Ivan Mihaylov on BNR: Foreign Investors Are Mainly Interested in Rule of Law in the Country

“Investors and companies that are developing in Bulgaria, should feel comfortable and to recognize rule of law. To the potential investors we should send a clear message, that Bulgaria is legit country and we should invite them to start business here. Public procurement, however, worry to many. The main question is how Bulgaria solves its corruption issues, because most of the signals comes from outside. There is some risk, if we start solving our domestic problems, to send very dangerous signals abroad,” said Ivan Mihaylov at his conversation with Diyana Yankulova, anchor of Nedelya 150 Talk Show on the Bulgarian National Radio on January 29, 2023. 

“The main focus is on the public procurement. It generates bulk of problems to be solved. The Public Procurement Act is not perfect, but there is no consensus this system to be improved because mostly it touches some interests which are hard to be proved. The second issue is transparency – how the judicial system and institutions work, and how fast they are. Business expects prompt solutions of its problems. Also, somewhere here we should fit the topic of digitalization. It is certain that transparency can be suppored by digitalization. Last but not least, there should be political will for solving those problems,” pointed out Mihaylov.

Bulgaria faces competition from the neighboring countries and the advantages that we always outline – such as great taxation system, high qualified talents, some sectors enjoy low-cost labor – are not valid anymore.

“Investors are very well informed by the facts they are interested in are where were are up to with the rule of law and how can easily they can do their business in Bulgaria. These answers are hard for many here.”

The often election campaigns in Bulgaria cause each business topic to be politicized. This is the case of NEXO. “Such examples generate tension among investors and create the feeling of bias in their announcement and the following measures.

“There is a window of opportunities that Bulgaria should utilize to take part in the recovery process of Ukraine when the ware is over. We have such a chance. If business does not face any hurdles, it will take part in the Ukraine’s recovery,” commented the AmCham CEO.

Listen to the whole conversation.

Watch the video from the BNR YouTube Channel

Source: BNR