Bulgaria’s accession to the Organisation for Economic Co-operation and Development (OECD) remains one of the Government’s key priorities. We are actively working to implement the recommendations and align the national legislation with the Organisation’s legal instruments and the good practices of its member countries. This was stated by Deputy Minister of Economy, Investment and Industry Levent Memish during a meeting with Ms Gita Kothari, Director of the Directorate for Legal Affairs at the OECD Secretariat and Chief Co-ordinator of the Organisation’s enlargement process.
The meeting was also attended by Deputy Minister of Foreign Affairs Ivanka Tasheva, the OECD Secretariat’s Desk Officer responsible for Bulgaria’s accession process, the OECD Co-ordinator at the Embassy of Bulgaria in Paris, as well as officials from the Ministry of Economy, Investment and Industry responsible for Bulgaria’s reviews by the Corporate Governance Committee, the Trade Committee and the Investment Committee.
Deputy Minister Memish underlined the importance of the strong partnership with the OECD Secretariat and expressed his appreciation for the expert support provided throughout the accession process. “We highly value the constructive dialogue and the professional support we receive from the OECD Secretariat. For us, this process is not merely about fulfilling an international commitment; it is also an opportunity to introduce sustainable policies and good governance practices that will improve the business environment and enhance the competitiveness of the Bulgarian economy,” he said.
During the meeting, the participants reviewed the progress made in implementing the recommendations in the field of corporate governance, with a particular focus on aligning the framework for public enterprises with the OECD Guidelines on Corporate Governance of State-Owned Enterprises.
Deputy Minister Memish informed the participants that the Council of Ministers had adopted a National Position setting out the legislative amendments required to implement the key recommendations. “The proposed amendments to the Public Enterprises Act will introduce an obligation for large public enterprises to prepare their financial statements in accordance with the International Financial Reporting Standards. This is an important step towards greater transparency, accountability and improved corporate governance,” Memish noted.
The OECD Secretariat acknowledged the implementation of the recommendation concerning the screening of foreign direct investment. The meeting also addressed the next steps in the OECD Trade Committee’s review of market openness in Bulgaria.
The participants reaffirmed their shared commitment to continuing the active dialogue and cooperation on the implementation of the remaining recommendations and to bringing Bulgaria’s accession process to the OECD to a successful conclusion at the earliest opportunity.