Ivan Mihaylov on BloombergTV Bulgaria: The Constitutional Changes Will Give the Signal for the Future of Bulgaria Which Investors Are Watching Carefully

At the business breakfast organized by the American Chamber of Commerce in Bulgaria, for the first time in a long period, we were able to talk about Bulgaria’s Euro-Atlantic direction and the government’s goals towards it, which is very important to us, our members and the business climate.’

This was said on Wednesday, October 4th, 2023, by Ivan Mihaylov, CEO, AmCham Bulgaria in a conversation with Ivaylo Lakov, anchor of ‘The World is Business’, the program of Bloomberg Bulgaria.

Bulgaria’s rule of law, constitutional changes, policy strategies, business climate development, and further investments from leading companies residing in the USA are just some of the key topics of the interview. Intellectual property, regulations, the effectiveness of the law system and its adaptiveness to the needs of the business and the labor force, and the visas’ topic as well were the key points on the legal matters in the discussion. Ivan Mihaylov underlines the need for the development of a thorough strategy for the energy transition of Bulgaria. He highlights the importance of the energy mix of renewables and coal plants in this complex process since neglecting any source of energy won’t be sustainable for the greener transition.

Discussing the business climate in Bulgaria, the need for a clear and open Euro-Atlantic orientation is highlighted as one of the main priorities of the managers and owners of companies. Furthermore, predictability is a key element not only for their development but for further investments in the country. Ivan Mihaylov emphasizes the visible improvement in the understanding of the business needs and concerns from the institutional perspective. However, after a period of very high growth and pace, it is time to move forward. ‘No matter how much we promote a tax-friendly environment, at the end of the day, it is about the most important thing – whether there are enough people.’

Encouraging investments through policies, developing a workforce strategy and adapting instruments in favor of the business climate are part of the factors of the needed steps forward. One of the main questions, stated in the conversation, is ‘Do we want everybody (to invest in Bulgaria), or do we want those with the right investments and capital for them?’

Regarding the political climate in Bulgaria, Mihaylov underlines the importance of the constitutional changes, and the role of the Attorney General, and reminds that they will give the signal to current and potential investors about what direction Bulgaria wants to go in the future. 

Watch the conversation (In Bulgarian)