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US Investments in Bulgaria Reach Well Over USD 1 B

Thursday, Jun 19, 2008

The US rank higher and higher in the list of countries with most investments in Bulgaria totaling over USD 1 B for 2007, according to Borislav Boyanov, President of the American Chamber of Commerce.
Bynov spoke before Darik radio Tuesday.
In addition, the USD 1 B does not include all investments such as the purchase of the Bulgarian Telecommunication Company (BTC) by AG Capital Partners, a deal worth over EUR 1 B itself.
If all investments, outside the official data were to be included, the US would move 2 to 3 ranks ahead in the list of countries investing in Bulgaria.
Boyanov reminded about the meeting between Bulgarian President Georgi Parvanov and US President George W. Bush several years ago when it was concluded that while the political relations between the two countries were at their highest peek, there was a lot to wish regarding economic relations.
"A lot positive had happened in the last several years in economic relations between Bulgaria and the US and we are very optimistic about the future. Of course Bulgaria's NATO and EU memberships, the 10% corporate tax, the agreement for joint military facilities of the US and Bulgaria have contributed a great deal", Boynov explained.
"The daily turnover of goods and services between the US and the EU is over USD 2 B and Bulgaria is definitely part of it", according to the American Chamber of Commerce President.
"The EU is the most important US strategic partner and the EU joining of Bulgaria is of primary importance since it guarantees political and economic stability and predictability in both countries relations", Boyanov continued.
The Camber President further explained that the world economy crisis and its global consequences did not affect any essential aspects of the Bulgarian - US economic relations. The US investors keep coming because Bulgaria is among those so-called emerging markets, continuing to create favorable business conditions.
Some small investors such as the British began withdrawing from the real estate market in Bulgaria while for US investors there is no noticed withdrawal. One of the reasons, according to Boyanov, is the fact that US investors in the country are all big companies.
The American Chamber of Commerce is hoping that more and more small and medium US businesses would become interested in Bulgaria since those companies are the backbone of the US economy and Bulgarian small and medium businesses would benefit from collaborating with them.
The finance crisis in the US, on the other hand-side, had created opportunities for Bulgarian investments in the US with some Bulgarian companies seriously considering those opportunities.

Source: Sofia News Agency