Finance Minister: Bulgaria to Focus on Export-Oriented Sectors

Bulgaria's Finance Minister Djankov has mentioned explicitly export-oriented sectors as a government priority for the first time. Photo by BGNES

One of the top three priorities of the Bulgarian government is to develop export-oriented industries in the country, stated Deputy PM and Finance Minister, Simeon Djankov.

The statement made at a meeting with local businessmen in the northeastern city of Razgrad is perhaps the first time Djankov has explicitly emphasized focusing on the growth of manufacturing.

According to the Deputy PM in charge of the economy, one of the three goals that the Borisov government has to achieve by the end of its term in 2013 is precisely to stimulate the Bulgarian industry.

“The only way that small countries such as Bulgaria can recover from the economic crisis is by concentrating on export-oriented industries,” Djankov declared.

In his words, the two other major priorities of the Cabinet are fighting corruption and organized crime, and achieve tangible progress in infrastructure construction.

“The level of corruption that we have been faced with in the last 10 months exceeds several times our prior expectations. By the end of our term we have got to achieve a new type of government because at present the idea of statehood in Bulgaria does not really exist, and we have to build it from scratch,” the Finance Minister stated.

As far as the third priority that he outline is concerned – making substantial progress on infrastructure construction, Djankov admitted that Northern Bulgaria is lagging behind, and that the government had to boost large-scale projects located there.

With regard to the revised 2010 State Budget Act approved Wednesday by the Cabinet, which sets Bulgaria’s project deficit at 3.9% at the end of the year, the Finance Minister said foreign investors would not be turned off by a higher deficit and that the important thing was to avoid raising the taxes.

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