site.btaBulgarian Government Ministers Discuss Industrial Zones during US Visit

Economy and Industry Minister Bogdan Bogdanov and Finance Minister Assen Vassilev discussed opportunities for US investments and job creation in Bulgaria with senior executives of leading US companies, the Economy and Industry Ministry said on Thursday.

During their working visit to the US, Bogdanov and his deputy Nikolai Pavlov also met with representatives of the World Bank Group to discuss cooperation in running industrial zones in Bulgaria, attracting investors to such areas, and building new industrial zones through public-private partnerships.

At a meeting with Diep Nguyen-Van Houtte, Climate Business Manager at the International Finance Corporation (IFC), which is a member of the World Bank Group, it transpired that the IFC provides funding for drawing up strategies and making analyses for the development of industrial zones. The IFC and the World Bank can help with the assessment, management and structuring of public-private partnerships in emerging industrial zones and can invest resources in such projects. The IFC also assists countries in attracting new investors to industrial zones which are being built under its management. Furthermore, the sides considered cooperation in drawing investors to build energy storage systems and infrastructure facilities.

Bogdanov said cooperation with the IFC and the World Bank is important for improving investors' idea about industrial zones as a means of business development. The IFC and the World Bank will play an active part in developing transparent working rules between the public administration and the private sector.

The representatives of the World Bank Group praised the efforts of the Bulgarian government to develop industrial zones and implement infrastructure projects. They noted that they have rich experience in this field, particularly as regards public-private partnership.

The World Bank Group said Bulgaria has excellent competitive advantages as regards the requirements of Asian manufacturing investors, the kind that the IFC is ready to attract and fund. The sides agreed that an IFC team will visit Bulgaria to hold further talks and sign a memorandum of cooperation.