The Future of the Bulgarian Economy Depends on the Retention of the Foreign Investors and the acceleration of the Digital Education

Today it was held the traditional business-breakfast with the Prime Minister of the Republic of Bulgaria Boyko Borissov and members of the Cabinet. The event was organized by the American Chamber of Commerce in Bulgaria (AmCham Bulgaria). There were present the Deputy Prime Minister Tomislav Donchev, the Minister of Finance Vladislav Goranov, the Minister of Education Krassimir Valchev, and the Deputy Minister of Economy Lachezar Borissov.

The event was opened by Petar T. Ivanov, Executive Director of AmCham. In his opening remarks he presented the highlights of the “U.S. Investments in Bulgaria (1990 – 2016)“, which was recently published.

„U.S. Investments in our country are statistically underestimated. The new data say that the real volume of the U.S. Investments till 2016 are at BGN 4,5 billion. That makes at least 2.5 times higher real value.

In their evaluation includes fixed tangible assets, net income of sales and employees. In companies with U.S. capital work at least 28,600 people. The share of the USA among all foreign direct investors in Bulgaria equal 5,7% which is two-times more than the current data. The result is that America ranks at sixth place based on the end capital owner,“ – Petar T. Ivanov said during the opening.

These are some of the conclusions of the first-of-its-kind analysis of the U.S. investments in Bulgaria from 1990 till 2016. The report was prepared by the Institute for Market Economics contracted by AmCham Bulgaria, with the support of the U.S. Embassy to Bulgaria, and America for Bulgaria Foundation.

The goal of AmCham Bulgaria is to evaluate how valuable commercial partners are the USA and Bulgaria. The U.S. investments have their significance for the national economy of Bulgaria, as well as for the regions since 1990. They are focused in four sectors of our economy: processing industry, ITC, energy, and agriculture. In each of those sectors the U.S. share is at least 10% of all FDIs, and for the agriculture their share is 24%. Those investments are represented by leading American brands which build the overall outlook of those sectors. Regions like Sevlievo, Razgrad, Stara Zagora, Gabrovo, Sofia and others are enjoying ascendingly and sustainably thanks to the work and the investments of the U.S. companies there.

U.S. investments have their significant presence in our economy. It is positive for our government, and for the whole country when we inaugurate new plants, new factories, and we digitalize our schools. The new methodology for tracking the investments is an approach that has to be implemented to get the real pictures of the investors in the country,“ – it was shared by the Prime Minister Boyko Borissov during the breakfast.

 

U.S. companies in Bulgaria have invested millions of dollars in community centers, in environmental conservation, in education, and in healthcare. These companies are not only providing jobs and building the economy, but they are directly investing in Bulgarian communities, families, and children.“ – said H.E. Eric S. Rubin, U.S. Ambassador to Bulgaria.

 

During the discussion various of topics related with the education and the human capital were discussed. AmCham Bulgaria Board Members gave suggestions and shared experience for enhancing investments, retaining investors and young people through quality education and secured jobs, as well as the upgrading of the workforce skills. The Chamber has those topics as its key priorities.

 

Photos of the event

 

About the event

The Business-breakfast with the Prime Minister Borrisov and members of the Cabinet of the Republic of Bulgaria is a traditional format of AmCham Bulgaria. It is a platform for discussion of topics about the economy development of Bulgaria, the opportunities for upgrading the best practices in various areas of the economy and social sphere of the country.

Among the companies that supported the event are : AES Bulgaria, Cisco Systems Bulgaria, Coca-Coal, Balkan Metals and Mining, ContourGlobal Maritsa East 3, eMAG, JTI Bulgaria, Honeywell Bulgaria, Kamenitza, Lockheed Martin, McDonald’s, and Telelink.

 

About the study

 

“The U.S. Investments in Bulgaria: volume, significiance, and benefits” study is a community project, joining efforts and support of the American Chamber of Commerce in Bulgaria, the U.S. Embassy in Bulgaria, and the America for Bulgarian Foundation. The report and the methodology are developed by the Institute for Market Economics.