Fifth Edition of Sofia Economic Forum Takes Place

UPDATED Fifth Edition of Sofia Economic Forum Takes Place

Nikolay Zabov, Kaloyan Vassev

The Fifth Edition of Sofia Economic Forum, January 20, 2025 (BTA Photo/Minko Chernev)

Sofia,

20.01.2025 19:36 | UPDATED 20.01.2025 20:04

(BTA)

The Fifth Edition of the Sofia Economic Forum took place Monday in Sofia. The event was attended by Bulgarian state officials, foreign representatives, representatives of businesses and industrial chambers from Europe and North America alike.

Bulgarian Transport Minister Grozdan Karadzhov highlighted the importance of Bulgaria’s accession to the Schengen area considering economic, digital, energy, geopolitical and transport connectivity between Greece, Bulgaria, Romania and Central Europe. He also stressed that Corridor 8, the railway to Gyueshevo and the connection of Thessaloniki and Vidin, and Alexandroupolis-Ruse are the current key infrastructure projects before Bulgaria. Greek Minister of Infrastructure and Transport Christos Staikouras reiterated the words of Karadzhov, adding that Bulgaria and Greece should commit to improving connectivity between themselves and cooperate in achieving their common goals. He highlighted the importance of high-speed rail lines in connecting the Black and Aegean Seas.

Lilyana Pavlova, Asen Yagodin and German Ambassador to Bulgaria Irene Maria Plank discussed the benefits and challenges before Bulgaria on her accession to the euro area. Lilyana Pavlova, former Vice President of the European Investment Bank, pointed out that Bulgaria's entry into the euro area will benefit the whole region, not just the country. Yagodin, Deputy CEO of Corporate Banking and Capital Markets at Postbank, pointed out that the banking system in Bulgaria is ready for the adoption of the euro. Plank pointed out that if Bulgaria meets the convergence criteria, it should join the euro area, which should increase Bulgaria's exports.

Enhancing Bulgaria’s economic competitiveness was a main point in the discussions of the forum as well. Emil Angelov, CEO and Deputy Chairman of the Board of Directors of Glavbolgarstroy Holding AD, noted that the Bulgarian competitiveness shows a downward trend. Ivan Mihaylov, CEO of the American Chamber of Commerce in Bulgaria, believes that Bulgaria needs strategic recommendations to strengthen its sustainability and competitiveness. Anastasios Anastasatos, chief economist of the Eurobank group, said that Bulgaria's macroeconomic indicators are good with stable economic growth, low debt levels and stable deficits. Sergey Vlaykov, Senior Financial Director at Sofia Med, expressed concerns about the declining and ageing population, which limits the industrial capacities.

The security of energy supply was another key topic of the forum. Energy Minister Zhecho Stankov stressed the importance of the construction of new nuclear capacities, renewable energy capacities and pumped storage hydropower plants in Bulgaria in the context of balancing Bulgarian electricity grid. Security of energy supply is of key importance, Stankov also said, adding that this includes connectivity in both the energy grid and gas infrastructure.

Former caretaker energy minister (2024-2025) Vladimir Malinov added that the whole region needs to improve critical infrastructure, and that energy remains the backbone of the economy. George Christidis, acting president of the Canadian Nuclear Association, pointed out that Canada has ample opportunities to diversify into nuclear energy and renewables. Konstantin Konstantinov, executive director of the Bulgarian Independent Energy Exchange, stressed the importance of the connectivity projects that unite the energy exchanges in the region. Kostis Stambolis, President of the Energy Institute of Southeast Europe, pointed out that Bulgaria plays a key role in the region's energy sector. Martin Georgiev, CEO of the National Electricity Company, highlighted the renewal and completion of key infrastructure projects in recent years. Teodora Georgieva, CEO of ICGB, stressed that the interconnector between Greece and Bulgaria is key for Europe's energy security, since it reduces dependence on Russian gas.

Jesus Caballero, CEO of SOF Connect, the concessionaire of Sofia Airport, said that the airport plays an important role in the development of Bulgaria and Southeast Europe. He added: "Our goal is to transform Sofia Airport into a regional hub. We have achieved a 10% increase in traffic, the average growth in Europe being 5%." Caballero concluded that the development of air connectivity requires competitiveness, as airlines choose destinations based on economic and logistical advantages.

/MY/