Serbia is Bulgaria's most serious competitor for attracting foreign direct investment, Bulgarian Economy Minister Delyan Dobrev stated at the "Bulgaria: Business UP" investment conference in Sofia Friday.

Serbia's subsidy for a company which creates 1000 jobs is about EUR 17 M, Dobrev noted, addressing the audience at "Bulgaria: Business UP".

"However, Serbia does not have Bulgaria's low taxes, macroeconomic indicators, it's not an EU member, it doesn't have access to EU operational program funds," Bulgaria's Economy Minister said.

Dobrev did admit that in the past 1-2 years Bulgaria lost several important investments to its competitors Serbia, Hungary, Macedonia, and Turkey.

The Minister did emphasize that the Bulgarian government is now introducing two important new incentives for foreign investors – the setting up of a special single body to handle the projects seeking EU funding under EU Operational Program "Competitiveness", and a proposal to amend the Investment Encouragement Act so as to reimburse investors for some of their social security spending.

The First International Investment Conference "Bulgaria: Business Up" started in the Bulgarian capital Sofia on Friday.

"Bulgaria: Business UP" is a new initiative designed to analyze and promote Bulgaria's advantages as a foreign investment destination.

The goal of the "Bulgaria: Business UP" investment conference is to present to the international business community the highly favorable investment climate in Bulgaria as well as the variety of opportunities for successful and sustainable business that the country has to offer.

"Bulgaria: Business UP" is organized by Novinite.com (Sofia News Agency), the largest Bularian English-language media, and Novinite.bg, a Bulgarian-language news website, together with the InvestBulgaria Agency.

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