‘As of 2022, exports of specialised arms production have increased by 200%. This is about 1.6—1.7 billion euros or about 220% growth compared to 2020.’
He pointed out that the industry is evolving and the goal is to continue its development as well as the modernization of production. ‘We are also trying to provide a safe environment for the people who work in these factories’, the minister said.
In his words, there is a development in the case of the Plovdiv Fair, as last week the Ministry of Economy and Industry has filed a lawsuit against the shares of the company ‘Puldin Turinvest’ AD., which has over 100 million loss accumulated over the years, due to inefficient management, and perhaps on purpose, said Bogdanov.
‘The court is yet to say who is guilty. It was important for us to first stop the entry, which was to happen at the beginning of June and the Plovdiv Fair to be largely in private hands. We will follow the development of the judicial process’, the minister pointed out. ‘Here is not only the Ministry of Economy, we also received support from the Council of Ministers, which adopted a decision instructing the Minister of Economy and Industry to take all possible actions to protect the public interest and the rights of the State as a shareholder in the International Fair Plovdiv AD’, he announced.
According to BNB data, 2022 is the second of the last 15 years with the highest investment growth in the country, Bogdan Bogdanov further said.
‘We are continuing this trend in 2023, as for the first four months BNB reports about 60% growth of investments in Bulgaria, these are preliminary data.’
Investors are interested in specific industries, in our country these are mainly manufacturing companies. The minister commented that every day he meets international investors and local companies that want to expand their production and are optimistic about Bulgaria’s upcoming accession to Schengen and the euro area.
The biggest interest is in the regions that have invested in infrastructure — Plovdiv, and in the last year Burgas, which last year was the first in attracting foreign direct investment with infrastructure and well-prepared industrial zones.
‘We will work with priority for northern Bulgaria, especially because of the north-south links, which will improve because of the Schengen accession. For example, Ruse, Pleven, Vidin, these are regions that have yet to develop and require efforts mainly for infrastructure provision, but also for a suitable workforce.’
Our tax policy is currently attractive for most of the investors, but we need an update of the law on investment promotion, the minister said. We must have new incentives and they must be targeted at sectors with real high added value.
The things happening in the State Consolidation Company are known to the public, but there is no change, the minister said. The problems are chronic — inefficient management, awarding projects without public procurement.
‘One of the companies is Montages, the other one is LB Bulgaricum, we have also seen problems there, certain money is missing. However, we need to get feedback from the competent authorities, who were alerted as early as 2021, when Kiril Petkov was Minister of Economy.’