Bulgaria Lags Behind in Attracting Foreign Investment - Industry Group

Business | January 24, 2017, Tuesday // 10:01
Bulgaria: Bulgaria Lags Behind in Attracting Foreign Investment - Industry Group File photo, BGNES

The Bulgarian Industrial Association (BIA) has warned the country ranks last in the size of foreign investment drawn by EU member states.

In an interview with public radio BNR, BIA Chairman Bozhidar Danev has added investment into the country is "mainly based on public money and EU funds."

"If we want to have a 21st century economy, we need to rely first and foremost on new serious investment," he has argued, pointing to the need to invest not only in business projects but also in education.

His words follow a dispute between Bulgaria's central bank and the state-run investment promotion agency over whether there was a drastic drop in the value of foreign direct investment last year.

Danev has expressed cautious optimism about the upcoming interim government.

"Every change of power is accompanied by hope," he has said, suggesting that under conditions of increased antagonism between the main parties and the likelihood of political crises after the snap election in the spring, President Rumen Radev's caretaker administration may have to remain in office for months.

"The most important thing if the interim government continues working [for a long time]: We are all convinced in the serious corruption ties between political elites and businesses. It may become easier to identify some of these corruption ties, due to the fact that new people will come [to politics] and some will lose their power after leaving Parliament."

"The caretaker cabinet might help for a fair and competitive economy resting on market principles."

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Tags: investment, Rumen Radev, Bozhidar Danev, Bulgarian Industrial Association, BIA
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