site.btaCabinet Establishes Interministerial Council for Screening Foreign Direct Investments

At its regular meeting here on Wednesday, the Cabinet set up an Interministerial Council for Screening Foreign Direct Investments. The Government adopted the rules of procedure of the Council based on the latest amendments to the Investment Promotion Act of March 8, 2024, the Government Information Service reported.

The revisions introduced into national law the mechanism for screening of foreign direct investments provided for in Regulation (EU) 2019/452 of the European Parliament and of the Council of March 19, 2019 establishing a framework for the screening of foreign direct investments into the Union. 

The Interministerial Council for the Screening of Foreign Direct Investments related to Security or Public Order is a permanent collective body. It will examine applications received for foreign direct investments in the Republic of Bulgaria from investors registered in third countries. The Council will grant or refuse permission for foreign direct investments in accordance with the requirements of the law and regulations.

The possibilities for screening an investment already made are very limited in order to avoid subjectivity. A competent authority can initiate such a screening only in certain cases.