Bulgarian President Rosen Plevneliev has called for standardizing public procurement procedures in order to boost transparency and predictability.

Speaking Monday at a conference titled "Business ethics: the main principle behind a sustainable business environment", Plevneliev argued that standardized and transparent public procurement procedures would ensure an efficient administration.

The conference organized by the American Chamber of Commerce in Bulgaria, the German-Bulgarian Chamber of Commerce and Industry, and the Austrian Business Circle (ABC) in Bulgaria was also attended by Justice Minister Diana Kovacheva and Labor and Social Policy Minister Totyu Mladenov.

"It is not good when mayors prove too creative and conjure up public procurement deals on their own," Bulgaria's head of state declared.

"It is high time to end this. The problem is clear and the solution is elementary – standardized and typified public procurement procedures for wastewater treatment plants, roads, kindergartens, urban environment," he stated.

Plevneliev suggested that the step would save billions in taxpayers' money and would guarantee loyalty and predictability to the business sector.

Bulgaria's President assured that the country managed to observe strict financial discipline, which was crucial to its development.

Plevneliev was adamant that restoring confidence was essential for the achievement of sustainable development.

"It is impossible to do business without creating an environment of confidence. The economy fell into recession as a result of loss of confidence," he added.

Bulgaria's head of state underscored the importance of smart management of public investments on the basis of clear-cut rules and priorities to stimulate the engines of growth.

Plevneliev also stressed the need to invest in projects which had a multiplier effect on the economy.

"The crisis makes us more disciplined and more efficient. In a time of very limited resources, we need to set the right priorities, develop our strong sides, invest, and act smart and sustainable. Now we are more motivated than ever to seek innovative solutions, i.e. to make more out of little, because the resources are limited," Bulgaria's President concluded.