(MENAFN) The European Union announced a major economic initiative aimed at doubling the gross domestic product (GDP) of the Western Balkans within the next decade, European Commission President Ursula von der Leyen said on Monday.

Speaking at the EU-Western Balkans Investment Forum in Tirana, von der Leyen outlined the new Western Balkans Growth Plan, which she said would deepen the region’s economic integration with the EU, encourage reforms, and attract greater European investment.

"The EU opens sectors of its economy for your business. Together, we work on reforms for a level-playing field. And alongside reforms comes investment. The Western Balkans Growth Plan aims at doubling regional GDP in the next decade," she said.

She highlighted recent milestones, noting that Albania, Montenegro, and North Macedonia have joined the Single Euro Payments Area (SEPA), a move expected to cut transaction costs and save regional businesses an estimated €500 million ($578 million) each year. "It is progress not just on paper but in practice," she added.

Von der Leyen emphasized the region’s potential to become a center for strategic industries and innovation. As part of the new plan, the EU will extend its network of AI Factories to the Western Balkans, beginning with two “Factory Antennas” in North Macedonia and Serbia. A high-speed digital backbone will also be built to connect all six Western Balkan nations.

On clean energy, von der Leyen said the region could emerge as a key hub for renewable energy generation, storage, and distribution—reducing power costs and bolstering Europe’s overall energy security.

"Investing in the Western Balkans means investing in a future continental market of 500 million people," she said, underscoring the area’s growing strategic and economic importance for Europe’s industrial and energy future.

According to reports, the forum gathered EU and Western Balkan leaders, along with international investors, to discuss and sign investment projects totaling more than €4 billion. These projects are expected to generate new employment opportunities and foster sustainable growth across the region.

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