Minister Lukarski invites leading technology fund to invest in Bulgaria

Bulgarian Minister of Economy Bojidar Loukarsky invited the biggest Investment fund for new technologies in the world Mass Challenge to expand its activity and set foot at the Bulgarian market. Opportunities to invest in Bulgaria were discussed at a bilateral meeting with a technological consultant Roy Rachmaninov in New York. Mass Challenge provides support to nearly 130 start-up businesses under four programmes of the accelerator.

“Bulgaria has good preconditions to start and develop innovative technological companies. The relatively lower expenses are a decisive factor, while the success of Bulgarian companies like Walltopia and Telerik on world scale proves the potential of the Bulgarian entrepreneurs,” Minister Loukarsky said. This was stated by Minister Loukarsky, outlining the importance of projects such as Sofia Tech Park in the creation of a favorable environment for innovative business in the country. The first Technology and Innovation Park in Bulgaria was presented in the context of plans to expand the activities of the Mass Challenge, which currently has an established network in the USA, Israel, the UK, Scotland, Colombia and Mexico.

The focus at the meeting was placed on the need to stimulate export-oriented and innovative Bulgarian companies. Minister Loukarsky said that efforts being made in that respect laid down as a main priority of the Ministry of Economy. To support this vision, Mr. Rachmaninov, in his capacity of voluntary advisor to the fund, expressed his readiness to assist our country and Bulgarian ICT companies entering into the American market. Such assistance was also discussed on the occasion of expansion of Bulpros, the largest Bulgarian company for ICT outsourcing in the USA.

The opportunities set forth the cooperation will be discussed in details within the agreed visit of technological consultant in Bulgaria, in middle of 2015, whose main issue will be the entry of American capital to invest in tech start-ups here.

The priority topic for the Ministry of Economy to stimulate export-oriented business in Bulgaria was followed at another meeting that Minister Loukarsky held with a group of investment bankers in New York. Private investors have announced their intentions to develop stock-breading and agriculture in the country, and the production will be primarily intended for the American market. Another area of their interest is the transformation of public buildings in energy independent units.