Nearly EUR 5.5 billion of Austrian investments in Bulgaria
The excellent economic relations between the two countries and their upgrading in sectors of mutual interest were discussed during a meeting between the Minister of Economy and Industry Bogdan Bogdanov and the Ambassador of Austria to Bulgaria H.E. Andrea Ikić-Böhm.
They discussed the opportunities for cooperation in the microelectronics sector and joint projects related to the European Chip Act, as well as partnership in the field of dual training and automotive.
Bogdanov pointed out that Austrian companies work in all sectors of the Bulgarian economy and that Bulgaria’s Schengen membership is also key for Austrian investors in Bulgaria.
Foreign direct investments from Austria in Bulgaria amount to nearly EUR 5.5 billion, it became clear at the meeting.
“In November we are organising an event where the economic consequences for businesses operating in Bulgaria, which suffer serious losses from Bulgaria and Romania remaining outside Schengen, will be shown”, Bogdanov said.
The Minister of Economy and Industry assured Ambassador Ikić-Bjeom that the Bulgarian government is working for a stable and predictable business and investment environment and that concrete actions are being taken to fight corruption.
Minister Bogdanov stressed that measures have already been taken for efficiency and transparency in the work of the Ministry of Economy. He also gave concrete examples. “We have created conditions for transparent and competitive procedures in the selection of Bulgaria’s new trade representatives in over 20 countries around the world. For the first time, the evaluation committee also includes representatives of the Foreign Ministry, employers’ organizations and experts with proven experience,” said the Minister of Economy: We have created conditions for efficient and transparent processes in the work of the Ministry of Economy.
Bogdanov announced that an investment portal is being developed that will unite all state structures related to the needs of investors. There, potential investors will be able to find information on prepared industrial sites as well as necessary information on the labour market and the project promotion process in one place. “We will implement the whole system, taking best practices from the EC. The process will be digital and this way we will be able to curb corruption,” he added.
For the first 5 months of 2023 alone, the trade turnover between the two countries is close to EUR 1 billion, which is an increase of over 14% compared to the same period last year.