"Our top priority is to position Bulgaria back in the focus of American investors in special priority sectors, because for years Bulgaria has been overlooked due to a number of reasons. It is extremely important that we send a clear message that, despite the current political instability, Bulgaria can offer resources that are key to American companies and access to the vast EU market. Of course, we should follow our investment priorities and they are to attract new investments in sectors with high added value," said in an interview to BTA InvestBulgaria Agency CEO Bogdan Bogdanov.
The InvestBulgaria Agency is organizing two international forums in the US within a project for establishing Bulgaria as a successful investment destination under the Operational Programme Innovations and Competitiveness 2014-2020. The forums will be in the form of a roadshow, organized together with AmCham Bulgaria and are supported by Bulgarian entrepreneurs, accelerators, representatives of the startup ecosystem, experts on EU grants and representatives of the local authorities. The first conference took place in Sunnyvale (near San Francisco), California and focused on the IT industry and startup companies. The forum was held in the world's largest accelerator Plug and Play. The second location is in Portland, Oregon and will focus on the Electronics and Information Technology sectors.
Bogdanov said the US is a market which should be prioritized due to the fact that more American companies are looking for alternative locations to develop their business in Europe in view of the worsened geopolitical situation. There is demand for locations that can service their clients in Europe and have access to key employees and know-how, as well as locations where there is the necessary expertise on EU law. Currently Bulgaria is positioning itself successfully in the region of Eastern Europe and there is greater interest by IT companies, added Bogdanov.
During the upcoming roadshow Bulgaria will focus on attracting investors from the IT sector and the outsourcing, machine building, energy, and electronics.
Bogdanov said that in the coming months it is expected some US projects in the IT industry to be implemented but he could not commit to a certain time frame.
In the field of energy there are no projects which are at an advanced stage, said Bogdanov. There are preliminary talks for supply of equipment in the energy sector in several fields. American companies are showing interest in the projects under the National Recovery and Resilience Plan and their possible development in the next three years, said Bogdanov. He said that these projects are related not only to the delivery of equipment to Bulgaria, but the organization of local production for Europe. Bogdanov said that Bulgaria should request that the equipment is manufactured locally.
He spoke of an upcoming meeting with US companies in sectors related to the circular economy, recycling equipment and electricity generation from alternative sources. "However, the meetings are being prepared and we cannot confirm about a stated interest and concrete plans on behalf of the companies," said Bogdanov.
Commenting the investment process in Bulgaria in 2023 outside the interest of American companies, the InvestBulgaria Agency head said the currently several larger investments are expected to be implemented in Bulgaria by June 2023, mainly industrial plants. The IT sector is also expected to grow but not at the rate that was observed this year. "To sum it up, direct foreign investments will slow down due to the economic situation and the high prices of lending, which will make companies more cautious about their investment plans in 2023," said Bogdanov. "However, we will continue the marketing efforts to improve Bulgaria's image before foreign and local investors," said Bogdanov.
/PP/
news.modal.text
Nothing available