think our relationship has improved, especially over the past three years. My meetings with Marco Rubio have contributed, so now when we talk about energy, we have major projects with a few other partners; we are working together when it comes to science, education, defence... That is also important as part of the transatlantic puzzle. To add, sometimes I feel as though we are expected to join like we are plugging into an algorithm. The essence should be that we are included as major partners in a community of great nations, and we will not give up on that goal; we will talk with our friends from Ukraine and Moldova," Đurić said.

Is the shared path of Serbia and Ukraine an easing circumstance and actually the goal of these countries?

"Yes, I think that would be a good approach, provided both of us get that opportunity to join the EU. Both countries have their specificities. When it comes to both countries, the choice is vital, and we should find a variant to join, and that combination would be a good solution for both the EU and both states," stated Ukraine's Deputy Minister of Finance, Oleksandr Kava.

"The accession of the Western Balkans to Schengen is a victory for everyone," Đurić added.

"Serbia and Europe are a good partner to America, and they can be even better. That applies to us as well. Europe is in a more difficult situation than it was; you also have the threat of Russia and China, which is great, and in that context Europe must decide what its priorities are," Arha pointed out.

Representatives of EU member states had the opportunity to advise Serbia and Ukraine on their path to EU accession.

"We are together in this process of unification, but we need to focus on reforms," Bocciio said, while Hrdá added:

"Explain what is happening, what you need, and how we can help you. We are here to show what we did and where we made mistakes; we are here for you, this is about our shared future."

Panel III: Building an AI economy: Data, infrastructure, and competitiveness

Artificial intelligence is rapidly becoming the new source of economic power, shifting capital flows, innovation hubs, and the regions attracting industries of the future. As Europe accelerates its digital transformation, the Western Balkans have an opportunity to position themselves as a hub for innovation, data centres, and new technologies.

Participants:
• Stefan Andonovski, Minister of Digital Transformation of North Macedonia
• Ana Brnabić, Speaker of the National Assembly of Serbia
• Marko Čadež, President of the Chamber of Commerce and Industry of Serbia
• Aleksandar Bogdanović, CEO and Chairman of the Executive Board, Yettel Bank
• Moderated by Daniel Braun, Managing Director of GLOBSEC

Andonovski stated that there is an AI race, but we cannot win by imitating major countries.

"Where I see the potential of the region is agility, and the state should provide a space where businesses can develop freely, but there should not be excessive regulation either. If we put the government first, we can make mistakes," he stated.

Ana Brnabić spoke about Serbia's potential in the AI sector.

"Serbia has proven capacity in that domain; we showed that what can be done today in 10 years was impossible to accomplish or predict two or three decades ago. The ICT sector is the fastest-growing in the entire economy, so we have more than 60,000 new jobs in that field. When we talk about AI, you must have certain prerequisites to think about a country's readiness to compete in this sophisticated field. We have all the necessary prerequisites: first, data. You cannot think if you do not have data - we have e-Government. The second prerequisite is knowledge and talent, and the third is infrastructure. Those are data centres and supercomputers; we built the most modern Tier 3 data centre, one of only eight such centres in Europe. We have ordered a third supercomputer, which will be installed next year. On the other hand, challenges are numerous; we need more energy, and I will also mention the Data Protection Directive. The question is whether we can even be competitive and process such a massive amount of data with the current EU directive. Some EU laws must change for the EU to be sufficiently competitive," she pointed out.

According to her, state participation in this sector should be limited, and the government should listen to people and businesses and provide conditions for their development.

"The government should invest as much as possible in infrastructure. A large part of the job is also educating talent. It is important to believe in the potential of people and the economy and enable a business environment," she added.

Marko Čadež pointed out that models, personalisation, and the customisation of exceptionally well-trained models that can be used in businesses - from banks to state-owned enterprises - are needed.

"We are working on two paths for developing machine learning models in Serbia. One is what we are doing with Mistral, where our software companies are developing foundational models, which will be completed by EXPO 2027. And then we also have private processes; we are a country that has private data centres, and we now possess better technology with chips," stated the President of the Chamber of Commerce and Industry of Serbia.

