On June 4th, 2021, Petar T. Ivanov, CEO, AmCham Bulgaria was a guest at bTV Morning Program “This Morning”, hosted by Zlatimir Yochev and Bilyana Gavazova. The main topic of the discussion was the news about the sanctions from the U.S. Department of State and the U.S. Department of the Treasury imposed on influential Bulgarian individuals and their expansive networks for engaging in corruption.
“One of the main priorities of the American Chamber of Commerce is the Rule of Law and we have said this many times before. A year ago in another interview I mentioned the Annual Report of the U.S. State Department on the investment climate. According to this report regarding Corruption Perceptions Index, Bulgaria occupies a place next to countries like Romania, Hungary, Tunisia, and other African countries, which is the most worrying fact. It is appalling that Ukraine and President Lukashenko are in a better position in the ranking than Bulgaria,” said Petar Ivanov.
It is hardly a surprise to anyone what is happening now, but our society has a hightolerance threshold.
These sanctions won’t affect the foreign investments in Bulgaria and the trade relations between the U.S. and Bulgaria. It is of great importance now to have a reaction from the Bulgarian institutions. That would be a clear signal for the quality of the democratic processes in our country because the rule of law is a crucial factor for foreign investments. Low taxes and benefits if your business is class “A” are good incentives, but without the rule of law the progress will be almost impossible because this is a basic rule of any democracy.
“In a country where money is above the law, no one is protected. This is a supreme law for any developed democracy” Petar Ivanov pointed out.
“The rule of law and corruption are in direct connection, and it is no coincidence that there is a Corruption Perceptions Index. I would add that if there is a sense of corruption in a country, foreign investments are clearly in jeopardy, and to change this situation we must think and act as a society,” the CEO of the Chamber concluded.