Minister Bogdanov: Bulgaria Is a Good Place to Establish R&D Centres

Minister Bogdanov: Bulgaria Is a Good Place to Establish R&D Centres

The Minister of Economy and Industry Bogdan Bogdanov visited the largest corn processing enterprise in Bulgaria ADM Razgrad EAD.

The Minister met with Steve Matuszak, manager of the plant in Razgrad, with whom they discussed the company’s development plans in the country, as well as upcoming investments.

Minister Bogdanov presented Bulgaria as a good place for business development and expressed his readiness for assistance and support in the implementation of the investor’s future plans.

He suggested the company to open a development centre in Bulgaria. According to him, our country has trained engineers and enough well-educated personnel and specialists.

Investment in sustainable production is among the company’s goals, Steve Matuszak pointed out. In his words, our country’s accession to Schengen will bring benefits to investors and businesses in Bulgaria.

He stressed that at this stage the management team is focused on investments in energy efficiency. The possibility of installing its own capacities is under consideration, it became clear at the meeting.

Ivan Mihaylov, CEO of the American Chamber of Commerce in Bulgaria, and Kiril Valchev, Director General of the Bulgarian News Agency (BTA), also participated in the meeting.

During the talks it became clear that the company employs over 380 people, mostly from Razgrad and the Ludogorie region. The last investment in the expansion, which doubled the capacity of the plant, was completed in 2021 and is worth nearly USD 200 million. The company is a leader in the production of sweeteners from corn in Southeast Europe. The main markets of ADM Razgrad EAD are in the Balkans, but also all over the world, with products reaching five continents.

The Minister of Economy and Industry Bogdan Bogdanov also met with the Mayor of Razgrad Dencho Boyadzhiev.

Minister Bogdanov: Bulgaria Is a Good Place to Establish R&D Centres

‘We have begun active discussions with businesses across the country aimed at improving the investment environment for companies and providing the resources they need. Yesterday we held meetings with the business community in Shumen, today we are in Razgrad. The idea is to visit other Bulgarian cities and companies that have invested in Bulgaria and to get feedback from local businesses,’ said Minister Bogdanov

During his visit to Razgrad, Minister Bogdanov participated in the opening of the National Press Club of the Bulgarian News Agency in the city. The agency’s newest home opens on the day the city kicks off the 21st annual Yogurt Fair and Folk Traditions and Arts & Crafts Festival.