“If Bulgaria wants to be successful in attraction FDI in its plans for nearshoring, then it has to fulfill two main conditions. First it is the rule of law and the second – well related with the first – it is fight against corruption,” said Olivier Marquette, AmCham Bulgaria President, during the webinar on nearshoring on July 30th, 2020, jointly organized by the Bulgarian Investment Agency and 15 of the bilateral chambers, incl. AmCham.
It is of high importance, because if you want to invest in a foreign country, it should have the image of a country which respects the rule of law. Any investor will always come if it knows that the country that they want to invest, are well established the right reforms and especially are applied the reforms on the fight against corruption, added Olivier.
He also pointed out that this topic is the highest priority for the American Chamber.
Another aspect with regard attraction of fresh FDIs in Bulgaria is related with the way of doing business, as well as the e-governance. Olivier said that Bulgaria is rich of smart, talented and qualified people, thus it should be the state that it can show leadership by enhancing the electronic governance. If this happens, it will motivate the foreign investors to settle in Bulgaria.
In response, the Deputy Minister of Economy Stamen Yanev pointed out that many things can be done with regard the rule of law. “Over the years the BIA has become the contact point for any foreign investor. Thus if we want to achieve this goal, we should stimulate the work of the government, as well as the ministry to overcome this issue,” he acknowledged.
Mr. Yanev appealed the foreign investors’ representatives to address both the Ministry of Economy and the Investment Agency if they face any “unregulated practice”. The government and BIA act proactively to overcome the issue and to follow the rule of law always.