EUROPE
Germany wants EU to take the leadership of Three Seas Initiative

Germany wants the US-fostered Three Seas Initiative (3SI) to become part of European policies and investment instruments, German President Frank-Walter Steinmeier said on Thursday during a summit in the Bulgarian capital.

Steinmeier said 3SI needs to be well embedded in EU policies and instruments, explaining that the 3SI is driven by almost half of the EU member states “but it has a strong transatlantic link.”

Steinmeier’s comments followed a video address by US President Joe Biden in which he addressed the importance of rooting out corruption in the region.

“There is incredible potential for increasing cooperation and connectivity among this group that will enhance the security and prosperity of the region and quite frankly benefit the world,” Biden said.

In his welcome speech, Bulgarian President Rumen Radev said he was “optimistic that Central and Eastern Europe will become more attractive for large-scale strategic investments within the initiative,” calling on partners for larger investments in energy, transport and digitalisation.

The 3SI is a tool for attracting investment to Central and Eastern Europe with an investment fund of €1 billion, but private initiatives are being actively sought so that it can reach €5 billion.

Source: Euractiv.com

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