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President Radev: Bilateral Investment Partnership and Technology Transfer Are the Key Element of the Strategic Cooperation between Bulgaria and the US

The Head of State receives representatives of leading American companies, at which the ambition of the business to invest in Bulgaria was highlighted

Bilateral partnership in investment and technology transfer is the key element of the strategic cooperation between Bulgaria and the US. This is what President Rumen Radev said at a meeting with representatives of leading American companies.  The US Ambassador to Bulgaria, H. E. Kenneth Merten, also participated in the meeting. The Head of State stressed that in economic terms this country offers a number of advantages - geographical location, business conditions, human potential and prospects against the backdrop of dynamic regional and global political and economic processes.

Radev noted that during his first talks with Ambassador Merten upon his arrival in Bulgaria, priority was given to the economic and investment cooperation between Bulgaria and the United States. The President praised the business delegation led by Eric Stewart, President & Founder of American-Central European Business Association (ACEBA), for the opportunity to discuss the prospects for the development of business projects and initiatives in a number of important areas.

This country provides opportunities for growth and sustainability, for leadership in innovative projects and solutions, Rumen Radev said and highlighted the proven potential of Bulgaria's young people in mathematics, physics, applied sciences, linguistics. It is thanks to this potential that this country has managed to develop innovative and technological industries and those with high benefit, such as information technology, robotics, electronics, autonomous systems, mechanical engineering, defence industry, pharmaceuticals, fintech, as well as organic farming. Rumen Radev gave the example of the rapid development of the automotive sector in Bulgaria, which had led to the presence of Bulgarian components in almost every car manufactured in Europe. We have also created the country's first economic zone for the strategic development of electric mobility, suitable for clean and green production to meet the highest standards of foreign investors.

The Head of State also highlighted as Bulgaria's advantage the fact that, with an active policy, this country had managed to establish itself as an energy hub in the region, contributing to the diversification of supplies to partners and allies, providing security with the production and export of electricity and fuels and developing nuclear energy and renewable energy. Contributing to the competitiveness of the economy are the commissioning of the interconnector with Greece, the expected completion this month of the interconnector with Serbia, the secured access to the liquefied natural gas terminals of Greece and Turkey, the Solidarity ring initiative for increased natural gas transmission from Azerbaijan to Europe, the work on the oil pipeline projects from Greece to Bulgaria and on the Aegean-Black Sea multimodal transport corridor.  We also have significant potential for the development of green technologies and energy storage, the head of state said.

Apart from this country's macroeconomic and fiscal advantages, the President pointed to the prospects for investment in major infrastructure projects and the development of transport, energy and digital connectivity, which stem not only from this country's crossroads position between Europe and Asia, but also from the reorientation of global supply chains following the pandemic and the blockage of the Northern Transport Corridor in the wake of Russian Federation's war on Ukraine.

Ambassador Kenneth Merten expressed his satisfaction at hosting the delegation of 15 leading American companies to explore opportunities for bilateral trade and investment. "I’m delighted to host 15 leading American companies in Bulgaria this week to explore opportunities for trade and investment. Many of these companies are already successfully doing business in Bulgaria and are interested in expanding their business here while other firms are exploring market-entry opportunities.  We are committed to helping grow our bilateral commercial partnership to ensure a healthier, more secure, and prosperous Bulgaria," Ambassador Merten said adding that it is in the interest of the United States for Bulgaria to be strong and prosperous.

Eric Stewart, President & Founder of American-Central European Business Association (ACEBA), expressed the ambition of the business community to invest in Bulgaria and develop new opportunities. He pointed out that companies in the organisation have long been interested in visiting Bulgaria and outlined the strong human potential of Bulgaria.