Bulgarian Trade Representatives Asked to Lure Foreign Investors

Business | July 29, 2010, Thursday // 15:15
Bulgarian Trade Representatives Asked to Lure Foreign Investors: Bulgarian Trade Representatives Asked to Lure Foreign Investors Bulgaria's Economy and Energy Minister, Traicho Traikov, presented new rules for the application process, the work and the assessment of the performance of the trade representatives abroad. Photo by BGNES

Increase of direct foreign investments and of export are defined as the two main tasks for Bulgaria's trade attaches abroad by Economy and Energy Minister, Traicho Traikov.

The Minister presented Thursday the new rules for the application process, the work and the assessment of the performance of the trade representatives and opportunities for their staff development.

Traikov spoke during a meeting with economy experts and advisors, saying from now on those representatives will be appointed for a 3-year term instead of the current 1-year in order to halt the practice to bring outside people into the system, who then leave to work for the corporate business. Upon expiration of the 3-year term, it can be extended by another 12 months.

Those whose term expires will be asked to return to Bulgaria and work for the Economy Ministry for at least 2 years, before being given the opportunity for a new assignment abroad. If the performance assessment is unsatisfactory, the particular representative can be recalled early.

The job announcement, application and competition process will first be posted only for the employees of the Ministry, and external applicants will be sought only if the internal ones are not suitable.

The changes aim at better rotation of personnel, more predictability, clear assessment criteria all along with reducing by 10% the 2010 budget slated for these representatives.

Bulgaria recently reduced the number of its trade representatives abroad from 63 to 58 by cutting posts in Brazil, Los Angeles, the Hague and Portugal, but new ones will be opened in Israel and South Korea. The country now has representatives in 41 countries in Europe, Russia and the former Soviet Republics, in Asia, the Middle East, North America and in Northern Africa.

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Tags: direct foreign investments, export, trade representatives, Economy and Energy Minister, Traicho Traikov.

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