REGIONAL COOPERATION AND ECONOMIC INTEGRATION

PART V:
are sufficiently developed. Furthermore, this analysis helps us to conclude if the countries
have achieved the proper level of technological development and readiness. All mentioned
indices play a very important role in creation of the attractive investment environment
and the attraction of the foreign investors. As the famous Nobel Prize winner claims, it is
precisely these indicators that generate growth. Foreign businesses bring about technical
expertise and approach to foreign markets, thus creating new employment opportunities
(Stiglic, 2002, p 81). Foreign companies also have approach to the financial resources,
which is particularly important for the developing countries where the local financial
institutions are not strong enough.
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Table 6: Global Competitiveness Subindex 2008-2009
Country
Innovation and sophistication factors
Rank
Score
United States 1 5,80
Slovenia 33 4,15
Croatia 62 3,70
Montenegro 88 3,33
Serbia 91 3,30
Macedonia 105 3,16
Bosnia and Herzegovina 129 2,80
Albania 130 2,74
Bolivia 134 2,59
Source: The Global Competitiveness Report 2008-2009.
The last subindex in Table 6, points to the possibility for the development of the innovations
as well as the business culture, ethics and sophistication in the aforementioned countries.
Based on the presented data we can conclude that all examined countries have very poor
placement in this respect. Their rank order is not changed but they occupy the second
half of the list containing 134 analyzed countries. We can conclude that the lack of funds
influenced the fact that this area is always left last to deal with. Investing in this area is very
poor and thus the considerable lagging behind even compared to some transitional countries
(and especially compared to developed European and world countries) is caused. A number
of years must pass before it becomes possible to change people’s attitudes and their point of
view concerning the research work, patents and science. Moreover, in order to achieve the
significant advancements in the mentioned areas, the countries belonging to West Balkan
must first reach adequate level of the overall economic development and secure huge
funds in order to finance such development. We can only exempt Serbia and Croatia from
the mentioned countries as the countries where we notice business sophistication and the
readiness to delegate responsibilities between the workers and companies and the increase of
the number of women in almost all business areas. These countries posses sound capacities
for the development of innovations, distinguished scientific and research institutions, they
posses expert scientific staff and constantly improve cooperation between universities and
the industry. While speaking about this, as well as the previous two subindices, we stressed
the weakness of the analyzed countries, emphasised the necessity and opportunities for
achieving advancements in certain areas but also affirmed already familiar fact that only
those investment policies which are adequately defined and which are efficient, became
key factor for the attraction of the foreign direct investments. (Savić Lj., 2007).