site.btaInnovation Minister: Seven Automotive Projects Worth BGN 2 Bln Are in the Making

During his opening speech at Automotive & Mobility Forum Southern and Eastern Europe 2022, Innovation and Growth Minister Daniel Lorer said that the automotive industry is one of the most advanced, with highest value added. “Bulgaria can turn into an innovation centre for the industry, especially when it comes to electric cars,” the minister said at the forum, which is taking place in Sofia on Thursday and Friday.

According to Lorer, the automobile industry draws foreign investors to this country, which results in a constantly increasing number of jobs. “There is a tendency for a growing number of investors interested in opening plants and development centres here.”

The Governments is willing to promote the industry development throughout the upcoming years. Lorer suggested that this can be done through the Investment Promotion Act.

The Minister spoke about working over the last few months on seven new projects worth more than BGN 2 billion. If implemented, they have the potential to create more than 4,000 jobs. In May, a Japanese car manufacturer that already has facilities in Serbia contacted InvestBulgaria Agency to inquire about doing business here, Lorer said.

The Automotive & Mobility conference was also attended by President Rumen Radev, who said that the auto industry is the most rapidly growing industry here. “In just 10 years it reached 10-12% of the GDP. If it keeps this rate of growth, it will reach about 20%,” Radev said. According to data cited by the President, 90% of the cars made in Europe have components that were produced in Bulgaria, and 80% of the automobile sensors sold in Europe were also produced in this country.

Automotive Cluster Bulgaria CEO Lyubomir Stanislavov said that more than 350 companies work in the sector.