One of the largest American companies in Bulgaria modernizes its plant in Razgrad
Foreign direct investments in Bulgaria for the first ten months of the current year alone recorded a significant growth and reached nearly EUR 3.4 billion. They increase by more than EUR 1.1 billion compared to those for January-October 2022, with the year-on-year growth amounting to 53.6%, according to the BNB’s preliminary data. This is the highest growth of foreign investment in the country in nearly 15 years. This was stated by Minister of Economy and Industry Bogdan Bogdanov, who held a meeting with Steve Matuszak, plant manager in Bulgaria of the American company ADM.
They discussed the company’s intentions for sustainable development in Razgrad and reaffirmed ADM’s commitment to invest in the municipality. The country’s largest corn processing plant plans to invest and make its production more energy efficient. At the meeting, Steve Matuszak pointed out that the company has clear targets and metrics related to reducing greenhouse gas emissions, natural gas consumption, water consumption and waste.
Minister Bogdanov stressed that Bulgaria is a good place for business development and the fact that companies that have already invested in Bulgaria are expanding their investments is proof of that. He expressed his readiness to assist and support in the implementation of the future plans of the investor. Bogdanov pointed out that the government is working for a predictable and stable business environment that will ensure the sustainable development of companies in Bulgaria. The meeting was also attended by Deputy Minister of Economy Ivaylo Shotev.
The American company ADM operates mainly in the Balkan markets, but exports its production to nearly 60 countries around the world, expanding the market for Bulgarian corn producers to global proportions. In addition, the company also donated over 60,000 BGN to support the local community.
ADM’s latest expansion investment, which doubled the plant’s production capacity, was completed in 2021.