Ivan Mihaylov: With an Adequate Strategy, Persistence, and Better Investment Climate, Bulgaria Can Find More Space in the plans of U.S. Investors

The American Chamber of Commerce in Bulgaria was a partner of the InvestBulgaria Agency in a couple of economic forums and bilateral meetings held in the period 05 – 13.12.2022 in the United States of America. From all the accumulated experience and feedback during this road show we can summarize that Bulgaria arouses interest among American business and has the potential to upgrade the existing bilateral business relations..

“The recently completed business trip shows one thing: the American market is open to new contacts, to joint innovation projects, and to grow sustainably together. It is necessary for Bulgaria to offer innovative products and services, genuine ideas, talents and an opportunity for joint sustainable success. I believe that a multi-stakeholder national approach and strategy is needed so that we can build on existing and build new long-lasting relationships with targeted  investors, organizations and partners in the United States. Moreover, we should start realizing the U.S. not as a single business destination, but to have tailor-made approach to specific states. It is necessary with the partners from the Bulgarian Investment Agency, as well as from the SME Promotion Agency and the Ministries of Economy and Innovation, to be constant, to work together in a smarter way to make some break-through there. Such a strategy should also include work with the Bulgarian diaspora overseas,” – Ivan Mihaylov, AmCham CEO outlined the framework of the future successful investment attraction strategy of Bulgaria.

“The business trip was first one since 2012. In 2023 Bulgaria attempt a return to the USA, but today our offer is different: our general focus is on high-end technologies in many sectors, on startups, on production, on energy and on healthcare. This is the way – with current industrial and innovative business proposals, as well as with a presentation of our improving investment environment – can we constantly expand the range of interests in our country, Ivan Mihailov also pointed out.

The work on the future effective investment strategy must also include subsequent improvement of the business environment in our country and placing rule of law as a top priority. There are a number of international indicators that really show where we are compared to our competitors – our neighboring countries, the Middle and Far East, Africa. Therefore, here in our country we need to have working long-term institutions that guarantee the macroeconomic framework, the rights of investors and to provide a horizon for sustainable planning.

AmCham Bulgaria is part of the network of American Chambers in Europe, as well as a partner of the U.S. Chamber of Commerce, that unites over 3 million businesses in America. These contacts, as well as the Chamber’s newly opened office for the development of business contacts and services in Washington, D.C., are among the business tools that can be useful for intensifying contacts and for developing the Transatlantic Economy, of which Bulgaria is a part.

“AmCham Bulgaria strives to be among the pillars of the rule of law and its timely and adequate application. Definitely, Bulgaria in 2012 is not like Bulgaria today. Yes, investors now have less to worry about, but there is still work to be done to have a truly favorable investment and industrial climate in our country. As part of the EU, NATO and the WTO, as with our upcoming admission to the OECD, the expectations for the Bulgarian state and business are already much greater. Therefore, among our priorities in 2023 will be education and technological transfer, so that business and talents, as well as entire industries, can keep up with the times,” Mihailov summarized.

AmCham Bulgaria CEO Ivan Mihaylov Comments on Bulgaria’s Relationship with US Investors

About the U.S. Road Show

Between December 5 – 10, 2022, InvestBulgaria Agency in partnership with AmCham Bulgaria held two international business and investment forums in the USA (Sun Valley, California and Portland, Oregon) within the framework of the project “Establishment of Bulgaria as a successful investment destination” under the EU Operational Program “Innovations and Competitiveness” 2014-2020. The meetings and events were attended by Bulgarian entrepreneurs, accelerators, representatives of the startup ecosystem, specialists in European grants and representatives of the local government.

On December 6, in the city of Sun Valley (at the Silicon Valley), California, an international business and investment forum focused on the Outsourcing and Information Technology sectors took place at the headquarters of the world’s largest accelerator Plug and Play. The second conference was on December 8 in Portland, Oregon and focused on the Electronics and Information Technology sectors, and was held at Oregon Health & Science University.