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Stamen Yanev presented investment opportunities at meeting with British companies from the City of London Corporation

April 19, 2016

 

"In 2015, we achieved successes that strengthen the position of Bulgaria as a promising and preferred investment destination, especially in high-tech sectors such as business process outsourcing and automotive." That said Bojidar Lukarski, Minister of Economy, at a meeting with Jeremy Brown, Special Representative of the City of London Corporation. The corporation unites British and international banking, financial, investment, legal, accounting and consulting firms and organizations operating in the financial heart of Britain. The meeting was also attended by leading companies, members of the Corporation in the field of information technology, energy, financial services, infrastructure, including British Petroleum, Konica Minolta, Ernst and Young, Barclays Bank, the largest consulting and engineering company in infrastructure projects in the UK Rendel and leading consulting and research firms in investment intermediation - Elmhurst Solutions, Dentons UKMEA LLP, Oxford Intelligence and FSEE.

"Trade-economic cooperation with the United Kingdom creates the potential for attracting new investments and increased trade," said Minister Lukarski during the meeting. He described the outlook for Bulgaria as good, given achieved in 2015 successes. "The priority of the Bulgarian government is maintaining economic and financial stability and taking proactive measures to achieve sustainable economic growth. These efforts give visible results and in 2015 the country achieved a growth of 3% of GDP, far exceeding initial forecasts and above the EU average", said the Minister of Economy. At the same time the amount of attracted foreign investment marks 6-year high, reaching 1.593 bln. euro, unemployment in the fourth quarter of 2015 decreased to 7.9% and exports grew by 5.2% yoy, becoming the main driving force for the growth last year.

As a priority for investments minister Lukarski pointed out high-tech industries that create high added value. He said these industries are electronics, information technology, outsourcing, chemical and pharmaceutical industry, machine building, transport and logistics, food industry, agriculture and health. To stimulate investment processes the minister stressed that the team of the Ministry of Economy is working on amendments to the Investment Promotion Act, through which to provide individual packages of investment incentives that meet the specific needs of each investor. Mr. Stamen Yanev, Executive Director of InvestBulgaria Agency, presented opportunities for British companies. Minister Lukarski described the role of industrial zones as crucial, that are developed through the "National Company Industrial Zones" and the first science and technology park in Bulgaria Sofia Tech Park, whose ambition is to become a catalyst for innovative processes in the country.

In 2015 the export of Bulgarian goods to the United Kingdom grew by 19.9% and the UK occupies eighth place among our major partners in exports. Imports also grew by 8.4%, which ranks the UK in 18th place among our partners in imports.