Ex Foreign Minister: NATO Membership Doubled Bulgaria's FDI

Ex Foreign Minister Passy speaking during the PR Thursday discussion on NATO and EU membership benefits. Photo by M3 College

Bulgaria's NATO membership has been an immense asset both in terms of security and of attracting foreign direct investment, according to former Foreign Minister Solomon Passy.

Passy, who is the founder and Honorary President of the Atlantic Club of Bulgaria, the former Bulgarian Foreign Minister (2001-2005), and Chairperson-in-Office of the Organization for Security and Cooperation in Europe in 2004, was the special guest at the PR Thursday public discussion club of M3 College in Sofia.

"NATO provides us with security that we don't even think of. The likelihood for another country to attack us is 1:100 000. That is why the membership in such an organization is like buying an armored door. It costs a tiny fraction of the benefits that it provides," Passy stated during the discussion entitled "Bulgarian in EU and NATO – What Changed and What Is to Change".

The former foreign minister is convinced that security is the "most attractive" asset for international capital, which is why after Bulgaria joined NATO, the volume of foreign direct investment doubled.

At the same time, Bulgaria's EU accession allows the country to absorb EUR 13 B in its first seven years of membership.

"And the EU is not to blame if we ourselves fail to take advantage of this opportunity," he said.

Passy argued that Bulgaria must find its niches within the EU where it can provide its own know-how.

As an example of a worthy initiative, he pointed to the one undertaken in 2008 by him and his wife, Gergana Passy, about the uniformity of mobile phone chargers.

"As a result, in 2010, the large mobile phone producers agreed to make all mobile phone chargers uniform based on the USB standard. It turned out that this zero financial investment helped save a total of 13 million tons of carbon dioxide emissions. Such steps help save money that can then be invested in other projects," he explained.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!