The Three Seas Initiative (3SI) connects thirteen eastern European Union member states along a north-south axis. By developing regional integration, it aims to create a functioning regional market through transport, energy, and digitalization projects by developing regional integration, which can significantly increase the competitiveness of the Central European region.
The 3SI allows Central European countries to pursue development goals independently and in their interests. East-Central Europe’s initiatives can better represent the interests of its Member States than any cooperation initiated by foreign powers.
The 3SI’s originality lies in its core concept: it is financed by an Investment Fund, which combines private capital, national contributions, and EU funds to support key developments in transport, energy, and digital infrastructure.
The 3Si is the first regional concept to rely on private capital and public funding to deliver cost-effective and sustainable projects.
East-Central Europe has significant economic potential: compared to 2019, a GDP increase of up to 35 percent is expected in the region by 2030. In addition, the infrastructural development needs, exceeding 500 billion euros, offer significant opportunities for attracting foreign investments and private capital.
There are essential security policy aspects of the cooperation. 3SI transport infrastructure investments will increase the region’s economic and military mobility. Energy projects will help the green transition and increase competitiveness by diversifying energy supplies. They will also reduce the region’s carbon footprint and energy dependency, thereby increasing energy security.
Compared to the countries concerned, 3SI is an initiative of great importance for our country. Due to Hungary’s geographical location, the country will benefit from most regional projects.
By consistently implementing the 3SI, Hungary can become the infrastructural, commercial, and transport centre of the region. Taking advantage of this opportunity and facilitating as many projects as possible would significantly increase Hungary’s interests within the EU without much potential political risk.
For the initiative’s long-term success, increasing transparency, promoting institutionalisation, and ensuring the efficiency of financing is essential. Hungary must prioritise the initiative, both from a diplomatic and financial point of view. Hungary must realise that currently, there is no viable alternative for the East-Central European region to pursue truly efficient and integrated economic development outside of the Three Seas Initiative.
