Deputy Finance Minister: Bulgaria Stands Out in Its Region

Finance | May 11, 2012, Friday // 10:15|  views

Deputy Finance Minister Boryana Pencheva, photo by BGNES

Bulgaria stands out in its region when it comes to macroeconomic, financial, and banking stability, Bulgaria's Deputy Finance Minister Boryana Pencheva stated at the opening of the "Bulgaria: Business UP" investment conference.

"This is the first time this year that we are talking about growth and investments, which is a really good thing. Bulgaria is indeed emerging better and better on the international investment stage," Pencheva declared.

"Analysts usually treat Bulgaria's region as a whole but Bulgaria is different, it has a macroeconomic environment that deserves respect," she added.

The Deputy Finance Minister noted that Bulgaria is currently second in Europe after Estonia by foreign debt, with a debt of 16.2% of its GDP, and that Bulgaria is ranked sixth in Europe by budget deficit – 2.1% for 2011.

"We are even leaders in Europe in terms of growth, even with our modest forecast for a growth of 1.4% in 2012. We now want to preserve the financial stability and to use it in order to build upon it to create growth," Pencheva said.

She reminded a conclusion of the IMF mission to Bulgaria, which was just completed, that said that the sensible policies and strong buffers of the Bulgarian government allowed Bulgaria to withstand the effects of the global economic and financial crisis.

"We have strong prerequisites for growth. The VAT income in Bulgaria has increased by 40% year-on-year since the start of 2012. Another indication of the growing competitiveness of the Bulgarian economy is the fact that in 2009 Bulgaria had a 0.1% share of the global trade, while at the end of 2011, it had a share of 0.41%," Pencheva added.

She vowed that the Bulgarian government has no intention whatsoever to raise any taxes, the one exception being some excise taxes that the Cabinet needs to raise in order to fulfill EU requirements.

"We will preserve the favorable taxation environment. Also, this year we have great expectations with respect to the absorption of EU funding and our partnerships with international financial institutions. In addition to the FDI and business sector, these will be new sources of growth," the Deputy Finance Minister said.

The First International Investment Conference "Bulgaria: Business Up" is taking place in the Bulgarian capital Sofia on Friday.

"Bulgaria: Business UP" is a new initiative designed to analyze and promote Bulgaria's advantages as a foreign investment destination.

The goal of the "Bulgaria: Business UP" investment conference is to present to the international business community the highly favorable investment climate in Bulgaria as well as the variety of opportunities for successful and sustainable business that the country has to offer.

"Bulgaria: Business UP" is organized by (Sofia News Agency), the largest Bularian English-language media, and, a Bulgarian-language news website, together with the InvestBulgaria Agency.

Deputy Finance Minister: Bulgaria Stands Out in Its Region

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Tags: Bulgaria Business UP, investment, investments, InvestBulgaria Agency, Foreign investors, foreign investment, FDI, foreign investor, Boryana Pencheva, Finance Ministry, IMF


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