site.btaConfederation of Employers, Diplomats Discuss Bulgaria's Accession to Eurozone, OECD, Schengen

The Confederation of Employers and Industrialists in Bulgaria (KRIB) organized its traditional business breakfast here on Thursday, which saw KRIB, ambassadors and diplomats from the US and EU agree on the importance of political stability, Bulgaria's entry into the eurozone, the Organisation for Economic Co-operation and Development (OECD) and Schengen, KRIB reported on Thursday. Those steps would contribute to the development of Bulgarian businesses, the participants in the forum agreed.

Participants in the forum at the invitation of KRIB Chair Kiril Domuschiev included the Ambassador of Belgium Frederic Meurice, the Ambassador of Austria Andrea Ikic-Bohm, the Ambassador of Germany Irene Maria Plank, the Ambassador of Denmark Jes Brogaard Nielsen, the Ambassador of Italy Giuseppina Zarra, the Ambassador of the Netherlands Simon van der Burg, the Ambassador of Slovenia Natasa Bergelj, the Ambassador of Hungary Miklos Boros, US Ambassador to Bulgaria Kenneth Merten. Among the attendees were also Deputy Head of the Mission of the Embassy of Spain, Jaione Cereijo, Attaché at the Embassy of the Republic of Croatia in Sofia, Sanja Guberina, Minister Plenipotentiary for Economic and Commercial Affairs at the Embassy of Greece in Sofia, Dimitrios Michas, American Chamber of Commerce in Bulgaria CEO Ivan Mihaylov.

KRIB was represented by Domuschiev, KRIB Deputy Chair Boryana Manolova (Siemens Bulgaria), members of the KRIB Management Board Jason King (Yettel Bulgaria), Evgeniy Ivanov, Zarina Gencheva (Motion Arts), Ilian Terziev (Bulgarian Construction Chamber), Krasimira Hadzhiyska and Elena Velkova (Nova Broadcasting Group), Christina Eskenazi (Biotechnological and Health Cluster), Lyubomir Stanislavov (Auto Park Bulgaria), Roberto Santorelli (Confindustry Bulgaria), Petia Dimitrova (Eurobank Bulgaria), Stoyan Stavrev (Bulgarian Consulting Organization), Andon Tushev (Tal Engineering).

The forum agenda included KRIB's macroeconomic report, which notes positive data of the Bulgarian economy in the areas of GDP, inflation, trade and expectations for the business climate. Economic activity is expected to accelerate in the second and third quarters of the year, which will be accompanied by an inflation rate of about 3%. The data on industrial production and mining remains worrying and continues to show declines. On the other hand, expectations for the business climate in the country are improving, especially in the construction, trade and services sectors. Lending growth in April 2024 of 13.13% year-on-year covers both loans to businesses and to households, with a marked intensity in residential lending.

Topics of the subsequent discussion were the process of Bulgaria's accession to the euro area, improving the access of foreign and local businesses to qualified labour, active cooperation with educational institutions, and the sustainable and reliable management of the financial framework of the public and private sectors. The KRIB Board highlighted the willingness of the banking sector to adopt the common currency, the business sector's ability to improve the quality of the labour market.