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President in Riga: Bulgaria must use international initiatives and instruments much more effectively to establish itself on Europe's investment map

Rumen Radev participates in the seventh summit of the Three Seas Initiative in Latvia

Bulgaria should use international initiatives and instruments much more effectively in order to become more visible, gain credibility and establish itself on Europe's investment map. This is what President Rumen Radev told journalists today in Riga, where he participated in the seventh summit of the Three Seas Initiative.

The Head of State stressed that because of hard work, the Investment Fund within the framework of the Three Seas Initiative made its first major direct investment in Bulgaria, acquiring a significant stake in Port Burgas. The investment exceeds several times Bulgaria's contribution to the Investment Fund of EUR 20 million. This investment has an important role to play in promoting connectivity and the economic development of the entire region, the President said.

In the Head of State's words, Burgas is the closest European Union port to the Bosporus and plays an important role in connectivity with the Middle East and Asia. This investment is the result of in-depth analyses by independent external financial institutions and it increases Bulgaria's credibility and visibility, and better positions it as an investment destination, Rumen Radev further said.

The presidential panel was attended by Heads of State and high-ranking representatives of all 12 participating countries, as well as by representatives of the strategic partners: the Vice-President of the European Commission, Valdis Dombrovskis, the President of the Federal Republic of Germany, Frank-Walter Steinmeier and, on the US side, the CEO of the International Development Finance Corporation, Scott Nathan.

Olena Kondaratiuk, Deputy Speaker of the Verkhovna Rada of Ukraine was also invited to attend. Ukrainian President Volodymyr Zelenskyy delivered a video address at the start of the summit. US Secretary of State Anthony Blinken, Japanese Foreign Minister Yoshimasa Hayashi and UK Secretary of State Mary Elizabeth Truss also gave video addresses at the start of the session.

In his speech, Head of State Rumen Radev stressed that the more developed and connected the economies of the participants in the initiative are, the faster the social and economic consequences of the war in Ukraine will be overcome and the process of the country's integration into the projects under the initiative, as well as the country's recovery from hostilities, will be accelerated.

In the framework of the Forum, the Heads of State and high-level leaders of the Three Seas Initiative participants, the Republic of Latvia, the Republic of Slovenia, Romania, the Republic of Poland, the Republic of Austria, the Republic of Lithuania, the Republic of Estonia, Hungary, the Czech Republic, the Republic of Croatia and the Slovak Republic adopted a Joint Declaration. The document expresses common concern about the deteriorated security and economic environment following the Russian invasion of Ukraine and calls for a cessation of hostilities. The declaration underlines the growing importance of connectivity in the EU along the North-South axis and the important role of the Three Seas Initiative as an instrument promoting cohesion in Europe. The document also points to the potential of the initiative and its instruments to integrate Eastern Partnership countries and the Western Balkans. It also expresses support for starting the process of Ukraine's accession to the Three Seas Initiative.

In Riga, President Rumen Radev also took part in a high-level discussion within the framework of the business forum accompanying the summit, which discussed the prospects for deepening connectivity in Europe in the context of the deteriorated security environment and the severe consequences for the region resulting from the war in Ukraine.