If you want to quickly and clearly understand the real significance of the Three Seas Initiative today—for business, investors, and international partners—the summary below delivers the key insights from the Davos discussion.
The conversation made one point unmistakably clear: the Three Seas region is becoming one of Europe’s most dynamic zones for growth and investment, with massive infrastructure, geostrategic, and technological potential. This is also a pivotal moment when—with the right financial instruments and coordination—a breakthrough in mobilising private capital and building long-term competitive advantages for the region may finally occur.
Panel Summary
“Three Seas Initiative: Geostrategic Business Opportunities – A Bridge to the Future – From the Adriatic, the Baltic, the Black Sea to Asia”
Leaders Forum, Davos — live session on approx. 22 January 2026
Moderator: Paweł Nada — Co-Founder, Three Seas Business Council
Panelists:
- H.E. Romana Vlahutin — Special Envoy of the Croatian Government for Strategic Connectivity; Co-creator of the Three Seas Initiative
- H.E. Harry Theoharis — Deputy Minister of Foreign Affairs of Greece, responsible for Economic Diplomacy
- H.E. Beata Daszyńska-Muzyczka — President of the Three Seas Business Council; Ambassador, Presidential Special Envoy for the Three Seas Initiative (2023–2024)
- Asli Karahan — CIO, Lioness Capital, New York (representing private capital)
1. Key Messages
The Three Seas Initiative is more important today than at its founding.
Ten years after the first summit in Dubrovnik, 3SI has become a critical tool of resilience and growth for the entire EU—not only the region.
The Three Seas region is a “G7”—but still an underinvested one.
13 countries
120 million inhabitants
7th largest economy in the world (combined GDP)
Yet the region faces a massive infrastructure and capital gap—around €650 billion needed in energy, digital, and transport infrastructure by 2030.
North–South infrastructure and new global corridors form the backbone of the vision.
The region is positioned to become the central segment of the world’s longest North–South value chain connecting Asia (Middle Corridor, IMEC) with Europe—leveraging key Baltic and Adriatic ports and emerging rail corridors.
Private capital sees huge opportunity—especially from the US and the Middle East.
The region grows 2× faster than Western Europe and could grow 4× faster after a ceasefire in Ukraine.
At the same time, it remains capital-starved, creating strong incentives for PE/VC and institutional investors.
3SI now needs two things: institutional anchoring and financial scale.
Panelists emphasized the need for a secretariat / permanent structure and the creation of a Three Seas Development Bank to finance hundreds of projects.
2. Main Themes of the Discussion
2.1. Geostrategic role of the region and the importance of Greece joining 3SI
Greece, which joined in 2023, positions itself as the natural southern hub—“the first port after the Suez Canal” for goods from Asia and the Middle East.
Deputy Minister Theoharis described two pillars of the Initiative:
- Eastern flank & security
- A proactive development pillar — growth, investment, innovation, business cooperation (which he sees as the more important one)
Urgency was stressed: global supply chains and power dynamics are shifting rapidly.
2.2. A new decade for 3SI — global connectivity at the center
Romana Vlahutin highlighted that we are entering the second decade of 3SI, again beginning in Dubrovnik.
Priorities of the Croatian presidency:
- integration with global corridors (Middle Corridor, IMEC)
- building the world’s longest North–South value chain
This will require building infrastructure at a pace “the region has never seen”—catching up on “two generations of development.”
2.3. Four dimensions of 3SI — insights from Beata Daszyńska-Muzyczka
Presidential: political mandate + continuation of annual summits
Governmental: coordinators + ministers advancing cross-border projects
Financial:
- 3SIIF proved the region is investable and can attract private capital
- Region offers demographic, talent, and technological advantages comparable to Japan (120 million population, strong technical education)
Business: - stronger regional cooperation is essential—building value chains not only toward the West but within 3SI
- businesses must “push governments” into action
Clear example of infrastructure gaps:
- Danube: 458 km of Romania–Bulgaria border → 2 bridges
- Odra: 187 km of Poland–Germany border → 29 bridges
A vivid demonstration of the missing North–South connectivity.
2.4. Proposal for a Three Seas Development Bank & the role of TSBC
As recommended in the 2025 Business Forum summary, TSBC supports creating a Three Seas Development Bank—a financial cornerstone for the Initiative.
Beata Daszyńska-Muzyczka highlighted:
- it will be a long and challenging process, but essential
- the region has strong precedents (Nordic Investment Bank, Black Sea Trade & Development Bank)
TSBC aims to function as a hub—a “single phone number for business”:
- a place where international partners and companies can find projects
- where investors can find credible partners and a well-developed project pipeline
2.5. Investor perspective — US & Middle East capital
Key takeaways from Asli Karahan:
- the region already grows twice as fast as Western Europe
- post-ceasefire in Ukraine it could grow up to four times faster
- resembles Israel in the early 2000s—dynamic, tech-driven, full of talent and opportunity
- many investors in New York still don’t know that Poland’s GDP per capita (PPP) now exceeds Japan’s
The region is capital-starved, which is attractive for private equity and venture capital.
Lioness Capital proposal:
- establish the largest dedicated PE fund for the region
- build regional champions (similar to InPost) to scale to Western Europe
- involve US public capital (e.g., DFC) as anchor investors to attract major institutional funds
All panelists supported the creation of a light but permanent 3SI secretariat — a long-missing point of contact (“who do we call?”).
2.6. Expansion of the Initiative & new partners
Q&A topics included Finland, Sweden, and the Nordics.
Beata Daszyńska-Muzyczka noted they are natural candidates for the North–South axis, with interest also coming from countries as far away as Malaysia.
Romana Vlahutin highlighted growing interest from:
- Canada (pension funds)
- South Korea
- broader Asia–Pacific partners
She also emphasized the importance of associated states, including Ukraine—many investors view the region through the lens of connecting Ukraine to the EU.
Conclusion
The discussion in Davos confirmed that the Three Seas region is entering a phase where geostrategy aligns with real investment potential. The region now has the scale, talent, and historic momentum to accelerate. What matters most is harnessing this energy—through coordination among states, active participation of business, and engagement with global partners.
The future of the Three Seas will be shaped not only by politics but increasingly by investment, innovation, and new models of cooperation.
The complete recording of the debate from the Leaders Forum in Davos — including all panelists’ insights and the broader context of the conversation — is available here:
https://www.youtube.com/live/5vaSAH0AfP4?si=fR6sDhVrXLirQKXy
We encourage you to listen.