Bogdanović said that artificial intelligence is not a passing fad or decoration, but rather that we are looking at how it can fundamentally change everything, adding that responsibility will always lie with humans, not AI.

EUmeter brings together everything on Serbia's path to the EU in one place for the first time
At the BELTALKS: Belgrade Economic Talks conference, organised by GLOBSEC, EUmeter was presented - a new digital platform by the WMG Foundation for the systematic and transparent monitoring of Serbia's progress in the European Union accession process.

EUmeter was presented by Irena Petrović, Director of the WMG Foundation.

How much progress has Serbia truly made on its path to the European Union, in which areas has it made the greatest headway, where are reforms lagging, and how far is it from meeting membership requirements - answers to these questions can be tracked in one place starting today.

The platform was designed and implemented by the WMG Foundation within the EUpravo Zato initiative, in collaboration with a team of European integration experts. EUmeter relies on relevant strategic documents, reform plans, and European Commission findings, presenting data in a way that allows for easier tracking of progress and comparison of Serbia with other candidate countries.

Đedović Handanović for EUpravo Zato

According to EUmeter research, the Ministry of Mining and Energy is one of the most successful ministries, meaning it has the highest number of fulfilled obligations.

"I think it is very important that we know where we stand. That is primarily important for us. Serbia is definitely on the European path, and in that sense, responsible reforms that are necessary for us to accede to the European Union must be implemented. I experienced my task in that way regarding the reforms the Ministry of Mining and Energy needs to carry out, and that is primarily in the interest of our citizens, in the interest of the citizens of Serbia, because these are all processes leading to a safer, more efficient, and more functional energy system - a more secure energy system.

That is why we decided to implement them, precisely to create a more developed system in our country. The same applies to a large number of reforms carried out in other ministries and other sectors - to make our systems better, our decision-making process better, and to be aligned with the region, and above all with European Union countries, which are our largest partners," stated the minister.

Đedović Handanović on cooperation with Russia

"When a country relies on a single supplier, there is always the possibility of pressure being exerted. But pressure should not be confused with partnership, because that single supplier can also be useful. Serbia, like most EU countries, had partnerships with Russia in the energy sector to ensure secure gas flows under very favourable conditions, to the satisfaction of both sides. However, the situation in the world has changed, and certain countries have imposed sanctions at the expense of their own economies. Serbia is following its own path as best as it knows how and in the best interest of its own people. If you have multiple alternatives, that is diversification, and to have that, we must have more material capabilities, so we are now in a position to rely on multiple suppliers. It is very important to have alternatives and create choices for them, but the state must have freedom of choice. Foreign policy is complex; in a few decades, we may have some new circumstances, but it is important to respect international law and order," stated the minister, who pointed out that one cannot simply abandon a partner, but that it is crucial to respect international conventions.

Panel II: Energy Security 2.0: From Diversification to System Resilience

The energy debate is increasingly shifting towards system resilience, price affordability, and long-term strategic stability.

How can the region balance the accelerated expansion of renewables with the need for grid stability, affordable prices, and security of supply?

To what extent can the Western Balkans, in cooperation with Ukraine and other new energy partners, become an active participant in a European integrated and flexible energy system?

Participants:
• Dubravka Đedović Handanović, Minister of Mining and Energy of Serbia
• Edward Ferguson, British Ambassador to Serbia
• Petr Březina, President of Westinghouse Electric Company
• Moderated by Jakov Devčić, Director of the Konrad Adenauer Foundation Office for Serbia and Montenegro

An interim government minister, Dubravka Đedović Handanović, pointed out that Serbia has managed to cope with all challenges.

"Serbia has achieved a lot over the past 4 years; we diversified the routes through which gas arrives, introduced capacities for renewable energy sources, the moratorium on building nuclear power plants has been lifted, and we have now unlocked that important and great potential. We launched a series of new investment projects that will lead to further diversification; work is underway on new interconnectors with neighbouring countries so that we have additional supply routes.

