President Radev Engages in Three Seas Initiative Summit for Regional Progress

Politics | Author: Diana Kavardzhikova |April 11, 2024, Thursday // 16:44
Bulgaria: President Radev Engages in Three Seas Initiative Summit for Regional Progress Twitter

Bulgarian President Rumen Radev arrives today at the ninth edition of the Three Seas Initiative (3SI) summit in Vilnius Lithuania. In his address, President Radev underscored the Initiative's overarching objective: to bolster the social and economic advancement of Central and Eastern European nations by bridging the connectivity gap in energy, transport, and digital infrastructure.

Against the backdrop of recent crises, including the COVID-19 pandemic, energy disruptions, and the conflict in Ukraine, President Radev emphasized the pressing need for enhanced connectivity among member states. Such connectivity, he argued, is pivotal in overcoming challenges and ensuring the uninterrupted flow of vital supplies.

However, a significant challenge facing the Initiative lies in the shortfall of funds for large-scale infrastructure projects. Bulgaria has emerged as a proactive participant, leveraging its investments to catalyze substantial capital inflows into crucial sectors such as transport and energy. President Radev highlighted Bulgaria's remarkable success in this endeavor, with an initial EUR 20 million investment yielding an impressive EUR 200 million in capital.

Bulgaria's contributions to the Initiative extend beyond financial support. During its presidency of the Sofia Summit in 2021, Bulgaria proposed a pivotal axis of cooperation centered on innovation, science, and research. This proposal garnered strong support, leading to the establishment of the Three Seas Innovation Fund, which now collaborates effectively with the European Investment Fund. Through these initiatives, Bulgaria is actively fostering competitiveness and sustainable development across the region.

The Three Seas Initiative comprises thirteen EU countries situated between the Baltic, Adriatic, and Black Seas, with Bulgaria playing a central role alongside fellow members. Hosted by Lithuanian President Gitanas Nauseda, the current forum brings together nations committed to accelerating development and convergence. With a focus on enhancing interconnectivity along the North-South axis, the Initiative aims to bolster EU cohesion and strengthen transatlantic partnerships with the United States.

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Tags: Radev, initiative, Bulgaria, seas

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