Investment, reducing administrative burdens and strengthening Bulgaria’s industry are among the leading priorities of the Ministry of Economy, Investment and Industry. Another key objective is to accelerate the signing of international memoranda, while public-private partnerships also remain a priority. Legislation to this effect is currently being prepared. This was stated by Deputy Prime Minister and Minister of Economy, Investment and Industry Alexander Poulev during a hearing before the Committee on Economic Policy, Investment and Industry of the National Assembly.
“Our primary focus will be on investors, small and medium-sized enterprises, and on promoting all policies that will contribute to creating a better and more favourable business environment,” Poulev said.
The Deputy Prime Minister emphasised that a comprehensive administrative reform has already been implemented, establishing a unified investment centre. “I would like to thank all Members of Parliament for enabling us, as a matter of urgency, to adopt some of the best global practices for promoting investment. This substantive reform was completed within just a few weeks,” he said.
According to him, the reform puts an end to the fragmentation of investment policies and provides for unified institutional coordination – a single, clearly defined centre that will support and promote both international and domestic investors in Bulgaria’s priority sectors.
The Deputy Prime Minister also identified the decisive reduction of administrative burdens and regulatory requirements as one of the Government’s key tasks. “We are talking about shortening deadlines, digitalising various platforms, and introducing the principle of tacit consent in certain procedures,” he stated. “We have established a working group comprising experts from the administration. We have already held our first meeting with the nationally representative branch organisations. Having set the tone at our initial joint meeting, we have begun a series of individual meetings to ensure that we listen closely to the views of industry and the business community,” the Minister said. He also announced that the administration had already prepared a specific package of 278 proposals.
The Deputy Prime Minister also highlighted the development of international economic cooperation. “We want to accelerate the signing of all kinds of international memoranda that, for one reason or another, have remained on the shelf,” Poulev said, adding that other intergovernmental agreements and intergovernmental joint commissions would also be prioritised. According to him, this will create new opportunities for Bulgarian companies to join international supply chains and expand their presence in foreign markets.
He also identified strengthening Bulgaria’s industry as a key priority. “We cannot speak about promoting and attracting new investors if we do not support our existing industry during this time of crisis,” Poulev said. “Our immediate focus is on strengthening domestic production in order to prevent business failures, the relocation of Bulgarian industry abroad, and job losses. Once we have strengthened the industry and established a solid foundation, we will turn our attention to expanding production and encouraging investment,” he stressed.
The Minister of Economy stated that efforts to attract investment would focus on high value-added industries, including the defence industry, microelectronics and the automotive sector.
Poulev also highlighted the need to establish an effective legislative framework for public-private partnerships. “We need effective legislation in this area if we are to develop modern infrastructure,” he said. “Without transport connectivity, there is no access to the regions and no investment,” the Minister underlined.
In response to a question from a Member of Parliament, he clarified that the Government maintains an active dialogue with the management of LUKOIL in order to prevent disruptions to the fuel market. Poulev underlined that the refinery is a strategic asset not only for Bulgaria but also for the region, and that any disruption to its normal operations would have a negative impact on the fuel market and the economy. “We now have access to information and are aware of what is happening and of the latest developments at LUKOIL. There is a regular flow and exchange of information. As the executive branch, it is our responsibility to prevent any shocks or disruptions to the fuel market,” Poulev said.
“I also met with representatives of OFAC last week. We demonstrated our willingness to engage in dialogue, accountability and transparency. We are providing all the requested information in a timely and professional manner,” he said.
The Deputy Prime Minister also assured Members of Parliament that regular communication is being maintained with the British authorities. “I believe we will not encounter any difficulties in securing an extension of the derogation in both respects. Our task is to share all relevant correspondence with our British partners in an open and transparent manner, so that they can be fully confident that we are not creating conditions that could lead to breaches of the sanctions regimes,” Poulev said.
In conclusion, the Deputy Prime Minister stressed that all Government actions are aimed at protecting the national interest. “Our commitment is to safeguard the national interest, guarantee the country’s energy security, and prevent disruptions to the fuel market, while ensuring full compliance with the international sanctions regimes,” Alexander Poulev concluded.