‘The European Commission has approved a conceptual project of the Ministry of Economy and Industry. Together we will build a single investment portal, which aims to unite all administrative activities around servicing potential investors in the country.’ This was announced by the Minister for Economy and Industry Bogdan Bogdanov in his speech during the forum ‘Economic Security and Investment Screening’. The event is organized by the Center for the Study of Democracy (CID) and the Washington-based Center for International Private Enterprise (CIPE). The Ambassador of the United States in Bulgaria Kenneth Merten, representatives of the Diplomatic Corps in Bulgaria, members of the Economic Committee in the National Assembly, as well as representatives of the business and foreign chambers of commerce in the country took part in the meeting.
In Bogdanov’s words, the investment portal will be the missing working mechanism and the main tool to track the overall process and to identify and eliminate delays. Through it, potential investors will have access to a database and will be able to monitor the entire cycle.
‘Our goal is to digitize the investment process and achieve greater efficiency on the part of the administration’, Minister Bogdanov said. He pointed out that the Ministry of Economy will also use the investment portal as an anti-corruption measure. ‘By creating the possibility to track every single inquiry from investors and the movements of the files at a particular moment, we will ‘lighten’ the process and reduce the likelihood of delays’, Bogdanov was adamant. The aim is also to eliminate the time during which an investor evaluates Bulgaria. ‘We have also involved the National Association of Municipalities in Bulgaria in the project and will work with all participants at central and local level’, Bogdan Bogdanov added. He stressed that the common approach of the state to the strategic projects has a key role in their implementation. ‘Coordination and building the necessary administrative capacity are of paramount importance’, the minister said.
In his words, the adoption of the investment screening legislation is an important step to bring Bulgarian legislation in line with the overall requirements for the protection of not only the economic interest and development of the country, but also of the EU and its strategic partners. ‘Economic security is not just an element of national security, it is becoming a key element of national security’, he said, adding that having a law is not enough.
In order to create a working mechanism to ensure economic security and investment screening, Bogdanov defined as another important requirement the instrument to be in line with national and European priorities, but also with the dynamics of business. He called on the private sector to be an active part of this process so that the mechanism that will work in Bulgaria is in line with the dynamics of the companies and their future development plans.
Minister Bogdanov stressed that this mechanism should also be developed through the prism of the deepening interconnectedness of the economies, which is why the mechanism should work comprehensively and reflect the overall framework for economic development of the EU. ‘All this should be in line with the priorities for Bulgaria’s accession to the Organisation for Economic Cooperation and Development (OECD)’, Bogdanov stressed.