site.btaNorthwest Bulgaria Expects Biggest One-time Investment in Bulgaria’s Economic History

German company Profine Energy GMBH is at an advanced stage of making a decision to invest in Bulgaria, it transpired from a meeting between caretaker Economy Minister Nikola Stoyanov and the company’s management, the Economy Ministry reported here on Monday. A memorandum is to be drafted, in which Profine Energy will declare in writing their interest in investing over EUR 1 billion in Northwest Bulgaria. This would be the biggest one-time investment ever made in the history of Bulgaria’s economy, the Ministry said.

Profine Energy GMBH is a joint company of Profine Group and Wirth Group, Germany. The two companies have investment interests in electricity production from renewable energy sources. A daughter company is currently being established under Bulgarian law with the goal of developing and utilizing photovoltaics in Bulgaria, the company’s representatives said.

The seriousness of the investment intention was confirmed personally by Profine Group CEO Peter Mrosik and Markus Wirth of Wirth Group.

“You can count on the State’s full support in accelerating the administrative procedures,” Stoyanov said. He also outlined the opportunities for measures aimed at encouraging investments. “I know you’re already in touch with many German companies that have chosen Bulgaria. I am sure that you’ll find out from them that German businesses feel good in our country and a number of companies are planning expansions,” Stoyanov said.

Bulgaria’s Northwest region is the poorest in the country. According to national statistics, the GDP per capita there stood at BGN 11,327 in 2020, which is the lowest in Bulgaria. The highest GDP per capita in Bulgaria was reported in the Southwest – BGN 29,022.