site.btaInnovation and Growth Minister Issues BGN 85 Mln Investment Certificate for Electric Bikes Producer

Innovation and Growth Minister Daniel Lorer issued a Class A investment certificate to Bulgarian-Austrian bicycle manufacturer Pierer & Maxcom Mobility for their project aiming to design and build electric bicycles near the city of Plovdiv, Southern Bulgaria, Lorer's Ministry reported Friday. The company is planning to invest BGN 85 million and open 1,000 workplaces in order to build a factory for electric bikes and other two-wheeled vehicles.

This investment is expected to make this country a top European producer of such vehicles, Lorer said, adding that the government supports export-oriented industries such as the bicycle industry. "Bulgarian export was at a record high in March. Just this month, Bulgarian exported goods were worth over BGN 8 billion, meaning that Bulgarian companies have been able to sell abroad more goods at higher prices."

The Minister said that three Class A and two Class B investment certificates have been issued over the previous two months, for projects worth BGN 115.43 million. The five projects will create 1,170 jobs. Four of the projects will be developed outside the capital city, and two of them will operate in places with unemployment that is higher than the national average.

Lorer quoted preliminary data from the central bank, according to which foreign direct investments in January and February of this year were worth EUR 408.1 million, or twice as much as in the same period in 2021.