NEWS

Rosen Plevneliev: Institutions should be a platform for business

On the second day of his visit to the US, the President met in Seattle with a number of representatives of American business

In times of crisis, everyone in the world talks about growth, about cuts in public spending, but growth cannot be achieved without hard work and structural reform, and Bulgaria does just that. This was President Rosen Plevneliev’s message to representatives of American business, at a breakfast meeting in Seattle on the theme of “The US and Bulgaria: Building bridges through business”. The President told the American business people of Bulgaria’s financial stability, low debt, high potential for development and legislative changes to facilitate foreign investors.

In the past 10 years in Bulgaria, more than $30 billion has been invested, but many of these investments are not productive. But this is about to change, President Plevneliev said. Foreign investors will be attracted by streamlined procedures and “one stop shop” institutional services. This will come later in 2012 with amendments to the Investment Promotion Act, the President said. It was clear that business problems must be solved in one place, and investors should be able to start a business without it being as time-consuming as it is now. Speaking to the media in Seattle, President Plevneliev said that changes to legislation would also allow funding with revenue from concession fees. However, this condition would be focused on investment in high technology and innovation.

The President emphasised that Bulgaria was a good place for doing business. Bulgaria's membership in the EU has led to many positive changes, but in 2020, through innovation, an employment rate of 75 per cent and three per cent GDP growth rate should be achieved. Bulgaria can successfully reach the EU targets to combat climate change by reducing greenhouse gas emissions by 20 per cent by 2020, dramatically improving energy efficiency and increasing investment in education. Bulgaria is working on its national development plan to 2020, which will be in line with these objectives and which will be devised in a very transparent way along with clear benchmarks for progress on the objectives, the President said. Together with the European Commission, an effort will be made for these priorities to be financed by EU structural instruments, as well as from national co-financing. "You can make your plans calmly, because Bulgaria has a long-term vision and irrespective of the affiliation and the party of politicians, we will work on this long-term vision,” the President told the American business people.

At a roundtable with representatives of the US IT sector in Seattle, President Plevneliev urged them to become partners in the Sofia Tech Park project. It will focus the services of state institutions, businesses, universities and NGOs to create a new platform for innovation, he said. The President expressed confidence that the implementation of the high-tech park would attract both large and small companies. The project is funded with 100 million leva from the Competitiveness Operation Programme and the next programming period provides for a further 200 million leva. A Museum of Science and Technology will be founded at the park, President Plevneliev said.

The Head of State will meet representatives of the Bulgarian business community in Seattle, after which the President will travel to San Jose.