“We have shown that in these difficult times it is possible to make the right decisions that lead to good results,” President Rosen Plevneliev told City of London financial institutions executives at a meeting today in London. Amid circumstances of the severe financial constraints that affected the whole of Europe, Bulgaria has avoided the accumulation of new debt and has the second lowest debt in the EU, the President emphasised. This means that the next generation will be able to safely plan their priorities without new debt to pay, he said.
President Plevneliev said that for Bulgaria, the issue is not whether, but how fast you move forward. He said that the country was reforming its pension system and public administration and reform had started in the water sector. There are still problems in the judicial system, but we are working hard to overcome them, he said.
He told the representatives of City financial institutions that Bulgaria offers excellent opportunities for business positioning in South Eastern Europe. Development and improvement of infrastructure are continuing, while there are major opportunities for the concession of ports and airports.
The President said that there is huge potential for investment in the energy field. Diversification of energy supply remains a big issue for Bulgaria. “We do not want to be dependent only on one pipeline,” the President said, adding that investments in energy efficiency create opportunities for the promotion of small and medium business in Bulgaria. The President also presented the advantages to investors that Bulgaria offers through its new law on public-private partnership. In the water sector alone, the coming years are expected to see investment reach between 10 billion and 12 billion leva, President Plevneliev said.
The President told the City of London representatives that Bulgaria's macroeconomic picture looks “perfect” - the parameters of the budget deficit are very good and Bulgaria has been able to maintain economic growth. However, it is essential to have more investment to boost labour productivity in sectors with high added value. Participants in the business meeting expressed interest in the privatization of Bulgarian Energy Holding and the Port of Varna as well as government measures to promote SMEs.
The meeting was organized by the Lord Mayor of the City of London, David Wootton, and participants included the British Ambassador in Bulgaria Jonathan Allen, representatives of the City of London Corporation, Morgan Stanley International, Deloitte, JP Morgan, EC Financial Associates, British Petroleum, Skandinaviska Enskilda Banken, Bank of Tokyo Mitsubishi UFJ and others. President Plevneliev received congratulations on the Bulgarian volleyball players’ victory over Germany late last night and on getting into the semifinals of the Olympic Games in London.
The President’s programme today includes a visit to the Tech City UK information technology cluster and a meeting with Bulgarians working in the City of London.