Citizens did not feel the energy crisis that broke out back in 2022; prices soared due to the war in Ukraine. Across Europe we saw gas and electricity prices increase, but that was not the case in Serbia. Furthermore, we have been facing sanctions on NIS for 18 months, and despite not receiving crude oil for three months, we did not experience shortages. Then the war in Iran broke out, when oil prices soared again, and Serbia did not experience a price spike. Low river water levels affected the operation of hydroelectric power plants, but we overcame those challenges too. We showed that we are ready to respond to numerous challenges adequately," the minister pointed out.

On the other hand, the minister noted that a faster EU response on energy issues is desirable.

"We would like to see faster progress by European institutions when it comes to the accession and alignment of countries with the single energy market, and that would increase the energy security of all states. Serbia was the first country in the entire Energy Community to finish reforms in the energy sector to adapt, but it took the Commission a year to provide feedback," she added.

Ambassador Ferguson spoke about the UK's climate and energy goals, noting that the country has a lot to offer both our country and the region, not only financially but also in terms of expertise.

"We have a great offer for this region, which is up to 15 billion euros for projects. Cooperation is important, rather than competing as rivals. We should solve issues together, and we have experience. We can be capital providers for the next 50 years," he stated.

Ferguson pointed out that energy security in the region is linked to geopolitical orientation.

"That is important; for example, if you are tied to just one actor, then you cannot say you are sovereign. The situation with NIS, for instance, is a major challenge and Serbia wants to resolve it. There is also a readiness of certain states to use energy as a weapon and a tool of pressure, and that often comes through fossil fuels, so the transition to clean green energy is strategically necessary. Joining forces in the region is very important there to maximise benefits," stated the British Ambassador.

Březina said his company has technology used in the nuclear sector, so they can help countries enter that industry or return to that path after a pause of many years.

"We are cooperating with the Polish and Bulgarian governments and developing our presence in those countries. Poland is starting to build nuclear power plants with us, and the first location near the Baltic Sea is already progressing. It is important that these projects are the largest investments countries have, so it is crucial for states to participate," he said.

According to him, 38 countries want to have nuclear capacity by 2050, which is a massive increase.

"We build about 10 gigawatts a year, and 40 will be needed," Březina stated, speaking about the "nuclear renaissance." He also pointed out that "it is important for the government to listen to experts and not make mistakes at the beginning that will multiply in the future."
The race for investments
Siniša Mali stated that the latest data shows Serbia had a growth rate of 2.8% in the second quarter, the unemployment rate is at a record low, the exchange rate is stable, and foreign exchange reserves are at record highs...

"We are the only country applying for the EU with a good credit rating; that speaks to our economic situation and the policy we pursue. However, today what was abnormal has become normal. We must point out that 60% of foreign investments in the Western Balkans come to Serbia, because we are indeed the dominant economy in the region, but global uncertainty is high—we now also have the crisis in the Persian Gulf. All of this contributed to a slower global economic rate, and investment risk is higher. We must accelerate our path to the EU, and that way we will be more attractive and secure as an investment destination," he said.

Asked how investment in the WB can be "marketed," Mali replied: "Diversity is fine; if we integrate the region, that is 18 million people, and we can add 7.6% to annual GDP. Diversity is positive - why shouldn't they accept us as a whole into the EU? It is logical for all countries and the entire continent to be part of the Union."

He emphasised integration over mere accession. "We are firmly on the path to the EU and hope to be a member as soon as possible, but we insist on integration rather than accession itself; we don't need voting rights, but rather the space for our people and goods to circulate freely because that brings progress."

Mali also touched upon the upcoming EXPO.

"EXPO 2027 is the largest event in Serbia's history, and it is happening right in Europe; if we want to market our continent, this is a great opportunity. We expect more than 4 million visitors in three months; these are new opportunities, projects, and shared ideas. We will work together, and that will be the backbone of future growth," Mali said.

