site.btaOvercoming Regional Disparities in Economic Development Is Key to Bulgaria's Demographic Revitalization - Minister

Overcoming regional disparities in economic development is undoubtedly key to the demographic revitalization of Bulgaria, caretaker Economy and Industry Minister Petko Nikolov said here on Thursday. He was speaking at a national forum on "Bulgaria's Demographic Future: Investments in Technology, Infrastructure, and Human Capital" at Hotel Marinela. In times of human resource shortage, this country must be able to develop and invest in existing and future human capital to the best of its ability, Nikolov noted. 

In his words, regardless of the rapid development of digitalization and technology, there is no doubt that people are the main resource with which policies in all areas should be aligned. He added that demographic policy should be considered a national priority at this point.

Nikolov said that nearly two-thirds of the small and medium-sized enterprises (SMEs) are located in five regions of the country: Sofia, Plovdiv, Varna, Burgas, and Blagoevgrad. He noted that half of the value added by their output is generated in the Southwest Region, adding that Sofia accounts for over 43% of the total value added. The Northwest Region is the least developed, with a share of just over 5% of the total value added. Nikolov said that it is regrettable that it is still the poorest region, not only in Bulgaria but in the EU.

He pointed out that the national priorities of his Ministry include supporting SMEs, attracting foreign investment, and opening new markets outside the EU. "In this regard, attention should be paid to the regional profile of the economy and the development of measures to improve the quality of human resources already at the stage of strategic planning," Nikolov said.