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Bulgaria Seeks to Lure Key Foreign Majors as Investors

Monday, Jun 28, 2010

The Bulgarian National Bank has reversed its data about Bulgaria's negative FDI balance in the first months of 2010. Photo by BNB

Bulgaria's government launches a series of meetings with businesses, that sets the beginning of what is hoped to be an active dialogue with investors in key sectors of the economy.

The first discussion will be opened on Monday by Prime Minister Boyko Borissov and will be attended by Finance Minister Simeon Djankov, Economy Minister Traicho Traikov, Regional Development Minister Rosen Plevneliev and Environment Minister Nona Karadjova.

"The government's top priority is to ensure favorable investment climate, stable and predictable business environment,” says the statement by the Economy and Energy Minister.

According to the statement Prime Minister Boyko Borisov and the ministers expect the businessmen to share with them the key problems they face, which prevent expansion.

Bulgaria's economy contracted by 3.6% on an annual basis in the first quarter of 2010 from 5,9% in the previous quarter, but the center-right government hopes for a 1% economic growth for this year as recovering exports bolster the expansion.

The cabinet, which came into power after sweeping the elections in July last year, has pinned its hopes on foreign investments as the main driver for the economy to rebound and start recording sustainable growth.

Figures of the central bank bear out evidence that the the first signs of recovery are always here. Bulgaria did not have a net outflow of foreign direct investments in the first quarter of 2010, according to data of the Bulgarian National Bank (BNB).

The country attracted a total of EUR 36.7 M in FDI in April, bringing the total for the first four months of the year to EUR 168.1 M (0.5% of GDP).

Source: novinite.com