site.btaPresident Plevneliev Calls for More Investments between Bulgaria and Cyprus

President Plevneliev Calls for More Investments between Bulgaria and Cyprus

Sofia, February 23 (BTA) - President Rosen Plevneliev on Tuesday urged the Cypriot business community to expand its operations in Bulgaria and encouraged Bulgarian companies to invest in Cyprus. The Bulgarian President and his Cypriot counterpart, Nicos Anastasiades, unveiled a bilateral business forum in Sofia.

The forum, held during Anastasiades' official visit to this country, involved 16 Cypriot companies and more than 70 representatives of Bulgarian firms and organizations.

Plevneliev noted the growing trade between the two countries, saying that in 2015 it rose by 81 per cent compared to 2014, with Bulgarian exports to Cyprus increasing by 90 per cent and Cypriot imports to Bulgaria going up by 47 per cent. He said Cyprus is the sixth largest source country of foreign investment in Bulgaria, having put 2.1 billion euro in the local economy.

"I want to encourage Cypriot companies to invest in Bulgaria, because Bulgaria today is an island of stability. Our economy is growing steadily, the nation is rapidly upgrading its infrastructure and making responsible reforms," Plevneliev went on to say. He said an estimated economic growth rate of between 2.8 and 3 per cent in 2015 makes his country the sixth fastest growing EU economy. Foreign investment in Bulgaria has increased by more than 40 per cent, he added.

Discussing the Bulgarian energy reform, Plevneliev said the aim is to liberalize the national electricity market completely in 2016 for both corporate and household users. The country is also reforming its education and healthcare systems and has amended its Constitution to make the courts and the prosecution service more transparent and independent. "We will build on these efforts as the reforms continue," he said. The year 2016 will see further reforms in healthcare and public administration involving the development of electronic services, he said.

Plevneliev spoke about the dynamic development of various sectors of the national economy, such as: automobile manufacturing, which has seen the construction of about 30 state-of-the-art plants and the creation of over 25,000 jobs; the outsourcing industry, which has opened up 35,000 jobs in recent years; and information and communication technology, which has witnessed the emergence of the first innovation ecosystem in Southeastern Europe - the Sofia Tech Park - and has created 17,500 jobs, whose number is expected to double in the next six to seven years.

President Anastasiades said it is important to deepen economic relations between Cyprus and Bulgaria, which are close partner countries in the EU. He noted the two nations' shared desire to promote their ties further and streamline their cooperation in areas of mutual interest.