Sorel pointed out that connectivity is key, and Serbia is already working on it through initiatives like SEPA or green lanes.

"A lot is already happening, but perhaps not fast enough; however, the ultimate goal is a region within the EU."

He noted that apart from private or state investments, local investments from domestic firms should be increased.

"There is great potential there," added the Head of the Regional Representation for the Western Balkans of the European Investment Bank, adding that the reason for investing in the region is access to the EU Single Market.

René Troccaz stated that investments are welcome, but they carry political significance.

"The Western Balkans is not an island; it needs to integrate, and that is one of the priorities. However, we have noticed that while we as the EU finance numerous projects, the company implementing them is not from the EU. So EU funds are invested, and someone else executes them. When it comes to negotiations, Montenegro has a good track record, but it is important to say that EU integration is not just an economic issue; there is also political clarity necessary for the future - we must not forget others. Montenegro has good results, as does Albania, but we must take into account the entire region and of course Serbia," he said.

Maryna Hlystun noted that the European Commission must figure out how to balance economic growth across Europe. Different countries have different needs; a balanced model with appropriate benefits for future member states must be found. According to her, economic synchronization with Western Balkan countries is also important for Ukraine.

Jan Růžička pointed out: "I would like to see Ukraine, Moldova, and Serbia in the Union in the next 5 years."

"When we were joining the EU, we were not fully prepared, but those were geopolitical decisions," he stated.

Integration doesn’t begin only upon EU accession

Robert Vass pointed out at the very beginning that one week in politics is a very long time, "and that is exactly how we feel in Serbia." As he stated, our country faces an important six weeks.

"But let us look beyond politics and focus on the economy over the coming decade. My first message is that economic integration cannot wait for enlargement dates. That should not happen in 10 years, but tomorrow," Vass stated, adding that the region and other neighbours can become part of the solution.

According to him, economic integration does not have to start only with accession, but much earlier, and a part of the European continent cannot be left aside and outside the EU.

Bilčik: Beltalks comes at the right time

Vladimir Bilčik pointed out at the opening that it is "great to be back in Belgrade" and that this event comes at the right time.

"I was listening to Marta Kos, who pointed out on CNN that she believes in Serbia's place in the EU. I think that is a good and positive message, despite the fact that a week in this city can be a very long period in politics; we must remain optimistic. This is not an easy moment for the EU and enlargement, despite the momentum that has been created. The EU has never been more isolated; it is no longer the case that American partners are on our side, we have military threats... in the past, we dealt with enlargement in a more comfortable environment," he added.

What awaited us at the start of the Beltalks 2026 forum?

The BELTALKS forum was opened by Robert Vass, President and Founder of GLOBSEC, as well as Vladimir Bilčik, Senior Advisor at the organisation and former Member of the European Parliament.

This was followed by the panel titled: "The Race for Investments: How to Make the Western Balkans Attractive for Investment?"

Global competition for capital is becoming increasingly intense, and investments are increasingly flowing to markets that combine size, stability, and a clear strategic focus.

The Western Balkans possess many prerequisites that investors seek - from geographical proximity to the EU and infrastructure development to untapped growth potential - but fragmentation still limits the region's appeal. As enlargement regains momentum, the key question is whether the region can transition from a collection of small markets to a single space attractive for investment.

As Europe prepares for the reconstruction of Ukraine and a new wave of industrial investments, how can the Western Balkans position themselves as a strategic partner rather than a spectator?

What is the most important signal governments can send today to attract private capital over the long term?

Participants:

• Siniša Mali, First Deputy Prime Minister and Minister of Finance of Serbia
• Damien Sorrell, Head of the European Investment Bank Regional Representation for the Western Balkans
• René Troccaz, French Special Envoy for the Western Balkans
• Maryna Hlystun, Executive Director of UkraineInvest
• Jan Růžička, Director of External Affairs at PPF Group
• Moderated by Raphael Minder, Central Europe Correspondent for the Financial Times

(EUpravo zato)