Minister Loukarsky gives impetus to the development of biotechnology in the country

Minister Loukarsky gives impetus to the development of biotechnology in the country

“Bulgaria needs to export innovative products with high added value. Innovation is a key engine to achieve accelerated economic growth and Bulgaria has a huge potential in this direction”. That was stated by Minister of Economy Bojidar Loukarsky at the meeting held in New York with Mr. Michael Karsh, the CEO of Karsh Capital, who has implemented excessive private investment in the country and planed to expand their activities.

“There are a lot of examples of the possibilities for Bulgarian enterprises to market their products that become market leaders not only in Bulgaria, but also in much larger and dynamic markets such as the USA one, for example”, added Minister Loukarsky. He referred to the exceptional success of the Bulgarian-American company ProViotic, in which Mr. Karsh is involved and whose eponymous food additive holds leading market positions in New York. It is based on Lactobacillus bulgaricus extracted from the Bulgarian Rhodope snowdrop. Its full plant origin makes it suitable for vegans, vegetarians, people with lactose intolerance and those who lead healthy lifestyle.

The product was developed jointly by Sofia Medical University and Harvard Medical School, as their cooperation underpins the plans of Mr. Karsh to expand their business in Bulgaria, in the field of biotechnology. He intends to develop new probiotic medical products which will be deployed in the American market.

“Such initiatives will help to increase the competitiveness of Bulgarian enterprises and meanwhile they will also contribute to the promotion of investment opportunities in Bulgaria and the potential of our country to develop a successful business. Direct interaction between business and academia for the international knowledge transfer and introduction of innovative products is of a significant importance”, said Minister Loukarsky. He expressed his readiness to provide administrative support required for the implementation of future plans of Mr. Karsh, stressing that there are opportunities for financial support from EU funds for innovation and promotion of natural agricultural products in third countries. Minister Loukarsky assured Mr. Karsh that the business environment in Bulgaria will be positively affected by the reforms, political stability and measures to encourage investment provided by the Bulgarian government.

The meeting also discussed the idea about the closed hotel facilities and golf clubs with residential areas in the country to be converted into nursing homes for pensioners from Western Europe, as this investment could be carried out with American funds.

Within the working visit Minister Loukarsky will hold meetings with representatives of Bank of America, Ernst & Young, Eurasia Group, the Business Council for International Cooperation and potential investors.