site.btaInnovation Ministry: Improving Infrastructure Is Task No. 1 for Attracting New Investors

Works are underway to accelerate the investment process, said the Deputy Prime Minister and Minister of Innovation and Growth Tomislav Donchev at a meeting with the Ambassador of Italy to Bulgaria Giuseppina Zarra, Confindustria Bulgaria and the Italian Chamber of Commerce, the Innovation Ministry said in a press release on Monday.

Improving infrastructure is a top priority to attract new investors to Bulgaria. Active work is underway on completing major road corridors. In addition to attracting investors in high value-added sectors, the government's priority is the modernization of the Bulgarian army. "My personal goal is to involve Bulgarian industry in the process. To have a better army and a better economy. We need to explore all possible collaborations in the field," Donchev said. 

He stressed that measures have been taken to speed up the investment process, to reduce administrative obstacles to facilitate business. The Deputy Prime Minister also said that the country has a well-developed automotive industry, aviation industry, communication and electronics. Keeping the young skilled personnel in Bulgaria will help the competitiveness of the economy, it was also made clear during the meeting.    

On the Italian side, the importance of funding cooperation between business and universities was stressed. On this occasion, Deputy Minister Martin Danovski said that the Ministry of Innovation and Growth supports the modernization, digitalization of companies and actively promotes the interaction between science and business through two EU programmes - "Competitiveness and Innovation" and "Research, Innovation and Digitalization for Smart Transformation". He also presented the different financial instruments that support small and medium enterprises, start-ups, technology companies, and others under the Fund of Funds. 

The good relations between Bulgaria and Italy, the opportunities for future cooperation, as well as an upcoming forum in Sofia Tech Park, the Innovation Bridge: Italy-Bulgaria united for the future of startups, which will bring together companies from different sectors from both countries, were highlighted during the meeting.