Ivan Mihaylov on CSD Investment Screening Round Table: Bulgaria Should Build Transparent and Effective FDI Screening Framework

On June 6, 2023 Ivan Mihaylov took part at the “Corrosive Capital and Investment Screening” Round Table organized by the Center for Study of Democracy and the Center for International Private Enterprise (CIPE). The reason for this meeting was the recent report of CSD on Investment Screening Mechanism that Bulgaria must introduce since the country is among the most vulnerable states in Europe with regard corrosive capital inflow. The think-tank appeals for urgent introduction of a series of tools and measures for economic and investment security and stability thus eliminating or minimizing the malicious foreign influence.

The need of a thorough investment screening mechanism in Bulgaria should be among the priorities of the government and should be developed in partnership with the business. AmCham Bulgaria supports the efforts of CSD and CIPE to urge the government for a faster introduction of such mechanism that will improve the investment climate in Bulgaria. This will be among of the advantages that our country could use to attract non-corrosive capitals and investments.

Ivan Mihaylov, CEO, AmCham Bulgaria in his remarks

In the EU there is already FDI Screening Act which is supplemented with several documents with non-required implementation, incl. the FDI from Russia and Belarus with regard the adopted sactions against these states.

So far Bulgaria has introduced the minimum requirements from the EU ones – among them is the coordination mechanism with other member-states. In the Bulgarian legislation there is a lack of instruments for a comprehensive FDI checks and lack of adequate guarantees against potential frauds.

The government should include the private sector and the civil society in each step of the process of developing of this mechanism and the provide the necessary transparency of the process.

In the discussion took part CSD Experts, led by Ognyan Shentov, Chairman, and Ruslan Stefanov, Chief Economist, as well as H.E. Kenneth Merten, U.S. Ambassador to Bulgaria, Nikola Yankov, Managing Partner, Expat Capital, Miglena Mileva, Head of Investment Policy Department, Ministry of Innovation and Growth, Maya Neidenowa, Vice-president, German-Bulgarian Industrial and Trade Chamber, Pavel Gerenski, Director, Customs Agency, and John Kay, Europe Program Head, CIPE


Resources:

Round Table Photo Gallery