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Representatives of 12 Central and Eastern Europe’s biggest and most dynamic companies have signed a memorandum establishing the Business Council of Growing Europe. The objective of the initiative is to promote CEE as an attractive investment destination for global investors and encourage cooperation between business leaders of the region., organizers say.

The flags of Three Seas Initiative partner nations. Graphic by Dana.S/Shutterstock.com

The initiative has been initiated by PZU of Poland and embraced by 12 founding companies from CEE. The motto of the Business Council is “Growing Europe” to emphasize the key feature which the 11 CEE countries have in common: stable growth.

The memorandum establishing the Business Council was signed at the Polish House in Davos during the Annual Meeting of the World Economic Forum by 11 international companies originating from CEE and including: PZU, Banca Comercială Română, Bolt, Bulpros, Exponea, Gedeon Richter, OTP Bank, Pekao SA, Prezi, Riko Group, Triglav Group and UiPath, the Polish Press Agency (PAP) says.

According to the memorandum, the participants will organize joint events promoting the region, take part in panel discussions and meetings at leading economic conferences and events, participate in the activity of working groups, and partner with consultancies.

The combined GDP of the 11 countries in the so-called Three Seas Region (Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland, Romania, Slovakia and Slovenia) is close to EUR 1.2 trillion. The countries of the region generate 20% of EU’s economic growth, PAP adds.