Petar T. Ivanov: Every business seeks security of Its investments

Investors seek security of their property, operations, and people everywhere, including Bulgaria, says Petar T. Ivanov, executive director of AmCham Bulgaria at the radio show “The Week” at the Bulgarian National Darik Radio today.

The U.S. investments are now sixth place among all foreign investors in the country, and they are focused in four technology-intensive sectors with high added value – processing industry, electricity production, ICT, and agriculture. Thanks to them there are highly skilled and well-paid workers and experts who create and work in regions such as Razgrad, Gabrovo, Stara Zagora, and Sofia. The overall conclusion of the latest report on them is that the U.S. investments are at least 2,5 times higher thanks to a new methodology.

“It is not well known that there are Bulgarian investments in the United States. And their number is growing. The latest data show that the Bulgarian businesses in the States – both FDI and of Bulgarian migrants – generate USD 1 bn. per annum, and there are app. 4,000 people who work there. Also, it was not reported well in the media about the sale of the IT company Telerik for USD 230 mln. – which is our record so far, and the second one – NetAge sold for USD 70 mln”, pointed Ivanov too.

There is USD 1 bn turnover of Bulgarian investments in the United States, where 4,000 people who work there.

The conversation touch upon another hot topic – Brexit and the outcome for the global trade after march 29th, 2019. “I don’t expect any dramatic changes after Brexit becomes reality. The bilateral agreements will replace the current status, however, the business is worried about the uncertainty due to the slow progress of the negotiations since the beginning of this year.” – explained Ivanov. AmCham Bulgaria and the British Bulgarian Business Association organized this week a joint conference “Brexit and the Future of the Global Trade” where speakers from AmChamEU, Citibank, and the British Chambers of Commerce spoke about how Brexit will affect the UK-EU-US relations in trade, customs, finance, etc.

 

Listen the full interview (in Bulgaria) here.