Bulgaria to Enable a New Economic Growth Plan
The Bulgarian Government has convened a meeting with representatives of the private sector in order to draft the concept of a new campaign meant to stabilize the economy. The “Yes! To Bulgarian Economy” program will focus on the development of five vital sectors for the country’s economy. The campaign, which was initiated last year has already met some of its objectives. Our Bulgarian law firm can provide you with information about the program initiated in 2015.
Reviving the Bulgarian economy in 5 steps
While the private sector was represented by owners of Bulgarian companies, the Government was represented by the Industrial Organization, Chamber of Commerce and Industry and the Industrial Capital Association. European experts were also invited to the meeting. The 5 main topics the meeting focused on were:
- - economic growth and stability;
- - fiscal policy;
- - energy;
- - export;
- - investment.
Based on this agenda, the economy should increase by 3% at the end of the year. The owners of large companies and governmental officials have committed to introduce new policies which will create investment possibilities. Last year’s action plan already increased foreign direct investment in Bulgaria by 22%.
The main reforms discussed at the meeting
This year’s “Yes! To Bulgarian Economy” campaign seeks to address the possibility of reducing energy export costs, so that Bulgarian companies can directly compete with other European ones. This way, neighboring countries will be able to import cheaper electricity from Bulgaria. A new strategy for the development of the mining industry was also discussed. Bulgaria also wants to enhance trading relations with China and Turkey.
In the construction sector, the Government wants to focus on building more commercial spaces, as demands are rising year after year. Also, powering up industrial zones in one of the main topics of the new campaign. The diminishing of the “public service obligation” tax on electricity was also under debate.
The Government also wants to use the 300 million euro credit offered by the Bulgarian Bank of Development to support the research and development and the innovation industries.
If you want to open a company in Bulgaria in one of the promoted industries under the “Yes! To Bulgarian Economy” campaign, do not hesitate to contact our local lawyers.