Bulgaria Eyes BGN 1.3 Billion Boost Annually with Schengen Accession

Business | July 8, 2024, Monday // 14:41
Bulgaria: Bulgaria Eyes BGN 1.3 Billion Boost Annually with Schengen Accession

Minister of Economy Petko Nikolov highlighted the potential economic benefits of Bulgaria's full accession to the Schengen Area, estimating it could generate up to BGN 1.3 billion annually, as reported by the Bulgarian National Radio (BNR). Speaking at an event related to Hungary's EU presidency priorities, Nikolov expressed gratitude for Hungary's focus on facilitating Bulgaria and Romania's complete integration into Schengen. He emphasized that removing current land border restrictions would enhance economic exchanges and reduce carbon emissions.

Acknowledging the advantages, Minister Nikolov underscored the streamlined transportation and reduced delivery delays Bulgarian companies would experience within the borderless Schengen zone. He emphasized that these benefits are just one aspect of Bulgaria's potential full membership without border checks.

Minister Nikolov quantified the direct and potential economic gains from eliminating land border controls at approximately BGN 1.3 billion per year. He also highlighted the ecological benefits, estimating a potential reduction in carbon emissions worth about BGN 7.5 million annually.

Participating in a conference marking the start of Hungary's six-month EU presidency, Minister Nikolov viewed Hungary's emphasis on cohesion policy, combating illegal migration, and bolstering European security as crucial priorities. Ambassador Miklos Borosh emphasized these aspects, underlining their significance for fostering European unity and security.

In conclusion, Minister Nikolov's remarks underscored Bulgaria's optimism regarding the economic and environmental benefits of full Schengen membership, reflecting on the potential for enhanced trade, reduced carbon footprint, and strengthened European cooperation under Hungary's EU presidency.

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Tags: Nikolov, Schengen, Bulgaria, Hungary

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