site.btaInvestment Map Based on Domestic Raw Materials to Aid in Bulgaria's Reindustrialization

Bulgaria has large amounts of underground resources, which are currently being used entirely for export, and these are lost benefits for the Bulgarian economy, said the caretaker Minister of Economy and Industry, Nikola Stoyanov. For this reason, the Minister and the leadership of the Bulgarian Chamber of Mining and Geology (BCMG) agreed to start work on an investment map for the reindustrialization of Bulgaria, which will be based on the raw materials mined in the country, the Economy and Industry Ministry said here on Friday.

The BCMG will provide up-to-date data for the preparation of the investment map, which will contain the possibilities for specific productions by regions in the country, determined on the basis of the existing raw materials. The data will be presented to the economic advisers in the Bulgarian Commercial and Economic Sections (CES) who will present it to foreign businesses. The key enterprises in every sector of the world using raw materials that can be mined in Bulgaria will be identified and the investment opportunities in Bulgaria will be presented to them.

Minister Stoyanov argued that Bulgaria should stop being a donor of raw materials for developed economies and invest in using its own resources. He explained that, on the one hand, this will reduce the transport costs of the companies, and on the other hand, the added value from this industry will remain in Bulgaria.

Participants in the meeting pointed out that this is a historic moment when a number of European manufacturing companies are facing serious difficulties and are looking for new locations. Thanks to the secured energy supplies, Bulgaria is becoming a very attractive destination for investments. Now is the time to actively present all of its's strengths, with businesses, the state and the municipalities working together in as close cooperation as possible.  

The mineral industry is the basis for all other industries: metallurgy, mechanical engineering, chemical industry, energy, glass and porcelain industry, construction, electrical engineering, electronics, equipment manufacturing, and many others. Three-quarters of the objects that surround us are made from mined raw materials, a quarter of them are made with tools made from such raw materials. Forty per cent of the electricity in the country is produced on the basis of mineral raw materials (solid fuels).

The mineral and raw materials industry is of strategic importance for the Bulgarian economy and forms 5% of the country's GDP, and this is one of the best developing sectors in recent years, the BCMG pointed out. Bulgaria is among the countries in the European Union with long-standing traditions and experience in the development of its mining industry.