Yesterday, February 18th, 2020, the Boards of Directors of the American Chamber of Commerce in Bulgaria and the German-Bulgarian Chamber of Industry and Commerce, in the presence of H.E. Herro Mustafa, Ambassador of the United States of America and H.E. Christoph Eichchorn, Ambassador of the Federal Republic of Germany, held their first joint meeting at the offices of the German Chamber in Sofia. Promotion of positive investment climate and better rule of law for sustainable business development, FDIs, employment policy and labor market flexibility were amongst the main topics discussed during the meeting.
“Such meetings of the Boards of both chambers are of great importance, because as investors in the country we have topics of common interest and issues that we can allocate in the economic agenda of Bulgaria,” said Tim Kurth, President of the GBCIC. According to him, Bulgaria has excellent macroeconomic indicators, its fiscal policy has a positive impact on investments and Bulgarian-German economic relations are moving from one record to another. However, the issues of rule of law and corruption Bulgaria has not set a good example. “The main focus of today’s meeting is to start a discussion on how such issues could be resolved in the future. We are convinced that the voices of the representatives of the two most impactful bilateral chambers in Bulgaria will be better heard, so we must be united in our main messages,” he added also.
“Our joint meeting was a clear sign that the representatives of two of the most influential business organizations in Bulgaria have long-term plans for sustainable investment and development of the Bulgarian economy and the human capital. ” said Olivier Marquette, President of the AmCham Bulgaria.
“America is one of Bulgaria’s most significant trading partners. We are convinced that with the efforts, knowledge and vision of the Bulgarian government, the commercial services of both partner countries – as well as the chambers of commerce – we will contribute to the further economic growth and prosperity of the Bulgarian people. These efforts happen further strengthening of rule of law, and the joint fight against corruption, which will support a positive investment climate, and lead to concrete improvements in priority sectors such as energy supply and independence, ITC, healthcare, labor and education” he added.
The two ambassadors welcomed the initiative of both business organizations, expressed their readiness to assist in improving the conditions for doing business in Bulgaria, as well as strengthening the country’s competitiveness.
About the German-Bulgarian Chamber of Commerce and Industry
The German-Bulgarian Chamber of Commerce and Industry is part of the worldwide network of German foreign trade chambers. In 93 countries around the world, they offer their experience, contacts and services to both German and foreign companies. GBITK is a successor of the German Economy Representative Office and the German Economy Business Club in Bulgaria. It was formally established on March 9th, 2004, on the basis of a bilateral agreement between the Governments of the Federal Republic of Germany and the Republic of Bulgaria. 600 companies, institutions, organizations and individuals are members of GBC.
Germany is the second largest investor in Bulgaria with BGN 6.5 billion* or 8.49% of all foreign direct investment in the country. About 94% of German investments in Bulgaria (direct and indirect) are concentrated in three economic activities: manufacturing, trade and financial services. About the American Chamber of Commerce in Bulgaria
About AmCham Bulgaria
The American Chamber of Commerce in Bulgaria (AmCham) brings together more than 350 American, Bulgarian and multinational companies in the country. For its 25 years in Bulgaria, the Chamber has become a leading business association, initiating events on current topics in the field of economy, international and national policies and in the social sphere.
US investment in Bulgaria is at least BGN 4.5 billion * and are concentrated in sectors such as manufacturing, energy, agriculture, trade and ICT. They provide nearly 30,000 jobs in our country. Currently, the US is sixth among foreign investors in the country, with the regions with the most significant US investments being Razgrad, Sevlievo, Stara Zagora, Sofia, Plovdiv, Dobrich and others.
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* Data as of 2017.