The security of energy supply remains a key factor for guaranteeing economic growth and competitiveness in Europe, according to Bulgarian Economy Minister Dragomir Stoynev.

Stoynev took part in the Second European Ministerial Conference of the Friends of Industry held Thursday in Rome.

Stoynev participated in a panel titled "Energy – an instrument for growth and development," according to the press office of Bulgaria's government.

"Projects like the South Stream gas pipeline are important for guaranteeing the security of gas supplies to southeastern Europe," Stoynev was quoted as saying, adding that the construction of the gas pipeline would stimulate economic growth by creating thousands of jobs and opportunities for development in the region.

Stoynev drew attention to the risk of delocalization of Europe's industry after the adoption of a set of new proposals of the European Commission under the 2030 framework on climate and energy.

Bulgaria's Economy and Energy Minister emphasized that EU Member States had to be given the opportunity to determine their energy mix on their own, thereby ensuring energy at affordable prices and secure supplies.

He argued that the step would also ensure the competitiveness of European producers.

Stoynev argued that one of the instruments for achieving this goal was the creation of a single energy market in the EU, stressing that its completion and functioning depended on the construction of the necessary energy infrastructure, which made the timely completion of joint projects a primary concern.

He was also adamant that the support schemes for renewable energy sources had to be reconsidered because they triggered increases in electricity prices in their current form.

Stoynev said that the construction of new power lines and the improvement of the condition of national electricity transmission systems had to be treated as a priority in a bid to curb transmission and distribution losses.

He went on to propose that Bulgaria host the next plenary sitting of the ministerial conference.

The first Ministerial Conference of the Friends of Industry was held in October 2013 in France at the initiative of Industrial Recovery Minister Arnaud Montebourg.

Bulgaria's Economy and Energy Ministry is a co-founder of the Friends of Industry group, alongside ten EU countries, including France, UK and Italy.