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Stamen Yanev, IBA: Better legislation for the investment climate is needed

May 25, 2015


We have an idea what should to be improved in the coming months and we will work to changes in legislation in order to to achieve better investment climate in the country. That said the Executive Director of InvestBulgaria Agency (IBA) Stamen Yanev during his visit in "Alcomet" AD.

"We are here to see best practices and to identify where are the problems. From the experience of Mr. Ince we can learn a lot and we hope this will be the basis for improving the business environment in Bulgaria", he said.

According to Yanev it is necessary to facilitate the administrative procedures. "The rule is that the administration must act predictably in order to fulfill the basic formula for a good investment climate - lower tax rate and predictability of rules," said the Executive director of IBA.

He pointed out that for the first quarter of the year is recorded increased investment by 3.5 times, compared to the same period of 2014. "In numbers, this means that for the first quarter of this year we have 318 million euro, while the investments last year are 88 million euro", said Stamen Yanev.



In "Alcomet" he was greeted by the Chairman of the Supervisory Board Fikret Ince. Then the company was presented by Petar Stanchev, Director Investor Relations, from which it became clear that the planned investment of "Alcomet" for 2015 is EUR 3 million. The company also expects to realize 68 000 tons production.

Later at a press conference, after his meeting with members of the Chamber, Yanev said that he had the opportunity to see what the business has done for the people community. "The Business meet the same problems everywhere, a large part of them are to overcome bureaucratic obstacles in relation to implementation of each investment, and as an Agency we have set a goal to reduce bureaucratic or the administrative burden", he said.

Yanev announced that in the coming months will be fact an electronic version of the application to the Agency, which enables Bulgarian and foreign investors to electronically have open hours to talk with experts from the Agency. "We have created an informal mechanism for dialogue between the institution and business and this type of meetings that are held here in this direction – find problems, work on them and offer legislative proposals," he added.

At the press conference attended the commercial counselor at the Embassy of the Republic of Turkey in Bulgaria Mr. Emrah Sazak, who stressed that works actively with InvestBulgaria Agency and that this is a good sign of improving trade and investment relations between Bulgaria and Turkey.

"With these meetings we are witnessing a first step to achieve results in business relations between the two countries. As investors, within the rights that provide us the Bulgarian government, we make efforts to be good example", Said Fikret Ince.


According to him the Bulgarian legislation on investment, compared with other European countries is at a much higher level. "We can start from a tax perspective, the positive attitude of senior administrators to investors, and the cost to make investments here because land parcels are relatively inexpensive, there are high-quality people. I am an example, and I know people who work in my factory are quality. What is necessary for an investor - first seek trust, what is here, seek a workforce that is also available, seek advantage and privileges of the legislation, which also exists, seek low cost and all that is here in our city", said Ince. He received an official invitation from the Executive director of IBA for upcoming event in Sofia, where on 28 May will gather all certified by IBA investors in Bulgaria for the past 10 years.