Summernight Symposium

The new members of the EU are the force driving economic development within Europe and this picture is unlikely to change any time soon. "These countries have highly educated workers and a fantastic ratio of labor costs and productivity," Schwenker said. More and more foreign direct investment is being pumped into CEE countries. Knowledge is also being transferred. Over the coming decade, the structural catch-up process triggered by accession will continue. "That is the basis for future prosperity. The purchasing power in the new EU-members is growing rapidly and this trend will continue," Schwenker said.

This development has bolstered the confidence of companies stemming from the new member states. "CEE companies originally had ambitions to be successful in Western Europe. This has changed fundamentally. CEE companies, especially capital-weak ones, see little sense in entering the mature Western European markets. They prefer to build up their activities in the region, where they are welcome, can invest more cheaply and achieve higher growth," said Manfred Reichl, Managing Partner for Austria and Central and Eastern Europe.

"China on our doorstep"

Companies from the old member states are benefiting too. As a production location, countries in Central and Eastern Europe are highly attractive – at least in the medium-term. Managers of European companies have already shown their commitment to the region. In a survey of CEOs conducted as part of Roland Berger Strategy Consultants "Best of European Business" competition, 80 percent said they wanted to extend near-shoring within Europe. Speakers at the Summernight Symposium warned the business elite against overlooking the clear advantages offered in the region. "CEE is the China on our very own doorstep and ensures our growth for the next decades," said Dr. Herbert Stepic, the Chairman of Raiffeisen International, one of the leading banking groups in Central and Eastern Europe.