site.btaRussia's Worsening Economic Situation Expected to Trigger Migrant Influx

The deteriorating economic situation in Russia is feared to cause an influx of economic migrants from the country, Bulgaria's Innovation and Growth Minister Daniel Lorer said on Saturday, interviewed for the morning talk show of bTV. "The first migrants will be those who are best off and want to live in democracy and freedom. These people want to get out of Russia," Lorer said.

He recalled that a seminar was held earlier in the week to encourage companies which have staff members in Russia to bring them to Bulgaria. "If Bulgaria does its job well, if it creates a mechanism to receive skilled workers from Russia and Belarus, we will be able to have several thousand skilled Russians in Bulgaria in the coming months," the minister argued.

According to Lorer, Bulgaria has provided very humane treatment to Ukrainian refugees. Alone among the EU member states, Bulgaria accommodated the refugees at hotels. "In the other countries, they were accommodated at tents, bungalows, or apartments scattered around the cities. About 4,000 refugees from Ukraine have already found jobs in Bulgaria," he said.

Discussing Sofia's expected accession to the Eurozone, Lorer noted that the euro has long been a reality in Bulgaria. The country has not had its own monetary policy for many years, ever since a currency peg was introduced. "We determine neither the interest rates nor the money supply. We are practically in the euro area. We do not have a floating exchange rate, de facto all our prices are in euro, so Bulgaria will not lose any sovereignty. Bulgaria certainly stands a chance of joining the Eurozone," he said.

"Bulgaria has been attractive as an investment destination with its cheap labour, cheap land and cheap electricity, but now it should become a destination of smart labour and green energy," Lorer said.