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EUROPEAN INVESTMENT BANK: COMPANIES IN CENTRAL, EAST AND SOUTH-EAST EUROPE INVESTING DESPITE DETERIORATION




SARAJEVO, JANUARY 17 (ONASA) – According to the results of the Survey on Investments in Central, Eastern and Southeastern Europe (CIJIE) conducted by the European Investment Bank, in the second quarter of 2022, companies in these countries stated that the financing conditions had drastically worsened , more than the average in the European Union (EU).
They expect to continue to tighten in line with general economic and political developments.
The share of companies that consider energy costs as a limitation has increased to 87%.
Despite this, companies in the CIJIE region planned to invest more in 2022 than in 2021.
One of the incentives for this was the pandemic, which accelerated digitization, new product development and changes in supply chains.
The use of advanced digital technologies has increased and 67% of companies have indicated that they use at least one such technology, and 27% plan to invest in innovations over the next three years. This will reduce the gap compared to the US, where currently there are about 71% of companies that use advanced technologies.
Although about half of the firms stated that climate change affects their business, only one third improved their resilience to physical climate risks, especially in Romania (49%) and Estonia (40%).
Most companies take measures to reduce greenhouse gas emissions, especially in Romania (93%) and Poland (90%), but slightly less in Bulgaria (70%).
Likewise, companies in the CIJIE region are more likely to see the transition to stricter climate standards as a risk rather than an opportunity, especially in the infrastructure sector (41%).
In the region covered by the research, Lithuania has the largest share of companies that have already invested and plan to invest in solving climate change issues over the next three years, followed by Romania and Slovenia.
EIB Vice President Liljana Pavlova said: “Our economic research points out that the impact of the current energy crisis is even greater in the CIS region than in other parts of the European Union. The best way to support Europe’s energy security is through a renewable and sustainable energy network. To accelerate the green transition and reduce the region’s dependence on fossil fuels, the EIB plans to step up clean energy financing and mobilize up to €115 billion in funds for investments in energy efficiency, renewables, grids, as well as power and storage infrastructure.”
Debora Revoltela, EIB Chief Economist, added: “A series of shocks over the past three years has imposed multiple challenges on businesses across Europe. Companies in the CIJIE region prioritized innovation (in higher numbers than the EU average), remaining export-oriented and embracing advanced digital technologies (on average with the EU and the US). However, fewer companies in CIJIE invest in intangible assets (research and development, software and training) than in the EU as a whole. Uncertainty and lack of appropriate skills, together with energy costs, are the most significant long-term barriers to investment.”
The companies in the region covered by the research remained highly export-oriented and open to international trade, but four out of five of them are facing various disruptions in trade from 2021, which is also affected by the war in Ukraine and covid-19.
The majority of firms in the processing industry (94%) and large enterprises (79%) stated that they participated in international trade, primarily those in Slovenia and Slovakia. In order to diversify risks, 63% of companies indicated that they increased the number of trading partners, with the highest percentage in Romania (86%).