Petar T. Ivanov: Bulgarian Entrepreneurial Spirit is as Important as Foreign Investments

“The Three Seas Initiative has the potential to build the infrastructure of tomorrow”, said Petar T. Ivanov, CEO of the American Chamber of Commerce in Bulgaria in his interview with Plamen Enev to Business Global Magazine.

According to Petar T. Ivanov, а significant part of the innovations in business is coming from America and that is how they influence our investment climate and economy. The American businesses in Bulgaria generate additional value by creating quality jobs, an economy of knowledge, and training of well-prepared specialists. On the other hand, they work in key sectors for our economy, such as manufacturing, IT, energy, etc. – strategic sectors, especially for Bulgaria. We are proud of the fact that every major investor who is seeking an investment opportunity here is asking AmCham Bulgaria about the investment climate in the country. We are trying to defend their interests but in the end, we are focused on quality over quantity.

Are the problems with the rule of law the biggest obstacle to the investment process in Bulgaria?

This is definitely an obstacle but there is also a complex problem with the lack of professionals and the impracticality of the educational system. Our system doesn’t produce specialists that the business is seeking. Аnother important instrument in the investment process is entrepreneurship training. Bulgarian еntrepreneurial spirit is as important as foreign investments because small and medium businesses can create the economy, answered Petar T. Ivanov.

Regarding the innovations in the business sphere and our competitiveness when it comes to new investors, Mr. Ivanov stated that a small economy like the Bulgarian one should encourage more companies to enter the international markets. Тhe global equalizer of opportunities is the digitalization of the economy.

Plamen Enev asked Petar about Biden’s political views and how they will affect Bulgaria. “America is open for business again, and what is good for Europe is good for Bulgaria as well. AmCham Bulgaria is part of the “Three Seas Initiative” and it is an important project for the economic development of Europe and of the 12 countries which are united in it. 3Si also increases the chances of attracting new investments. Biden’s administration strongly supports this initiative, and I think infrastructure investments will totally change the environment in some regions.”

There were three main priorities that were highlighted during the Three Seas Sofia Summit and Business Forum in Sofia this year: energy, transport, and digital connectivity.

Read the full interview in Bulgarian HERE.