Bulgarian Arms Exports in 2022 Increased by 200%

"According to data from 2022, the export of specialized weapons production increased by 200%. This is about 1.6 - 1.7 billion euros or about 220% growth compared to 2020." This is what the Bulgarian Minister of Economy Bogdan Bogdanov said this morning on the National Television.

According to him, the industry is developing and the goal is to continue its development, as well as the modernization of production. "We are trying to ensure a safe environment for the people who work in these factories," said the minister.

According to data from the Bulgarian National Bank (BNB), 2022 is the second year of the last 15 years with the highest growth of investments in our country, Bogdan Bogdanov also said.

"We are continuing this trend in 2023 as well, with the BNB reporting around 60% growth in investments in Bulgaria for the first four months, these is preliminary data".

Investors are interested in specific industries, in Bulgaria these are mainly manufacturing enterprises. The minister commented that every day he meets with international investors and local companies who want to expand their production and are optimistic about the upcoming acceptance of Bulgaria into Schengen and the Eurozone.

The greatest interest is in the regions that have invested in infrastructure - Plovdiv and in the last year also Burgas, which last year was in first place in terms of attracting foreign direct investments with infrastructure and well-prepared industrial zones.

"With priority, we will work for Northern Bulgaria, especially because of the north-south connections, which will improve due to the entry into Schengen. For example, Ruse, Pleven, Vidin, these are regions that are yet to develop and require efforts, especially for infrastructure provision, but also suitable manpower".

"Our tax policy is currently attractive to a large part of investors, but the law on investment promotion needs to be updated", the minister pointed out. "We must have new incentives and they must be targeted at sectors with real high added value".

The results of the inspections on the explosions in Bulgarian weapons warehouses are still awaited, Minister Bogdanov also said. The last one was at the end of June, in the warehouse of Emilian Gebrev. There are no results from the investigations into the same incidents which happened in previous years, Bogdanov also pointed out.

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