Minister Bogdanov: We are actively working to maintain and build on Bulgaria’s economic growth in 2024

Minister Bogdanov: We are actively working to maintain and build on Bulgaria’s economic growth in 2024

Varna will have its own industrial zone, in partnership between the municipality and the state

We agree with the Mayor of Varna that the shares in the Plovdiv Fair should be returned from the municipality to the state

‘We ended 2023 with a GDP growth of 1.8%, for 2024 we forecast it to be above 2%. We are actively working to maintain and build on Bulgaria’s economic growth this year.’ This was said by the Minister of Economy and Industry Bogdan Bogdanov, who is on a working visit in Varna.

He pointed to the preservation and upgrading of foreign direct investment in Bulgaria as another priority for the year. ‘Despite the recession, which is observed in our economic partners in Europe, Bulgaria reports the highest growth of foreign direct investment for the last 12 years,’ Bogdanov said. In the period from January to November last year, they reached EUR 3.485 billion, up 36% compared to the same period in 2022. This is according to preliminary data of the Bulgarian National Bank (BNB). ‘This is nearly BGN 7 billion of fresh resources in the state. Some of these funds are reinvestment, which is another sign that the business in Bulgaria is optimistic about the development of our economy,’ Bogdanov added.

The Minister of Economy held a meeting with the Mayor of Varna Blagomir Kotsev and discussed the future economic and industrial development of the district. Bogdanov highlighted the advantages of the region and announced the construction of an industrial zone on the territory of Varna municipality, together with the National Company Industrial Zones (NCIZ). ‘Varna is one of the most promising regions in Bulgaria and has absolutely all the prerequisites to attract not only investments, but also to support the development of local businesses in sectors with high added value,’ the Minister stressed. The industrial zone will be built in partnership between the state in the form of the National Company Industrial Zone and the municipality.

The Minister of Economy announced that a local investment team will be formed to present the advantages and opportunities for projects in the region. He will be assisted by the Ministry of Economy, NCIZ and representatives of the Trade and Economic Affairs Offices (STIV).

Regarding the access of businesses to trained personnel, Minister Bogdanov said that the Ministry of Economy will work closely with universities and municipalities. ‘We want to give young people who are finishing their education the opportunity to get an internship and professional qualification in the structures of the ministry,’ he stressed.

Regarding the national priorities related to Bulgaria’s accession to Schengen and the euro area, Bogdanov pointed out that the Ministry of Economy will work together with Varna Municipality to implement them. ‘We have a clear strategy to attract investors for the implementation of key infrastructure projects,’ the economy minister said.

Bogdanov also commented on the future development of the Plovdiv Fair: ‘We have a consensus with the mayor of Varna, by the end of March the shares in the Plovdiv fair are to be returned by the municipality to the state’. He said it is important for the public to know that the state is prioritizing the development of this strategic asset. ‘We want the fair to work at its full capacity and its doors to be open to businesses from the Varna region,’ the minister was adamant. He added that there is a strategy for the development of the fair, which has been presented to the Municipal Council in Plovdiv and there is a readiness for this to happen in Varna. In his words, there are already proposals for organizing joint events in Plovdiv to be held this year. ‘Together with the Bulgarian municipalities we can turn the Plovdiv Fair into a place that will be the gateway of Bulgarian industry to the world,’ Bogdanov said. He stressed that the timely efforts of the Ministry of Economy and Industry prevented the state’s shares in Plovdiv Fair from being transferred to a private company. We recall that at the beginning of June Minister Bogdanov ordered a full legal analysis of the case. In mid-July, a claim was filed for recognition of the State’s ownership of the shares, and to date both special requests have been granted by final orders: to suspend the entry of the transfer in the Commercial Register and to impose a lien on the shares.

During his working visit, Minister Bogdanov also met with the Governor of Varna Adriyana Andreeva.

Minister Bogdanov: We are actively working to maintain and build on Bulgaria's economic growth in 2024