Bulgaria has the potential to become the most attractive country on the Balkans for conducting business, according to the U.S. Ambassador to Sofia Nancy McEldowney.

McEldowney spoke on Wednesday during a business luncheon organized by the American Chamber of Commerce in Bulgaria. The luncheon was held at the Sheraton Sofia Hotel Balkan.

The Ambassador, however, said that the Bulgarian Cabinet must undertake urgent measures to deal with the global financial crisis, despite numerous statements of local economists and politicians that Bulgaria would not suffer the effects of the crisis on the scale of other countries due to the level of development of the economy.

McEldowney pointed out that the U.S. were currently making significant efforts to fight the crisis, but the rest of the world should also establish more aggressive policies, adding that President-elect Barack Obama faced more difficulties than any of his predecessors.

The Ambassador defined three main strategies that would make Bulgaria the most attractive country on the Balkans for doing business - drawing more foreign investors, improving the economy and successfully dealing with corruption and organized crime.

"In order for my vision for Bulgaria to become reality there is a need of something more than just foreign investments; the economy must improve. There is, however, a third element - to put an end to corruption and organized crime. And I am not just talking about plans, work groups and public discussions; I am talking about real action. The oligarchs who behave like they are above the law, must be put behind bars," the Ambassador stated.

McEldowney concluded that she hoped to see Bulgaria well on its way to reforms - with an economy based on knowledge, with a public policy to generate new ideas, capabilities and decisions.

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