We have launched a programme to rescue public enterprises. We are working to create a solid foundation for their future development, as well as for the transparent spending of their funds. This was stated by the Minister of Economy and Industry Bogdan Bogdanov, who presented our country’s progress in the area of state-owned enterprises at a meeting of the Corporate Governance Committee of the Organisation for Economic Co-operation and Development (OECD), which was held at the organisation’s headquarters in Paris.
Minister Bogdanov was the head of the Bulgarian delegation and defended the report on the results achieved before the 41st meeting of the Committee and the Working Group on State Ownership and Privatization Practices on the general framework of state-owned enterprises in Bulgaria. This is one of the key steps that is part of Bulgaria’s accession process.
“To realise the potential these companies have, clear objectives, control mechanisms and priorities structured quarterly are needed. We will implement a centralized monitoring and control system for companies with real-time data on financial and operational performance,” he said. The Minister of Economy assured that our country has undertaken the necessary changes to the legislation and the implementing regulations of the specific laws so as to work in full compliance with the OECD legal instruments.
Bogdanov clearly expressed his position that Bulgaria’s accession to the OECD is a key priority for Bulgaria and steps have already been taken to accelerate the process. “The reforms we have undertaken are being implemented at the necessary pace”, he insisted.
The Minister of Economy discussed the process of Bulgaria’s accession to the OECD during meetings with Mr. Kimo Viertola – Vice-Chair of the Working Group on State Ownership and Privatization Practices and Ms. Gita Kothari – Deputy Director of the Legal Directorate at the OECD Secretariat. Our country has made serious progress in implementing the necessary reforms in the sphere of state-owned enterprises, it became clear during the meetings.
“The government is actively working for a stable business and investment environment,” Bogdanov stressed and pointed out that our country has made the most progress in implementing the rule of law in the past 12 months, according to the data in the new report of the World Justice Project.
The accession process involves both technical reviews by OECD thematic committees and accession to the organisation’s legal instruments. The presentation of the report is one of a series of steps, part of Bulgaria’s accession process to the Corporate Governance Committee, which falls within the competence of the Ministry of Economy and Industry – as the lead agency. The Bulgarian delegation also included representatives of the Ministry of Economy and Industry, the Ministry of Energy, the Ministry of Agriculture and Food, the Agency for Public Enterprises and Control, the Bulgarian Energy Holding and the Anti-Corruption Commission.