Head of State: Family businesses are the backbone of economies the world over and can contribute to their recovery from crises
2022-06-09 21:25:00
President Rumen Radev was a guest at the FBN 16th NxG International Summit
Family businesses are the backbone of economies around the world and can contribute to their recovery from crises. This is what President Radev said at the FBN 16th NxG International Summit. FBN unites members in over 60 countries on five continents. The event, which is held every year on a different continent, brings together nearly 150 young people from 28 countries, heirs of some of the most successful family businesses in the world. The aim of the forum is to discuss the problems, challenges and expectations they face in running their family business. After a two-year postponement due to the pandemic, this year the meeting is being held in Bulgaria for the first time, hosted by FBN Next Generation Bulgaria, which has 57 family businesses as members.
In Bulgaria, small family businesses, some of which have existed for more than three generations, provide jobs and generate sizeable revenues, the President said. He highlighted the special nature of family businesses, which aim to develop over generations so that the business can be passed on stronger, unlike corporate entities, which are primarily focused on financial returns in the short term. According to the head of State, governments need to support family businesses because they bring values that can contribute to dealing with today's challenges.
Decision-making in family businesses is based on shared values within the family that give an added sense of pride and form a competitive advantage, Radev stressed. The President is confident that family businesses will also be able to cope with the crises caused by the pandemic and the surge in energy prices and contribute to the recovery, sustainability and growth of economies.
The head of State updated the family business representatives on the advantages of this country as a place for investments, including its strategic geographical location, macroeconomic stability, low operating costs within the EU. If you intend to develop your family companies and open new branches abroad, Bulgaria is a very suitable place for this, Radev told the family business representatives, who had the opportunity to ask questions to the head of State and talk to him.
