We are working on long-term policies that will guarantee the competitiveness of Bulgarian industry, announced the Minister
The Bulgarian economy continues to demonstrate stability and sustainable growth. According to the latest data from the National Statistical Institute (NSI) and Eurostat, gross domestic product grew by 3.4 per cent year-on-year in the second quarter and expanded by 0.9 per cent compared with the previous quarter. This was stated by Minister of Economy and Industry Peter Dilov during a meeting with representatives of the International Monetary Fund (IMF). The IMF team, led by Fabian Bornhorst, is visiting Bulgaria for its regular annual mission. The meeting was also attended by Deputy Minister of Economy and Industry Dontcho Barbalov.
Discussions focused on current issues related to Bulgaria’s economic development, ongoing policies and future prospects, improving the business environment and addressing challenges for enterprises, as well as the implementation of the country’s main national strategic objective – the adoption of the single European currency.
The Minister of Economy and Industry underlined that Bulgaria’s forthcoming accession to the Eurozone will contribute to an improved business climate: “This is a step that will remove currency risk, lower transaction costs and facilitate access to finance and trade,” he added.
He added that the next major goal is accession to the Organisation for Economic Co-operation and Development (OECD), which will provide a more secure environment for investors.
“Membership of Schengen and progress towards joining the OECD are proof of the country’s stability and predictability, making Bulgaria even more attractive to international partners,” he noted.
Minister Dilov stressed that the Ministry’s priority is to support Bulgarian industry, enhancing its competitiveness and energy efficiency while advancing the digitalisation of enterprises. “Dialogue with business is of paramount importance for us in this process,” he emphasised.
He further announced that work is underway on a National Industrial Strategy of Bulgaria, developed in partnership with the European Commission and international consultants, which will define the country’s industrial development priorities through to 2030.
According to him, the strategy will address key sectors such as extractive and processing industries, industrial infrastructure, and net-zero technologies.
An important element of the strategy will be the integration of European regulations on critical raw materials and low-carbon technologies, ensuring the resilience and competitiveness of Bulgarian industry in the context of the EU’s climate goals.
“We are improving the work of Bulgaria’s trade representatives abroad so they can identify new market opportunities for Bulgarian businesses, particularly when supported by a well-coordinated industrial policy,” Minister Dilov stated.
It was also highlighted at the meeting that the Ministry of Economy and Industry is updating the National Strategy for Small and Medium-sized Enterprises (SMEs) as a core strategic document. This will provide a framework for targeted support for SMEs in Bulgaria. Minister Dilov noted that SMEs form a vital part of the national economy, accounting for over 99 per cent of all enterprises in the country.
The updated strategy aims to support enterprises throughout their entire life cycle, enhance their competitiveness, foster the development of the entrepreneurial ecosystem and ensure continuity in SME support policies.