Ukraine's president unveiled the new eight-nation bloc at a summit in Western Ukraine on Friday, pledging cooperation on security, energy, and trade. Organisers hope to attract €9.4 billion in investments.
Ukrainian President Volodymyr Zelenskyy launched a new regional cooperation framework with seven neighbouring countries on Friday in an effort to stoke regional investment.
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The initiative, dubbed the "Carpathian Eight" (C8), brings together Ukraine, Romania, Serbia, Poland, Slovakia, the Czech Republic, Austria and Hungary, with the European Union also taking part.
Member states will work together on security, energy, logistics, cross-border economic ties and support for local communities.
"In the past, people often looked at the Carpathians mainly as a region of tourism, climate issues and support for local communities," Zelenskyy said at the summit's opening ceremony in Bukovel, western Ukraine. "Today, the Carpathians can and should become one of the key engines of economic growth, investment and energy exports."
He identified transport and logistics, military mobility, critical minerals, and trade and investment as priority areas of cooperation, adding that the region could serve as a European gateway for routes from the South Caucasus and Asia via the Black Sea.
According to summit organisers, some 90 joint projects requiring an estimated €9.4 billion in investment were pitched to investors during the summit's "Investment Lab".
Polish Prime Minister Donald Tusk, Serbian President Aleksandar Vučić and Romanian President Nicușor Dan were among those attending.
While some participants U2013 including Poland and Romania – have been staunch supporters of Ukraine, others, such as Hungary, Serbia and Slovakia, have declined to provide direct military assistance.