Bulgaria's EconMin Forecasts EUR 20 B Exports in 2012Business | January 11, 2012, Wednesday // 21:22| views
Bulgaria's Economy Minister Traicho Traikov predicted that Bulgarian exports might reach EUR 20 B in 2012. Photo by BGNES
Bulgaria's exports will most likely reach BGN 20 B in 2012, Minister of Economy, Energy, and Tourism Traicho Traikov has declared during the annual "Investors of the Year" award ceremony of the InvestBulgaria Agency.
"Even the most daring business plans can be realized in Bulgaria," Traikov stated before Bulgaria's top investors for 2011 in Sofia Wednesday night, stressing that the Bulgarian economy is diversified, modern, and with a great potential.
He further emphasized before reporters that in 2011 Bulgaria saw substantial growth in processing industry, electronics and engineering, and pharmaceutical industry.
"This enormous growth doesn't come out of nowhere. In 2009, Bulgaria's exports amounted to EUR 12 B, and in 2012 they will probably reach EUR 20 B," the minister predicted, as cited by BTA.
He did mention, however, that in 2011, according to data of the Bulgarian National Bank, Bulgaria's total FDI amounted to some EUR 700 M – about twice less than in 2010.
"Over the past year, a large number of Bulgarian branches of foreign companies paid off large-scale intra-company debts to their parent firms. Statistically speaking, this is counted as an outflow of investment, and is the major reason for the decline of Bulgaria's FDI in 2011 compared with 2010," Traikov explained.
With respect to the fresh FDI that the country got in 2011, the Economy Minister pointed out that about 60% of those went into the processing industry, and the rest went to transport, logistics, and energy. The 2011 FDI that Bulgaria in these sectors is said to be roughly the same as in 2007, 2008, and 2009.
He also said that investment in construction, real estate, financial services, and trade – which formed the bulk of Bulgaria's FDI in the pre-crisis boom – has dried up, creating a "healthy" investment structure.
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