site.btaPM Borissov Voices Satisfaction that United States Is Sixth Biggest Investor in Bulgaria

106 ECONOMY-AMCHAM-MEETING WITH PM update 1

PM Borissov Voices Satisfaction that
United States Is Sixth Biggest Investor in
Bulgaria


Sofia, September 18 (BTA) - During a meeting with members of the American Chamber of Commerce in Bulgaria (AmCham) on Tuesday, Prime Minister Boyko Borissov expressed satisfaction that the United States emerges as the sixth biggest investor in Bulgaria, which he attributed to the good business climate in this country.

Borissov said that financial stability is something that is appreciated with time, and stressed that Bulgaria's foreign debt has decreased to 24 per cent of the Gross Domestic Product (GDP). The Prime Minister also noted the steady GDP growth and the diversification of investment into manufacturing.

Borissov said that Bulgaria sets great store by the strategic partnership with the United States in the area of defence. The Prime Minister spoke about the successful exercises held regularly at the joint Bulgaria-US training facility in Novo Selo, Southern Bulgaria.

Next, Borissov dwelled on the illegal trade in cigarettes which he said will drop below five per cent. The Prime Minister said that when the cabinet came to power the share of contraband cigarettes was 34 per cent. He noted that the good results in fighting illegal trade and corruption allow to have a ten per cent increase of salaries in the state-financed sector as of January 2019.

At the meeting AmCham Executive Director Peter Ivanov presented the results of an AmCham study according to which the actual amount of the US investment in Bulgaria by 2016 was 4,500 million leva, which is twice and a half higher than the value announced by the official statistics. Ivanov said that more than 28,000 people work in US-owned companies in Bulgaria.

The United States accounts for 5.7 per cent of all direct foreign investment in Bulgaria which makes the country the sixth biggest foreign investor in Bulgaria by end capital ownership, Ivanov said.

The AmCham Executive Director said that the meeting focused on the relations between Bulgaria and the United States at the backdrop of the global economic changes, as well as on attracting investments, education and human capital. Ivanov said that it is clear to everyone that the US companies support a strong and united European Union and the strong commercial ties between the US and the EU.

At the meeting United States Ambassador in Bulgaria Eric Rubin said that the joint work for achieving even bigger breakthroughs in business innovations should continue and promised partnership in this respect.

Among the significant US investment projects Ambassador Rubin singled out projects in the energy sector, farming, and IT. The diplomat said that the projects aid the economy, as well as the employees, who he said draw decent salaries.

Ambassador Rubin said that the US companies invest not only in business but also in health care and education as this is money which directly reaches the Bulgarian families. He said that already since the first days of the bilateral relations more than a hundred years ago until the present-day membership of Bulgaria in the EU, Bulgaria and the United States have relied on the common values, on providing equal opportunities to all. RY/ZH
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