Petar T. Ivanov: Digital Economy is The Way Bulgaria to Attract Investments

Investments in the digital economy can be allocated towards knowledge, skills, remote communication. If we want to be competitive world wide, we should bet on these. The digital economy is the only wa for a relatively small country like Bulgaria to become an attractive destination. This was said by Petar T. Ivanov, CEO of AmCham Bulgaria at “In Development” TV Show on BloombergTV Bulgaria hosted by Zhivka Popatanasova, on August 3rd, 2020.

“Bulgaria as the new nearshoring destination” Conference gathered in one place so many foreign commercial chambers at one place. They gave their recommendations how to become an attractive destination.”

The major criteria that any investor analyses when makes its research to invest in a country, is the rule of law. Petar emphasized that the application of law should be equal to all, as well as the separation of powers.

Among the advantages of Bulgaria are the geographic location, EU membership, as well as the literacy and the talent of the youth. Among disadvantages Petar pointed out that there is no government policy in the area of attracting of foreign investors. “As an advantage it is pointed out our low tax level, but this is not sufficient,” he said also.

“In many countries the Investment Agency has a different role to define its own strategy and policy”

Petar pointed out that Bulgaria has a positive image with regard its people. “Everything should be centered in the digital economy.”

Another important moment of any investor’s strategy is to realize that they seek predictability, as well as effective judicial system that functions without bias and with good speed. “This guarantees protection of any investment,” he argues.

Watch the conversation here (video)

Source: BloombergTV Bulgaria