2024-03-15 19:20:30
Activation of trade relations and investments between the two countries was discussed by the Minister of Economy and Industry Bogdan Bogdanov and Chris Barton, His Majesty’s British Commissioner for Trade for Europe. Barton leads a team at the UK Department for International Trade based in 34 countries. He is visiting Bulgaria to promote ever closer British-Bulgarian economic relations and the creation of new business opportunities. The ambassador of the United Kingdom of Great Britain and Northern Ireland to our country H.E. Rob Dixon.
The excellent commercial and economic relations between the two countries were noted at it, and it was pointed out that there is a great potential for development and investment opportunities in priority high-tech sectors with high added value in the field of innovation, technology sector, logistics, production, infrastructure and energy.
Minister Bogdanov pointed out that the United Kingdom is one of the important trading partners of our country, and in the last five years trade between the two countries has grown by 50%, reaching record values.
The Minister of Economy and Industry assured that the Bulgarian government is working for a stable and predictable business and investment environment, as well as that specific actions are being taken to fight corruption and ensure transparent processes for business.
Another highlight of the talks was Bulgaria’s accession to the Eurozone, Schengen and the OECD. Minister Bogdanov pointed out that our country has met all the criteria for the Schengen area and that Bulgaria’s membership in Schengen is also key for foreign investors in our country. According to his words regarding the Eurozone, our country is getting close to covering the last criterion related to inflation, as this is also confirmed by the statistics, which show that in February it continued to slow down and reached 3.3% per year base, lowest since mid-2021.
“We are actively working to create favorable conditions for investors, including the construction of prepared industrial sites with ready-made infrastructure for specific sectors,” Bogdanov pointed out and gave the example of work on three new zones – near Sofia, Varna and Stara Zagora. He also pointed out that the way in which Bulgaria treats priority investment projects has changed and direct financing of these projects is now provided, especially in productions with high added value, and this financing is tailored to the region in which the investment is made.
The Minister of Economy pointed out that securing new markets for Bulgarian business is among the department’s leading priorities. “Our efforts are aimed at diversifying Bulgarian exports and promoting the export of products with a higher added value with partners outside the EU, given the recession in some of our traditional partners in the Union.
Bogdanov emphasized that Bulgaria has transformed its economy and is no longer an outsourcing destination, but is becoming one of the best destinations for productions and technologies with high added value in Southeast Europe. According to him, in our country we already have technology companies that are globally recognized in fields such as ICT, the space industry, logistics and artificial intelligence, giving an example of the first of its kind in Eastern Europe, the Institute for Computer Sciences, Artificial Intelligence and Technologies, based in us – INSAIT.