site.btaForeign Investments in First 10 Months of 2023 Increase by 53%

Direct foreign investments in Bulgaria for the first ten months of 2023 have significantly increased and reached nearly EUR 3.4 billion, up by more than EUR 1.1 billion compared to January-October 2022, with a year-on-year growth of 53.6%, shows preliminary Bulgarian National Bank data. This is the highest growth of foreign investments for the last nearly 15 years in the country, said Minister of Economy and Industry Bogdan Bogdanov, who held a meeting with Steve Matushak, manager of the US company ADM's plant in Bulgaria, located in Razgrad,  Northeastern Bulgaria.

The two discussed the company's intentions for sustainable development in Razgrad and confirmed ADM's commitment to investments in the Municipality. The largest corn processing enterprise in the country plans to invest and make its production more energy efficient. At the meeting, Matushak pointed out that the company has clear goals and indicators related to reducing greenhouse gas emissions, natural gas consumption, water consumption and the amount of waste.

Minister Bogdanov stressed that Bulgaria is a good place for business development and the fact that companies that have already invested in this country are expanding their investments is proof of that. He expressed readiness for assistance and support in the implementation of the investor's future plans. Bogdanov pointed out that the government is working for a predictable and stable business environment to guarantee the sustainable development of companies in the country. Deputy Economy Minister Ivaylo Shotev also attended the meeting.

The US company ADM operates mainly in markets in the Balkans, but exports its production to nearly 60 countries around the world, which expands the market for Bulgarian corn producers globally. In addition, the company donates over BGN 60,000 to support the local community.

ADM's latest expansion investment, which doubled the plant's production capacity, was completed in 2021.