site.btaAustrian Investments in Bulgaria Reach nearly EUR 5.5 Bln

Economy and Industry Minister Bogdan Bogdanov and Austrian Ambassador to Bulgaria Andrea Ikic-Bohm discussed the excellent economic relations between the two countries and their development in sectors of mutual interest, the Economy Ministry said. The two discussed opportunities for cooperation in the microelectronics sector and joint projects related to the European Chips Act, as well as a partnership in the field of dual training and the automotive industry.

Bogdanov stressed that Austrian companies are involved in all sectors of the Bulgarian economy and that Bulgaria's Schengen membership is also key for Austrian investors in the country.

Direct investments from Austria in Bulgaria amount to nearly EUR 5.5 billion, the Economy Ministry said.

Bogdanov noted that in November his Ministry is organizing an event that aims to present the economic consequences and losses from Bulgaria and Romania remaining outside Schengen for businesses operating in the country.

The Minister assured Ambassador Ikic-Bohm that the Bulgarian government is working for a stable and predictable business and investment environment, as well as that specific actions are being taken to fight corruption.

Bogdanov said that measures have already been taken for efficiency and transparency in the work of the Ministry of Economy. He pointed out: "We have created conditions for the conduct of transparent procedures on a competitive basis in the selection of new trade representatives of Bulgaria in over 20 countries around the world. For the first time, the evaluation commission also ensures the participation of representatives of the Foreign Ministry, employers' organizations and experts with proven experience".

Bogdanov noted that an investment portal is being developed, which will unite all government structures related to the needs of investors. In it, potential investors will be able to find in one place information about industrial plots, as well as necessary information about the labour market and the project promotion process. "We will implement the entire system, taking the best practices from the EC. The process will be digital and in this way we will be able to limit corruption," he added.

In the first 5 months of 2023, the trade turnover between Bulgaria and Austria was close to EUR 1 billion, which is more than a 14% increase compared to the same period last year, the Ministry added.