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Bulgaria prepares strategy to attract more investments in certain sectors

Wednesday, May 11, 2011

Bulgaria is set to attract foreign investments in several priority sectors in order to achieve stronger economic growth, the Economy Ministry said in a statement on May 10 2011.

Under the Sector Strategy for Attracting Investments in Bulgaria, the country will seek to secure more funds for electronics and electrical engineering, information technology, outsourcing, agriculture and food, manufacturing of transport equipment and machinery, transport and logistics, health care, pharmaceuticals and chemicals.

The strategy has been drafted by consultancy A.T. Kearnеy, which was paid 350 000 leva for the service.

The scheme is part of a 21 million leva project by he InvestBulgaria Agency, which aims to promote the country as a hub worth investing in. About 19 million leva of the total amount will be spent on promotional campaigns and events to popularise the country.

According to the ministry, the selected sectors have the potential to develop and bolster the country's exports.

"The strategy focuses on these priorities without neglecting other economic sectors in order to stimulate their accelerated development," Economy Minister Traicho Traikov said.

The strategy's consultants also recommend approaching investors from emerging economies like China and India rather than seeking funds from already developed countries in Western Europe.

Last year, the Ministry presented a similar strategy aimed at overhauling the country's economy, which also brought forward sectors of greater priority.

Source: thesofiaecho.com