Petar T. Ivanov: Bulgaria Must Produce High-Tech Products

On September 14th, 2020 Petar T. Ivanov, CEO of the American Chamber of Commerce in Bulgaria had an interview on Bloomberg TV Bulgaria – “The World is Business” hosted by Ivaylo Lakov.

According to the annual report of the U.S. Department of State on the investment climate our country is ranked on position 37 in terms of innovation in the world. In this indicator Bulgaria has reached its best ranking. We have an innovative nation. That is why we can make a product for the world that is high-tech. Only through innovations Bulgaria can be truly competitive with other countries. This opinion was expressed by Petar T. Ivanov, CEO of the American Chamber of Commerce.

According to him, in the last 30 years our entire system has been functioning incorrectly, starting from the state administration, going through the way of making politics and financing the political parties and it comes down to our behavior as a nation.

“In terms of corruption, we are ranked 74th, which is the worst in the EU. By the indicator “Easy of doing business”, we are ranked 64th.”

“The corruption is result of low incomes and a lack of the rule of law, and after that it becomes part of to public procurement,” Ivanov said.

Petar Ivanov stressed that the business environment is unpredictable. According to him, change must start with small steps and to be consistent in order to achieve global change.

“Our society is ready for change. Young people will be the main pillar in this process. There will be change, but it is important to be fundamental.”

Watch the full interview here (in Bulgarian).

Download the 2020 Investment Climate Statements of the U.S. Department of State