Bulgaria is a promising destination for close planning, aimed at relocating business for companies seeking to shorten supply chains

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on whatsapp

Bulgaria has achieved a high level of new investment, both foreign and domestic, despite the international crisis in the last year. We continue to register a constantly growing interest from potential investors, as last year alone we have certified projects for over BGN 1 billion under the IPA. The event is organized by the Bulgarian Investment Agency / IBA / and fifteen Bilateral Chambers of Commerce and Industry, under the auspices of the Ministry of Economy to present Bulgaria as a new “nearshoring” destination worldwide. Both CPG-Bulgaria and SCEB-Romania teams joined the event with the enthusiasm and the assurance that the state is ready to support and help the foreign investors.

The Economic Minister Mr. Borisov  pointed out that the latest surveys of employers’ and partner business organizations show that 95 percent of foreign companies that have already made investments in Bulgaria are ready to expand them. “The pandemic is causing some slowdown in investment processes internationally, but here we maintain a positive trend of interest in investment opportunities,” he said. According to him, Bulgaria has the most liberal measures regarding business during the pandemic, thus preserving one of the factors of economic growth – consumption.

Minister Borissov added that Bulgaria is at the forefront of the European Union in macroeconomic and financial stability, based on the government debt-to-GDP ratio. Our country ranks first in credit rating in the Balkans. “One of the most important factors for attractiveness is maintaining the lowest tax rates and operating costs in the EU, and the good qualification of the staff is highly valued by foreign investors. All this outlines our country as a promising destination for close planning, aimed at relocating the business for companies seeking to shorten supply chains. Our admission to ERM II in 2020 is another proof that we will remain on the map of investment processes, “he added.

The Minister of Economy stated that in recent years we have increased investment for technological development in productions and services with high added value and the creation of new high-productivity jobs.

“Nearshoring is becoming more attractive and the current pandemic situation shows that there are many benefits to reducing supply chains and investing in countries with a close time zone, easier access and all the benefits of the common European market,” Borissov said.

He stressed that Bulgaria is very seriously positioned on the map of countries that have potential for development of the automotive industry. “More than 270 companies operate here, producing components and systems for leading international car brands. Our country is becoming a preferred destination for establishing companies or opening outsourcing centres of leading companies in the field of high technology. The sector of information and communication technologies (ICT) is also among the main ones that contribute with their growth to the dynamics of the gross added value in the economy “, said Borissov. The Minister of Economy also pointed out that our country offers many investment incentives, as well as reforming vocational education and training and interaction between universities and business. “The adoption of a new Law on Industrial Parks is underway, the aim of which is to create an opportunity to build modern industrial zones with all the necessary infrastructure for investors in a short time. We are also developing technology parks for high-tech production and innovation, “he said. The Conference was also attended by Deputy Minister of Economy Stamen Yanev, Executive Director of IBA Desislava Trifonova, the Ministry of Trade and Economic Affairs, as well as business representatives from the Bilateral Chambers of Commerce and Industry. During the event, successful examples of foreign companies in our country were presented.

Leave a Reply

More News