AmCham: Protectionists Measures attempt to push back foreign investors

Current situation on the market can be used for populist and protectionism goals. There are attempts main principles of the EU Common Market to be violated. For example, there is a pressure on Food industry to process and sale Bulgaria food predominately in a way to overcome the international competition. This is unfair and it is not right. It was said by Petar T. Ivanov, CEO of AmCham Bulgaria in the World is Business TV Show hosted by Ivaylo Lakov.

“Our optimism will lead us out of this situation. I see tendencies of growing number of employed people versus unemployed on a weekly basis as of May 24th,” he said also.

“This crisis has no fundamental basis – it is crisis of fear. Therefore the downturn was rapid, by having no liquidity issue at all. However, it managed to show that Bulgarians can behave with discipline”

“On the topic of the VAT differentiation for restaurants, Ivanov said that it will cause the domino effect. Reduction of VAT is an idea that gives opportunity to overcome the concept that the state is an enemy of business,” he said also.

“90% of the investments are done at locations which have rule of law in place,” pointed our Petar Ivanov while commenting the changes of the supply chains as a global process.

“There is some nationalism at the Balkans, but Southeast Europe should consolidate as a joint market”

“Energy investments will shrink with 20% but the Internet traffic will grow consistently. Data centers will be stable investments for the Energy sector in future as well. A huge amount of energy will be consumed by the digital industry, not only by the manufacturing and heavy industry,” said also Ivanov.

Watch the video from this link.

Source: BloombergTV Bulgaria