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in WB countries (Bieri 2015, p. 2). Overall, Russia does not pursue a solid strategy in WB apart from obstructing NATO’s expansion in the region. In fact, Moscow lacks the prerequisites to establish itself as a regional hegemon in WB, which are deeply dependent on the EU (Bechev 2018, p. 3). Turkey since the 2000s has reoriented its foreign policy and adopted a multidimensional approach, which implies a deeper involvement of Ankara in politics in the neighboring regions. This new era of Turkish foreign policy signals a crucial shift from Kemalism to neo-Ottomanism, namely from isolationism to a vision of Turkey as a leader of Muslim and Turkic worlds and a regional key actor in Eurasia. This new doctrine stresses the importance of the strategic depth of Turkey, which is described in geographical and historical terms. Turkey leveraging the historical legacy of the Ottoman Empire projected its power and engaged in many geopolitical areas or spheres of influence, including Balkans (Murinson 2006, p. 952). In this context, the Turkish engagement in the WB is attributed to numerous factors including the long-standing common history of Turkey with this region, the Turkish minorities and Muslim communities that live in WB, the geopolitical importance of the region as a buffer-zone for Turkey and the increasing Turkish economic interests in the area (Türbedar 2011, pp. 140–142). Overall, the revitalization of Ankara’s interest in the WB and its active engagement is an attempt of a neo-Ottoman influence in the region. However, Turkey’s assertive engagement in the WB has not established yet any permanent political and economic stronghold. Even though the relations between Ankara and the WB countries had never been tighter, Turkey cannot play the role as a regional hegemon. In fact, its influence is limited to the Muslim population in the WB. Turkey, without any doubt, has become a regional actor in this region, but realistically its capabilities cannot meet its neo-Ottoman aspirations (Petrović and Reljić 2011, pp. 161–162).
Inward FDI and EU Accession of the Western Balkans The Evolution of Inward FDI in Western Balkans Although the literature on FDI issues is voluminous and even the number of studies referring to transition economies is remarkable, due to the lack of reliable data studies concerning the WB are scarce.
