Russian Investment in Bulgaria Nearing USD 2 B in Decade - FM Lavrov

Politics » DIPLOMACY | July 7, 2014, Monday // 12:28| Views: | Comments: 8
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Bulgaria: Russian Investment in Bulgaria Nearing USD 2 B in Decade - FM Lavrov Russia's Foreign Minister Sergey Lavrov. Photo by EPA/BGNES

Corporate investment into the Bulgarian economy has been almost USD 2 B over the last 10 years, Russia's Foreign Minister has said hours ahead of a visit to Sofia.

Sergey Lavrov has told Focus News Agency that bilateral trade turnover was USD 2.9 B (BGN 4.17 B) last year, citing the numbers as an example for successful commercial and economic relations.

The top diplomat has also mentioned the large-scale modernization of Russian oil giant Lukoil's biggest petrochemical works on the Balkan Peninsula (accounting for 25% of tax revenues in Bulgaria's budget).

Lavrov has also reminded that more than 300 000 Russians have purchased properties in Bulgaria worth over USD 4-5 B (roughly BGN 5.7-7.2 B).

In his view, genuine interest of his fellow citizens to Bulgaria is displayed by the growing influx of tourists from the country, with 680 000 having visited it just in 2013.

He has stressed that the "special nature" of relations between Bulgaria and Russia was, to a large extent, underpinned by the civilizational proximity between their peoples, the "community of Slavic roots, the rich spiritual and cultural heritage."

Lavrov is to meet his counterpart Kristian Vigenin and is also due to be received by President Rosen Plevneliev, Prime Minister Plamen Oresharski and Parliament Speaker MIihail Mikov.

In a recent article in the Forbes magazine, he ranks among the world's most influential politicians.

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Tags: Sergey Lavrov, investment, Russia, Bulgaria, Kristian Vigenin, Lukoil, Rosen Plevneliev, Plamen Oresharski, Mihail Mijov All Are Welcome! Join Now!
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» To the forumComments (8)
Optimistic. - 8 Jul 2014 // 23:20:20

Optimistic (Seedy) the fake socialist "..none of these countries you mention will supply Bulgaria with gas or Mig 29 parts."

Thats exactly what Bulgaria, a country with hundreds of years of its own gas reserves needs....

John Doe - 8 Jul 2014 // 12:41:03

Frightening that 25% of tax revenue in Bulgaria depends on the good will of Russia. Why else should Lavrov mentioned that fact. 300000 owners of properties with Russian passport, so that makes Varna a Russian enclave. Is this the first step for a bid of Russia to have a army base in Varna?
The special nature of the Slavic relationship is something Shivkov cultivated to keep the Russian army out and is now used to invite highly corrupt oligarchs to invest in Bulgarian's south stream. These oligarchs work hand in hand with Peevski, Vassiliev and such. If I look at this construct, then I wonder how much of the 2 B € actually found its way into real projects, and created real value. Seems to me that also in South stream a lot of extra cash is involved, hence the bitter fight for the dough.
I am waiting for Mr. Lavrov to declare, that Russia is abiding international law and not only listens to its own drums... one can still dream :)

Optimistic - 8 Jul 2014 // 08:33:04

Optimistic with the . Get your own name you fraud, none of these countries you mention will supply Bulgaria with gas or Mig 29 parts.

Optimistic. - 8 Jul 2014 // 08:23:53

Russia may have invested "almost $2bn" in BG over the past decade, but big deal - oso have Hungary and Luxembourg.

Germany, Cyprus, Greece and the UK have each invested around $3.5bn during the same period. Austria has invested $10bn and Netherlands more than $12bn in the last decade.

So whilst Russia has been awash with money they have chosen to invest at the same level as Hungary in their Slavic brothers during their time of need.........

Optimistic - 7 Jul 2014 // 23:16:21

Yes Yane, you are right.

Yane - 7 Jul 2014 // 23:11:33

That's wrong, the senators didn't bring zero, they brought intimidation, threats of various kinds, basically the #1 US export these days.

Optimistic - 7 Jul 2014 // 22:50:17

Lavrov your points are well made Russia is important economically to Bulgaria.

When the 3 American Senators came to Bulgaria a few months ago, they brought zero, and said Bulgaria should spend a lot of money on US weapons especially expensive fighter jets.

They want Bulgaria to pay to fight in Americas wars.

Do you Russians want to buy some Bulgarian banks, you would get a good price right now.

Southstream get it onstream again fuck the EU who blocked it on US orders.

Any chance of some spare parts for some Mig 29s, we have spent the last few months chasing Russian planes around the Black Sea and we need some spares please.

Yane - 7 Jul 2014 // 22:33:15

2 B is nothing...need huge increase!

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