site.btaPresident, Austrian Investors Discuss Measures to Improve Bulgaria's Business Climate

115 ECONOMY-PRESIDENT-MEETING WITH AUSTRIAN COMPANIES

President, Austrian Investors
Discuss Measures to Improve Bulgaria's
Business Climate


Sofia, January 16 (BTA) - President Rumen Radev Wednesday received representatives of Austrian companies in Bulgaria, Radev's press secretariat said. The participants in the meeting discussed what difficulties Austrian companies encounter in doing business in Bulgaria, ways to improve the business climate and increase competitiveness. Austrian Ambassador to Bulgaria Andrea Wicke attended the meeting.

The discussion is part of a series of talks Radev holds with representatives of foreign companies from countries that are among the biggest investors in Bulgaria. Austria is Bulgaria's second biggest foreign investors after the Netherlands. Austrian investments total 5.7 billion euros, or 11.7 per cent of the direct foreign investment in Bulgaria.

During the meeting, officials from the Austrian Commercial Representation in Bulgaria presented a survey among 96 Austrian companies with branches in Bulgaria, which showed that fighting corruption and crime, legal security, rule of law, and cutting red tape are the areas needing improvement. The poll also showed a need to have better skilled personnel, availability of workers, better infrastructure and high-quality elements of the labour market. The Austrian business representatives stressed the need for more practice-oriented education in Bulgaria and voiced fears that in the short term Bulgaria will experience an acute shortage of workers. Transparency and predictability of the legal framework were singled out as a key factor for improving the business climate.

Radev said that the cooperation with Austria is of strategic importance for Bulgaria. He said that the looming shortage of workers can be averted with competitive work conditions and higher pay. RY/ZH//