NEWS

President Rumen Radev in Vienna: Bulgarian Business Has Withstood the Crisis and Offers Good Opportunities for Mutually Beneficial Partnerships

Bulgarian business has managed to cope with a number of challenges in the crisis and today offers good opportunities for mutually beneficial partnerships. Austria is the second largest real investor in the Bulgarian economy and we value not only the financial dimensions of the investments, but also the experience in management, production and building new models of business-society relations, which are an added value in our partnership. This is what President Rumen Radev said, at a round table organised by the Austrian Chamber of Commerce (WKÖ) in Vienna. The forum was attended by representatives of Bulgarian and Austrian businesses in the energy, banking, automotive and high-tech sectors.

The head of state stressed to the business representatives that the achieved predictability in the energy sector in Bulgaria was due to the increased security of supply of energy resources and low electricity prices. The President highlighted the agreements Bulgaria had reached in recent months with Greece and Turkey for access to their liquefied gas terminals and gas transmission networks, which provides real energy diversification and is a solid basis for promoting business competitiveness. This country is also part of a growing number of international corridors for the transport of energy resources to Europe, including under Bulgaria's initiative as the "Solidarity Ring" to increase natural gas supplies from Azerbaijan.  

The green transition is an extremely important goal for the EU, but it should not be achieved at the expense of a hasty closure of base capacities, loss of competitiveness and economic opportunities, price hikes and a heavy cost for European economies and our societies, the head of state stressed.

Rumen Radev highlighted high-tech cooperation in the financial and banking sectors as a particularly promising area of cooperation with Austria. Specialised software developed by Bulgarian companies is used by leading banks in Africa, while European banks are establishing their management centres in this country, the President said.

Rumen Radev noted the stable development of the automotive sector in this country, which is among the leading suppliers of components for the automotive industry in Europe, including in the field of software. Bulgaria has over 350 companies in this sphere, which employ about 75,000 workers. The highest recognition of what Bulgaria has achieved is that more and more automotive companies are opening their research and development centres in Bulgaria, which is a good opportunity for our engineers and companies, the President further emphasised.

Rumen Radev also pointed to the stable performance of the Bulgarian economy, the economic growth of 3.4% for 2022, the low ratio of foreign debt to gross domestic product, the significant growth of industrial production and exports, as well as the skilled workforce as the competitive advantages of this country in Europe.

Radev is visiting Austria at the invitation of Federal Chancellor Karl Nehammer and the two are due to hold a meeting in Vienna later today.