Minister Nikola Stoyanov: We are creating an investment map for Bulgaria’s reindustrialization

Minister Nikola Stoyanov: We are creating an investment map for Bulgaria’s reindustrialization

Work has started on the creation of an investment map for the re-industrialisation of Bulgaria, which will be based on the raw materials extracted in the country. This was agreed between the Minister of Economy and Industry Nikola Stoyanov and the Bulgarian Chamber of Mining and Geology. According to him, Bulgaria has large amounts of underground wealth, which is currently being used entirely for export and these are lost benefits for the Bulgarian economy.

“Our country has to stop being a donor of raw materials to the developed economies and that is why our goal is to attract investors using our resources as close to them as possible,” Minister Stoyanov said. He added that, on the one hand, this would reduce transport costs for companies and, on the other hand, the added value from this industry would remain in Bulgaria.

“Through the development of industrial zones near the major deposits of underground wealth and sufficiently attractive conditions for investment in them, we have all the chances to attract strategic investors and awaken the production process in our country. This is a guarantee for economic growth and increase in the income of the population in whole regions,” explained the Minister of Economy.

The Bulgarian Chamber of Mining and Geology stated that they welcome this approach and will fully support its implementation. The chamber is to provide updates for the preparation of the investment map, which will contain opportunities for specific industries by region in the country, determined on the basis of existing raw materials. It will be presented to the Economic Advisors in the Offices for Trade and Economic Affairs (OTEA) who will play a key role in presenting it to foreign businesses. Key enterprises in each sector around the world using raw materials that can be sourced in Bulgaria will be identified and investment opportunities in the country will be presented to them.

During the meeting, it was commented that we are at a historic moment when a number of European manufacturing companies are facing serious difficulties and are looking for new locations. Thanks to the secured energy supply, our country is becoming a very attractive destination for investments. Now is the time to actively present all of Bulgaria’s strengths, and for business, government and municipalities to work as closely as possible, was the general opinion of the participants in the meeting.

On behalf of the Bulgarian Chamber of Mining and Geology, the meeting was attended by the Chairman of the Board of Directors Nikolay Valkanov and the Executive Director Ivan Mitev.