We have very ambitious plans for the Bulgarian Investment Agency (IBA). We will review in detail all processes and optimize the agency’s portfolio. We are starting as early as tomorrow. With these words, Deputy Prime Minister and Minister of Economy, Investments and Industry Alexander Poulev outlined the beginning of the process of organizational and functional restructuring of key units in the economic sector. According to him, the goal is to increase efficiency, accelerate investment policies and improve interinstitutional coordination.
The Deputy Prime Minister and Minister of Economy, Investments and Industry Alexander Poulev discussed this and other measures at a working meeting with representatives of the Bulgarian Investment Agency (IBA), the Bulgarian Development Bank (BDB) and the Executive Agency for Promotion of Small and Medium Enterprises (BSMEPA).
“We all know the problems that have arisen from the artificial division of the Ministry of Economy and Industry and the Ministry of Innovation and Growth, as well as from the inappropriate allocation of certain directorates and structures, which has led to a deterioration in dialogue,” he said.
According to him, the new institutional framework will ensure a clear distinction of functions and better coordination between the different structures.
“The Ministry of Innovation and Digital Transformation will focus entirely on entrepreneurship, digitalization and the implementation of technological solutions. The Ministry of Electronic Governance is also being integrated there to work toward the real implementation of the “one-stop shop” principle and the elimination of paper,” Deputy Prime Minister Poulev said.
He emphasized that all structures and directorates related to investment policy will be transferred to the Ministry of Economy, Investments and Industry. “The IBA, BSMEPA and all relevant directorates related to investments will be concentrated here. There is one goal – faster decisions, better coordination and active support for investors,” the Minister stated.
Regarding the Bulgarian Development Bank, Deputy Prime Minister Poulev noted that the institution will have a key role in policies to support entrepreneurship and the retention of young people in the country. “We will rely on tools to bring young people back to Bulgaria, as well as to stimulate the launch and development of businesses in Bulgaria,” he said.
The Deputy Prime Minister also emphasized the need to build a coordination mechanism at the level of the Council of Ministers to support and facilitate investor access to the administration. “The whole set of processes should have one responsible unit to open the doors to investors in the different ministries. At the moment, this is one of the most serious deficits,” Poulev said.
The Minister also announced the possible upcoming physical relocation of the Bulgarian Investment Agency. “We will submit a proposal for the relocation of IBA from Sofia Tech Park to a more suitable location in the centre of Sofia – in the building of the Central Sofia Postal Station, in order to facilitate the investment process,” Alexander Poulev stated.
During the meeting, the participants expressed support for the planned reform. It was stated by the BDB that the actions taken are an important step towards stronger synergy between institutions. The BSMEPA emphasized the importance of export policy and the active role of trade attachés in supporting businesses. The Deputy Ministers Mihaela Karadimova and Krasimir Yakimov also attended the meeting.