NEWS

President: Energy Diversification in Bulgaria Enhances Security of Energy Resources Transmission and Predictability in Business Environment

Energy diversification in Bulgaria increases security of access to energy resources and predictability in the business environment, President Rumen Radev said at a meeting today in Munich with representatives of an Austrian company specialising in the production of components for the automotive industry, which plans to open its production capacity in Bulgaria. Deputy Prime Minister for EU funds management, Atanas Pekanov, also took part in the meeting.

The head of State stressed that the agreements signed by the caretaker government with Greece and Turkiye for the launch of new energy projects, as well as for access to their liquefied natural gas terminals and gas transmission networks, create favourable conditions for ensuring relatively low natural gas prices. Together with measures to stimulate business in a crisis environment, companies are successfully managing the challenges they face. 

Bulgaria's automotive sector has grown significantly over the past years; it employs tens of thousands of highly skilled workers and accounts for a significant share of the country's gross domestic product, the head of State further said at the meeting. Rumen Radev also reminded that the accumulated engineering experience in the sector over the past decade is bearing fruit and the share of high value-added products is growing, part of which is due to the automotive software created in Bulgaria and the growth of high-tech industries.

The development of the industrial zones in Bulgaria and the EU's policy to support industrial production in Europe also favour business, Deputy Prime Minister Atanas Pekanov said at the meeting.