Borisov's Great Surprise: Bulgaria New Economy Minister Traykov

The great surprise of the new Bulgarian cabinet presented Thursday by the future Prime Minister Boyko Borisov is the new Economy Minister, Traicho Traikov.

Traykov is not well-known publicly, and his assuming the position of Minister of Economy, Energy, and Transport was completely unexpected; until the last moment the post was expected to be taken by the GERB economy expert Biser Boev.

The 39-year-old Traykov comes to the Bulgarian government from the management of the Austrian-owned company EVN Bulgaria, which is the electricity provider for Southeast Bulgaria.

Traykov was born in Sofia, and is a graduate of one of the top Bulgarian high schools - First English Language School in Sofia.

Later he received a degree in international economic relations from the University for National and World Economy in Sofia. He has specialized in financial analysis and management in Austria and Germany, and has worked as a consultant on mergers and buyouts.

In 2006, he joined the team of EVN Bulgaria, which owns the electricity distribution companies in Plovdiv and Stara Zagora, as a procurist (legal advisor).

Traykov's appointment is construed by many as a sign that the GERB government wants to demonstrate its capacity to promote young and highly qualified, though publicly unknown specialists.

In the economy sector, Traykov is going to face the hard tasks of redrafting the economic development strategies of the Stanishev government that were prepared before the advent of the global financial crisis. The stimulation of the export-oriented production and the simplifying of the licensing regimes are also among the main issues he would have to deal with.

In the energy sector, Traykov will have to review Bulgaria's participation in several large-scale projects including the Nabucco gas pipeline, and three Russian sponsored projects - Belene nuclear plant, the South Stream gas pipeline, and the Burgas-Alexandoupolis oil pipeline.

In addition, Traykov will also be in charge of tourism as the former State Tourism Agency is now becoming a part of his Ministry.

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