Bulgaria 2009-2012, economic ideas for European development

published on 11/26/09 12:55 PM

“Every sector that brings profit and where Bulgaria has a competitive edge, should be developed”, Georgi Tabakov argues.

Photo: BGNES

Bulgaria 2009-2012, economic ideas for European development, is the theme of this year’s Bulgarian Economic Forum that invites government officials and business circles for a discussion on the future of finances, energy, infrastructure, telecommunications and ecology in the aftermath of the crisis. The two-day forum opened on Thursday. The ministers of economy, of finance, of regional development, of agriculture and of ecology are among the forum’s attendants. More than 600 officials from the administration and from NGO, as well as business managers are expected to join three groups of sessions.

The first group of sessions will focus on Finances and European Funds. They are likely to become the arena of an intense macroeconomic debate, and will also present all European programmes that gives businesses access to financing during times of crisis. The second group of discussions will accentuate infrastructure, energy, telecommunications and transport. This important sector requires a huge amount of investments for construction of express highways to neighboring countries. Unfortunately, for the time being, European funds have been the single source of fresh financing. The third group of discussions includes the traditional environmental forum Investments in Environment for Better Quality of Living. This year its central theme is waste management.

The forum’s organizers seek to discuss options and solutions for the period after the end of the crisis. Bulgaria has to clearly manifest its competitive edge right away, to develop its domestic capital and thus make itself attractive for foreign investors. As the crisis subsides, investor interest in Southeast Europe will to become keener. At present most of investment projects in Bulgaria are frozen because of the crisis. Investors, however, are prepared to go on with them. Now the point is, whether such projects will be completed in Bulgaria or elsewhere, and this will be contingent on the country’s stability.

The speed and efficiency of European funds absorption will determine the speed of Bulgaria’s way out of the crisis. “We are in need of investments. We must keep financial stability and the currency board”, commented Georgi Tabakov, president of the Bulgarian Economic Forum. Fresh money from European funds will work to compensate for the weaker inflow of capitals to Bulgaria, for falling revenues from tourism and for the drop in commodity exchange. Besides, foreign banks have imposed restrictive policies on the Bulgarian market, which has cut the volume of bank loans released to the business. The forum’s organizers agree that Bulgaria should rely on domestic capital as well. It is clear that recovery is up to the companies working in Bulgaria, especially in the sector of infrastructure, the vehicle of economy.

English version: Daniela Konstantinova

По публикацията работи: Tania Harizanova

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Bulgaria 2009-2012, economic ideas for European development

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