European businesses with high growth potential need better access to finance and fewer regulatory barriers, he noted
Deputy Minister of Economy, Investment and Industry Krasimir Yakimov took part in the informal meeting of the Competitiveness Council of the European Union, held in Dublin, Ireland. The forum brought together representatives of the Member States to exchange views and good practices on key issues concerning the future of the European economy.
During the first working session, entitled “Mobilising Private Finance for Scaling-Up Small and Medium-Sized Enterprises”, Deputy Minister Yakimov presented Bulgaria’s position on the need to improve access to finance for businesses with high growth potential.
“Bulgaria welcomes the EU’s initiatives in the field of savings and investment. In this context, we emphasise the need to take action to facilitate access to finance for European businesses with high growth potential and to amend EU-level regulations that restrict the ability of institutional investors to invest in start-ups and scaling businesses,” Yakimov stated.
He further emphasised that Bulgaria considers it necessary to take measures to reduce regulatory disparities across the EU, strengthen incentives for institutional investors to invest in high-potential risk assets, and improve the integration of capital markets in order to support the growth of small and medium-sized enterprises. “At the same time, Member States could channel public funding towards connecting active and leading entrepreneurial ecosystems with those in other Member States in order to achieve synergies and foster regional growth,” the Deputy Minister added. According to him, support for business incubators at leading universities specialising in technical and economic disciplines, together with the promotion of financial literacy and investment culture, are among the key prerequisites for the development of the EU’s capital market and entrepreneurial ecosystem.
The second working session of the meeting was devoted to the topic “Stimulating Industrial Decarbonisation: Energy Systems, Grids and Competitiveness in the EU.” During the discussion, Deputy Minister Yakimov highlighted the need to combine industrial decarbonisation with maintaining and enhancing the competitiveness of European industry.
“Bulgaria shares the view that industrial decarbonisation should be regarded not only as a tool for achieving climate objectives, but also as a key factor in enhancing the competitiveness of European industry,” he stressed. The Deputy Minister also highlighted the need to establish a predictable and balanced framework for industrial electrification that supports both the competitiveness of energy-intensive industries and investment in decarbonisation, energy efficiency and demand-side flexibility.
Yakimov further stated that Bulgaria considers it necessary to carry out a comprehensive assessment of the impact of the EU Emissions Trading System (EU ETS) on energy-intensive industries, as well as to encourage investment in the development and modernisation of electricity grids, energy storage facilities and the digitalisation of infrastructure. He underlined that Bulgaria supports the position that electricity grid infrastructure should be designated as infrastructure of primary economic importance, thereby creating the conditions for the accelerated implementation of strategic investments in the sector.
The informal meeting of the Competitiveness Council provided an opportunity for the Member States to exchange views on issues related to strengthening the competitiveness of the European economy, promoting investment, and fostering the development of industry across the EU.
