site.btaPresident Radev: Voice of Business Should Be Heard More in Times of Crisis, Political Instability

It is important for the voice of business to heard more in times of crisis and political instability, Bulgaria’s President Rumen Radev said here on Thursday as quoted by the head of State’s Press Secretariat. Radev attended an event marking the 28th anniversary of the founding of the Bulgarian Industrial Capital Association (BICA). 

Radev awarded BICA with the President's Badge of Honour for its contribution to the country’s sustainable economic development and fruitful cooperation with state institutions. The award was received by the head of the association, Vasil Velev.

The head of State said that he has actively collaborated with BICA and expressed his strong appreciation for its ongoing efforts to improve the regulatory framework, create a better business environment, and enhance the competitiveness of the Bulgarian economy. Radev praised BICA for successfully building a bridge between business, state institutions, and the public.

He also praised the association’s efforts to strengthen the connection between Bulgarian education and business. He said that BICA is now a key voice for the industry, employers, and employees, and that their collective efforts contribute to the sustainability of the Bulgarian economy, which has grown by 2.4% this year. "Statistics rank us among the leading European countries in this regard. The average growth rate for Europe is expected to be 1%," the head of State added.

The President highlighted BICA’s effective collaboration with major European institutions, which help integrate modern European practices into Bulgaria’s socio-economic environment. Radev cited Singapore, where he visited in November, as an example of a successful economic model from which Bulgaria can draw lessons. People are the main resource, and investing in them is vital, he added. "Education has been a strategic priority of Singapore since its establishment," Radev said, adding that although the country has a population similar in size to Bulgaria's and a much smaller territory, it has managed to achieve a gross domestic product of over USD 500 billion and is now a major investor in large regional economies such as China and India.

Radev identified the aspiration for enlightened and competent governance as the most important factor behind Singapore’s development. "A free market economy, free from bureaucracy, making the most of the country's geostrategic and geographical position. We also have this, but we fail to optimally utilize it," he added. The President encouraged the leaders of BICA to continue striving to transform the Bulgarian economic model.

Founded in 1996, BICA now has over 10,000 member companies, employing nearly 500,000 people.