Bulgaria Focuses on Attracting New Foreign Direct Investment
After introducing several measures which simplified the company registration process, the Bulgarian Government is now focusing on attracting foreign investments in several sectors. The best news is that several countries in Europe have already announced their interests in participating in the Government’s programs. Our Bulgarian lawyers can offer information on the current legislation on foreign direct investments (FDI).
What are the industries Bulgaria wants to focus on?
Foreign investments play a vital role in the economic development of countries like Bulgaria and Romania which are constantly trying to attract potential investors. The Bulgarian Government has recently identified seven sectors which could benefit from foreign investments. These are:
- - computer and communication technology;
- - machines and equipment;
- - electrical equipment;
- - chemical products;
- - rubber products;
- - plastic products;
- - food products.
The Government seeks to attract foreign companies in the high-quality sectors in Bulgaria. Also, these companies would have to invest according to regional policies imposed by the EU. Bulgaria also wants to become a bridge between the East and the West in terms or imports and re-exports, or just exports.
While the southern part of the country would be dedicated to the technological sectors, because these industries are more developed here, the northern part of Bulgaria is more focused on non-technological sectors.
What are the countries interested in investing in Bulgaria?
Several countries are interested in making foreign direct investments in Bulgaria. Among these, 12 are European countries. According to officials, Germany, France, the United Kingdom, Denmark, Italy, Belgium, Austria, Norway, Switzerland, the Netherlands, Belgium and Ireland have announced their intentions to invest here. Companies in the US, China, Japan, Russia, Singapore, Israel, Turkey, Kuwait and Qatar have also shown great interest in setting up companies here.
A special emphasis was put on the recent Brexit referendum, as according to the Government several companies have announced their intentions to relocate to Bulgaria pursuant the vote’s results.
If you want to open a company in this country and need assistance, you can contact our law firm in Bulgaria.