AmCham Bulgaria Proposes Cooperation with Future Coalition Government in Strategic Sectors

Today the American Chamber of Commerce in Bulgaria sent a joint letter to the four political formations that are handling negotiations to form Bulgaria’s next coalition government. The chamber presented its priorities and proposed ways to cooperate with the political formations.

“We welcome the start of a transparent negotiations among your four formations to form the future coalition government of Bulgaria. We all know that you bare huge responsibility and expectations to implement major changes in the political, social, and economic spheres for good.

The local business community should be active in this process and onwards. Thanks to our membership we have expertise and visionary approach in strategic sectors that will be beneficial to the future government and governance of Bulgaria. Only working together – Business and the Government – we can create value for our economy and democracy.” – says the letter initiated by the AmCham Board.

Full Letter in Bulgarian

Full Letter in English

AmCham Bulgaria Priorities

AmCham Bulgaria has four strategic priorities: 

  • Regional and Transatlantic Advocacy.
  • Sustainable Business Climate and Investments.
  • Digital Economy and Innovation and
  • Human Capital Development.
Activities in Strategic Sectors

AmCham Bulgaria invests in the following activities to achieve our priorities:

  • Healthcare – this strategic sector is part of the national security of Bulgaria and its policies should be seen as an investment via a mix of prevention, effectiveness, digitalization, and innovation. Our 2021“Healthcare as Investment Report” gives evidence of this philosophy and was well accepted by various stakeholders. It identifies the need of increased efficiency in healthcare spendingupon 3 pillars:
    • Increased efficiency in Hospital Spend.
    • Implementation of Digital Health.
    • Investment in Prevention and Screening.
  • Energy Transformation and EU Green Deal – In the context of the EU’s increased ambitions for decarbonization, Bulgaria, like other coal-dependent countries in Europe, must plan its low-carbon energy transition. In the meantime, targeted measures are required to ensure the viable operation of the existing environmentally compliant lignite plants, which will remain key contributors to security of supply and energy independence until replacement clean energy capacities are commissioned.

AmCham has commissioned a comprehensive energy industry study which will provide solutions for the decarbonization of the Bulgarian energy sector so that it can continue to provide clean, abundant and affordable energy. The study will also provide important insights for the development of a new energy strategy and will be consistent with the reforms and investments considered in the Recovery and Resilience Plan of Bulgaria.

  • Digitalization – this broad topic requires united efforts of various stakeholders and cooperation. Bulgaria should create a digital governance with pure digitalized processes; to finalize the digital identity process, and to foster the digitalization of myriad of administrative services. Digitalization could be the cure of red tape, procrastination, and corruption in the public domain.
  • Rule of Law – it is a top-priority for us all and our activities in that respect are aimed at eliminating the major hurdles in front of the sustainable economic development in Bulgaria – red tape, but also the vagaries of an unpredictable and often inefficient legal system in which the rule of law does not necessarily prevail over private corrupt interests. We’ve set a special Rule of Law and Legislative Reform Committee, whose capacity and experience can be beneficial to improving the rule of law in Bulgaria and modernizing the business legal framework to the benefit of businesses and the economic development of Bulgaria. Our efforts in that perspective are focused on two main areas:
  • Innovation – Our members’ experience, know-how and vertical coordination can benefit our innovation and start-up eco-system. So, we are focusing on: Support the establishment of a “start-up” entity; support the improvement of the quality and quantity of data collected and shared on the Open Data Portal as an innovation enabler; create a technology transfer model and culture; create a verification environment for star-ups; and to support innovative initiatives of existing businesses and driving culture of change.
  • Sustainable Business Climate – Bulgarian economy should find its way to maintain competitiveness, retain work force, and develop regions in a sustainable manner. Bulgaria enjoys many local investors that are here to stay: they vary from mining to manufacturing, from energy to other heavy industry. Attracting and retaining investors means providing predictable and stable business environment as well as securing transparent and speedy permitting regime.
  • Taxation and Investments – The stability of main tax rates in the country for more than a decade provides predictability for the long-term plans of any investor – current or newcomer.

On the other hand, global trends in taxation may reduce the competitiveness of the current tax system. In addition, growing attention to state aid restrictions in the EU, limits the effectiveness of the present investment support mechanisms. We would address together the growing challenges to the Bulgarian economy, such as: lack of labor force; shifting economy to high value-added production; attracting preferred sectors bringing capital and supply chains to the country; increase attractiveness as preferred holding company, finance and trade hub and IP location.

About AmCham Bulgaria

The American Chamber of Commerce in Bulgaria (AmCham Bulgaria) is the voice of the Transatlantic economy in Bulgaria for 27 years now. We unite over 300 American, Multinational and Bulgarian companies with proven reputation.

AmCham Bulgaria is a member of the AmChams in Europe Network, cooperates with the U.S. Chamber of Commerce (based in Washington D.C.), as well as supports The Three Seas Initiative since 2019.