Bulgaria will host the next summit of the Three Seas Initiative – a political and economic project of 12 European EU member states. The goals of the Bulgarian hosting are related to the beginning of discussions on projects that can be financed in the areas of energy, transport, and digitalization. This was stated by Petar T. Ivanov, CEO of the American Chamber of Commerce in Bulgaria, in the show “In Development” hosted by Delyan Petrishki, Bloomberg TV on May 11th, 2021.

Petar Т. Ivanov pointed out that the lag of Eastern Europe from Western Europe in the field of transport could be overcome with investments of 120 billion dollars. In order to reach the level of infrastructure of the Western countries, we will need about $ 600 billion.

“The Three Seas Initiative is the Small Marshall Plan for Eastern Europe,” said Petar Ivanov. “It all started at the initiative of the Polish and Romanian Development Banks, which registered the fund 4 years ago in Luxembourg. Bulgaria joined the project with an initial investment of 20 million euros. 11 countries participating in the project have already contributed to the investment fund through their development banks ”.

Another topic of conversation was how tensions in the region affect the investment climate. “When there is tension, things get more complicated, but the business is not affected by the current situation but focuses on the development of a particular region in the long run,” Mr. Ivanov said. 

“The US State Department report assesses the investment climate using several indicators. The first is the corruption index, but the second is clarity about doing business. Last but not least is how easy it is to establish a business in a country. Unfortunately, Bulgaria is not in a leading position in any of these indicators. The report mentions that there is no legal stability in the country, as the laws are constantly being changed,” commented Petar Ivanov.

Watch the full interview with Petar T. Ivanov on Bloomberg TV HERE.

Bulgaria will host the Three Seas Initiative in 2021 in Sofia. The initiative is designed to promote cooperation between 12 European nations and their partners contributing to economic growth and energy security, as well as to boost cohesion and unity in Europe.

The Three Seas Initiative Investment Fund is a dedicated commercial fund targeting critical infrastructure investment in the region. The fund is advised by Amber Infrastructure Group, an independent specialist international investment manager.

The 3Si Business Forum is being organized in partnership with the Bulgarian SME Support Agency and the American Chamber of Commerce in Bulgaria.