site.btaUPDATED Innovation Minister, Deputy Economy Minister Take Part in German-Bulgarian Economic Forum

During his address at the German-Bulgarian Economic Forum, Minister of Innovation and Growth Alexander Pulev said that Bulgaria values German investment because it promotes the real economy and ensures sustainable growth. The Tuesday meeting was the final event within the framework of the annual theme of the German-Bulgarian Chamber of Industry and Commerce for 2022, entitled "Sustainable Economic Growth".

Minister Pulev recalled the Chamber's latest survey for this year, which indicated that most German companies would choose to invest in Bulgaria again, pointing out that this is recognition for the country, but also for the state's responsibility to improve business conditions in the country.

Germany is a valuable and leading foreign trade partner of Bulgaria, and in 2021 the exchange of goods between the two countries amounted to nearly EUR 10 billion, the Minister also pointed out. German companies are also among the largest investors in Bulgaria and over 5,000 German companies do business in the country.

Creating conditions for sustainable economic growth is the main priority of the Ministry of Economy and Industry, Deputy Minister of Economy Dimitar Danchev stated during the forum, noting that one of the most important tasks before the ministry is the improvement of the business environment in Bulgaria, and that work is being done to promote growth, to achieve a better macroeconomic and investment climate.

The Deputy Minister said that there is currently significant interest in investments from German companies in Bulgaria. "We are working on projects for over BGN 200 million," he added. Danchev made a comparison with 2021, when investments from Germany were around BGN 500 million.

He pointed out that German companies are reliable investors for this country because they are committed to the long term. The total value of direct investments from Germany as of January 1 this year is over EUR 3.8 billion, or about 30% of the hundred largest investors in Bulgaria, added the Deputy Minister.

Danchev recalled that his ministry is developing a new model for the development and management of industrial parks, preparing regulatory changes to stimulate smaller investments, but with higher added value. The goal is to provide an economic alternative to small settlements.

The coronavirus pandemic and the Russian war in Ukraine have further reinforced the importance of sustainability as a theme, said Tim Kurth, President of the German-Bulgarian Chamber of Industry and Commerce, in his video address to the participants of the German-Bulgarian Economic Forum.

Kurth noted that the Chamber has chosen the annual theme of sustainable economic growth and is working on it with partner organizations and institutions in Bulgaria. Ten companies: BASF, DQS Bulgaria, Siemens, Schenker, Nasekomo, Fraport Twin Star Airport Management Bulgaria, FESTO Production, LIDL Bulgaria, Kaufland Bulgaria, INTRAMA, have joined the Chamber to focus on the annual theme.