site.btaInnovation and Growth Minister Says Reindustrialization Crucial for Economic Growth

Innovation and Growth Minister Rosen Karadimov Saturday said reindustrialization is crucial for Bulgaria's economic growth. Interviewed by the Bulgarian National Television, he said his Ministry had provided BGN 207 million in grant financing for 11 industrial zones and parks under the Recovery and Resilience Plan. Industrial zones are key to reindustrialization, economic growth and dealing with regional imbalances, the Ministry quoted Karadimov as saying.

All of the Innovation Ministry's instruments are focused on reindustrialization: the Bulgarian Development Bank (BDB) has drawn up a programme in support of industrial zones and parks, and the InvestBulgaria Agency is working to attract investors.

Karadimov told the annual meeting of local authorities on October 13 that Bulgaria can be reindustrialized with at least 35 industrial parks. An industrial park, in addition to immediately attracting investors, opens up prospects for economic and social development and improves the educational infrastructure, he said.

Karadimov also said on Saturday the Ministry had provided BGN 27 million for the Danube Industrial Technology Park - Svishtov: "In one month, with good will and a clear vision, additional financing was secured under Fund FLAG, a financial instrument of the Regional Development Ministry, and bridge financing from BDB." The park could attract significant investment, with EUR 150 million already pledged by investors. This could completely change the municipality's economic potential and the social and health status of its population.

Through its new strategy, BDB has become an engine of economic growth by financing priority policies and intervening in key sectors, the Minister said. For instance, the bank is working on a project with the Electricity System Operator, aimed at public customers such as municipalities, kindergartens and schools, to ensure a fixed price of electricity for 10 years. The bank has worked successfully with state and municipal hospitals and with the military-industrial complex. A programme to finance old people's homes is also on its agenda.