Economy Minister Backs Bulgaria's Formula 1 Project

Bulgaria's Economy and Energy Minister, Traicho Traikov, extends accolades to all those involved in the effort of bringing Formula 1 to Bulgaria.

Bulgaria's Economy and Energy Minister, Traicho Traikov, fully backed the cabinet's plans to build a Formula 1 racing track near Sofia.

In a Wednesday interview for the TV channel Nova Televizia, Traikov stated great results are only brought by great goals, referring to the Formula 1 project.

On August 30, the Minister and the Chair of the Abu Dhabi state company Emirates Associated Business Group (EABG), Mohammed Abdul Jalil al Blouki, signed an economic cooperation memorandum providing for the funding of the construction of a potential Formula 1 track in Bulgaria by Abu Dhabi.

When asked by the TV host about risks related to the above project, Traikov voiced optimism it would be realized, basing it on his long-term experience in risk investment in the private sector.

The Minister stated he is a firm supporter of everything that involves investments in the economy.

"Risk investment is an investment where someone might pour money in let's say 10 projects and only one would turn out profitable, but these profits will cover the expenses of all 10, and there will be money left," Traikov explained.

The Minister admitted in order to realize such large-scale plans as a Formula 1 racing track one must take into account many other parallel investments, related to infrastructure, but added the "beauty" of such significant projects is their effect on other sectors.

The Minister praised all those involved in the effort of bringing Formula 1 to Bulgaria.

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