site.btaUPDATED At Launch of BGN 140 Mln Investment in Shumen, President Praises Economic Ties with Turkiye

Addressing an event for the start of a BGN 140 million investment in Shumen, President Rumen Radev spoke of the strengthening economic ties between Bulgaria and Turkiye. He took part in the official launch of a project to expand the production base of Alcomet, Bulgaria's largest producer of aluminium rolled and extruded products. "Today's event is an evidence of the upward trend in relations between Bulgaria and Turkiye because Turkiye is not only a good neighbour, friend and ally but also our biggest trading and economic partner outside the EU," said the President.

The investment is expected to create 160 new jobs.

Alcomet is one of the biggest employers in Shumen region. Its majority owner is Fikret Ince. The company was named Investor of the Year for 2023.

At the official presentation of the project, Radev said, "I can tell you that I am extremely impressed by what I see today: to be in an enterprise with a 40-year history, one of the hundred largest in Bulgaria, the country's leader in the production of aluminum products, but also the largest in the Balkans, with growing presence in the European and, more recently, the American markets. This is an enterprise that is of key importance for the region of Shumen and beyond, and which also energizes higher education: Shumen University, the University of Chemical Technology, technical universities in Bulgaria, and is also an enterprise with an important role in overcoming regional imbalances and improving the demographic picture in the country." 

In his words, the event is also a testimony to the improving investment climate in Bulgaria. "Last year, foreign direct investment grew by 38% year-on-year and exceeded EUR 3.6 billion, which is a major record in recent years. "But I would like to underline one important trend that the share of profit reinvested in this country is growing and this is the surest sign of the foreign investors' confidence in our country," the President further said. 

He also pointed out that the Alcomet project is an example of continuity between the state institutions. He said that the project started "under my caretaker government" and mentioned some office-holders who have played a role: former caretaker innovation minister Alexander Pulev, the former director of the InvestBulgaria Agency Bogdan Bogdanov, former caretaker innovation minister Milena Stoycheva, the Municipality of Shumen and Shumen Mayor Hristo Hristov.

Reflecting on Bulgaria's economic relations with Turkiye, Radev recalled his first meeting with Turkiye's President Recep Tayyip Erdoğan several years ago when the bilateral trade exchange was nearly EUR 4 billion. "We set an ambitious target of reaching EUR 10 billion. As of today, we have already exceeded EUR 7 billion and are steadily progressing towards achieving this milestone in the near future," he said.

Radev added that the presence of over 2,000 businesses with Turkish capital in Bulgaria signifies that Turkish investors regard the country as a key entry point to the European Union.