UK boosts trade in Western Balkans with new support package

The announcement, expected to create jobs and support livelihoods across the region, was made at Lancaster House, with the presence of Western Balkan Prime Ministers from Montenegro, North Macedonia, Serbia, Kosovo, and leading figures from the UK business community.

Security minister Tom Tugendhat highlighted the burgeoning business opportunities in the region, noting the £4.5 billion worth of trade between the UK and the Western Balkans in 2023, a figure that continues to grow. In a move to support the region's decarbonisation efforts, the UK committed an additional £4.2 million to speed up the shift from coal and enhance wind power development. This investment aims to help countries in the region reduce their reliance on Russian energy supplies, building upon the £1.1 million allocated last year for energy security in partnership with entities like the World Bank, the UK government said in a press release.

The UK's commitment to the Western Balkans extends to a potential £15.75 billion in support through UK export finance, designed to bolster British exports by providing guarantees to UK companies for overseas trade with confidence.

One of the standout projects benefiting from this funding is the £363 million Morava Corridor Motorway in Serbia, which will link Krusevac with key commercial centres in Sarajevo, Bosnia and Herzegovina, and the port city of Bar, Montenegro.

“Today’s summit and announcements of extra funding demonstrates the UK’s enduring commitment to the Western Balkans and the associated opportunities to boost prosperity and jobs in the UK and the region itself,” said security minister Tom Tugendhat.

Fibre2Fashion News Desk (DP)