26th International Scientific Conference Strategic Management and Decision Support Systems in Strategic Management 21st May, 2021, Subotica, Republic of Serbia Dajana Ercegovac Novi Sad School of Business, Serbia, PhD student on Faculty of Economics in Subotica, Serbia Emilija Beker Pucar Faculty of Economics in Subotica, Serbia emilijabp@gmail.com ercegovacdajana@gmail.com GREENFIELD FDI INFLOWS IN SELECTED EMERGING EUROPEAN ECONOMIES WITH REFLECTIONS ON EXTERNAL BALANCE Abstract: The research objective is to identify the main locations for greenfield FDI inflows as well as to analyze related external balance in selected Emerging European Economies (EEEs) in order to suggest useful implications towards economic policy creators in Western Balkans. The authors conducted original descriptive statistical analysis on the data available in UNCTAD, FDI/MNE and World Bank database in the time period 2008-2019. The analysis of average greenfield FDI inflows and trading balance in GDP includes following country groups: Visegrad States, Baltic States, Western Balkans and eleven new EU member states in the period after the structural break of Global Financial Crisis (GFC). The results suggest that the Visegrad States (particularly Poland) were the most attractive locations for greenfield investments in the analyzed time period. Also, analyzed group of countries had the strongest improvements in external balance with surplus position since 2013. Having in mind the results of this study and the positive effects of significant greenfield FDI inflows given in the existing literature, we suggest that Western Balkan countries should implement adequate measures to attract greater greenfield FDI inflows in order to stimulate export oriented production, sustainable development and real convergence towards developed European economies. The suggested connection implies further research and verification using panel data analysis in selected EEEs. Keywords: Greenfield FDI, external balance, Emerging European Economies 1. INTRODUCTION The Western Balkan countries have continuous problem of insufficient level of total investments (both domestic and foreign capital accumulation) and substantial deficit of current account. Zuk, Polgar, Savelin, Diaz del Hoyo & Koning (2018) come to the conclusion that Western Balkans still have a slow development pace compared to the real convergence of new EU member states, especially to Poland, Slovak Republic and Baltic States, due to very low level of total factor productivity and insufficient capital accumulation. Ercegovac & Živkov (2018) underline that greater FDI inflow in tradable sector along with improvements in national competitiveness indicators can contribute to the more balanced external position. Becer Pucar & Glavaški (2020) find that FDI could bust the real convergence process in emerging economies as a less volatile source of financing the current account deficits. The objective of this paper is to analyze the greenfield FDI inflows together with external balance on goods and services in GDP in selected Emerging European Economies (EEEs) in the time period after the structural break of Global Financial Crisis (GFC), 2008-2019. The descriptive analysis is performed with regard to four country groups: Visegrad States, Baltic States, Western Balkans and eleven new EU member states. On the basis of descriptive analysis results authors point out the potential link between greater greenfield FDI inflows and better external position in research sample. Authors cover the recent findings in existing literature and contribute to the field of transmission effects literature with descriptive statistical analysis and comparative discussion of current research results. Analyzed subject is relevant to the economic policy creators of Western Balkans in order to consider the positive effects of larger