Nick Davies: Bulgaria Needs to Prioritize

Novinite Insider » INTERVIEW | March 19, 2003, Wednesday // 00:00
Nick Davies: Bulgaria Needs to Prioritize

Prior to his recent appointment as country managing partner for the Bulgarian practice of Ernst & Young, Mr. Nick Davies was a partner in the accounting firm's Czech practice where he led both the financial services group and the technology security specialist group. Mr. Davies was with Ernst & Young for 25 years before moving to Prague. He has been involved in a number of audits over the years, for both multinational and local entrepreneurial businesses. A lecturer of courses given to Ernst & Young executives on the development and implementation of business strategies.

Mr Davies met Milena Hristova, Editor of novinite.com and The News

Q: What is Bulgaria's distinct advantage over other countries in the region for attracting foreign investors?

A: I will turn the answer the other way round, because I have a concern that there is not a distinct advantage. At one of the sessions at the Economist Fourth Roundtable with the Government I did a benchmarking between Bulgaria and the Czech Republic. Both are low cost and have a business ethics issue, the Czech have the advantage of a better location and access into the markets. Should Bulgaria manage to deal with one or two of the disadvantages, such as business ethics, it would give Bulgaria a competitive advantage vis-а-vis other countries in the region and EU accession countries.

Q: Can you single out the problem areas?

A: One of the issues I am very concerned about in the broad business ethics is how the public procurement process works. I also think it would be useful to be informed about what that expediency is. There are rules but in reality sometimes the rules are not followed. The judiciary environment in Bulgaria really needs to deliver, otherwise the interests of investors are not protected. The issue is not unique to Bulgaria, but Bulgaria will be put in a very strong position over the other competitors if it manages to deal with the issue. This is how the country may find a distinct attraction.

Q: In his speech at the Economist Fourth Roundtable with the Government Prime Minister Simeon Saxe-Coburg said that Bulgaria can guarantee the comfort of investors. Do you share that opinion?

A: The prime minister underlined the commitment of all parties to try and deal with the issues. I respect that but the trouble is that some issues must be dealt with quicker than other things. It is just a question of setting the right priorities.

Q: What mistakes were made in Bulgaria so that investments here are much lower than in other Eastern European countries?

A: I have only been here for six months and do not know much about the history. The political problems in the mid-nineties led to a lot of uncertainly and tension. People were prepared to take a chance and some players came her because - in the words of the prime minister - "the early bird catches the worm". Now people see an advantage to move here because they see political stability.

Q: Experts suggest that the government's friendly relations with the business community are not beneficial to business in Bulgaria. How would you comment on that?

A: There is a dialogue but I would put a question mark on how much influence business has. Still I think there are vested interest around, which could use some institutions.

Q: Do you think that quick and painful reforms could threaten the stability of the government?

A: There is a commitment to deliver on certain reforms and people will see more pain, than gain in some of them. That is a dilemma for any political party that is in power, but the long-term vision is the right approach. It is up to democracy to decide whether the government will survive.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Interview » Be a reporter: Write and send your article

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria