site.btaEconomy Minister Bogdanov: Foreign Investments Up by Nearly 50%, Exceed EUR 3.1 Bln in 1st Nine Months of 2023

Foreign direct investment (FDI) in Bulgaria has reached over EUR 3.1 billion in the period January-September 2023 alone, according to preliminary data of the Bulgarian National Bank. The increase is more than EUR 1 billion, or nearly 50% more than in the same period last year. This is the highest FDI growth in the last 15 years, even compared to the annual data of this period, Economy and Industry Minister Bogdan Bogdanov said during a meeting with representatives of leading Bulgarian, British and international companies in Bulgaria, Bogdanov's Ministry reported Tuesday. 

The Economy Minister stressed that Bulgaria was in the top 5 EU countries in terms of economic growth in the third quarter. "In spite of the recession, which is observed in Western Europe, the Bulgarian economy continues to grow by nearly 2%," Bogdanov further said. 

According to national statistics, in the third quarter Bulgaria's GDP went up by 1.7%, he said.

"Eastern Europe offers many opportunities for growth and development, and Bulgaria will be at the heart of the region's future development. We started as an outsourcing destination and are now becoming a hub for innovation and high value-added manufacturing and technology," the Minister added. 

According to him, Bulgaria already has technology companies that are globally recognized in areas such as logistics, ICT and the aerospace industry. "Our country is a good place for investment and could become a centre for development and a transport and logistics hub in the region," Bogdanov said.

He announced that an investment portal is also being developed that will digitalize the process of administrative services for investors and bring together all state structures. "In it, potential investors will be able to find in one place information about prepared industrial sites, as well as about the labour market and the project promotion process. We will implement the whole system, taking best practices from the European Commission," the Minister said.

The event was organised by the British-Bulgarian Business Association and was also attended by British Ambassador to Bulgaria Rob Dixon and representatives of leading companies.