New InvestBulgaria Agency Head to Present Investment Promotion Strategy

Stamen Yanev, Executive Director of the InvestBulgaria Agency, photo by bnr.bg

The InvestBulgaria Agency is preparing a comprehensive investment promotion strategy, according to Stamen Yanev, the newly appointed Executive Director of the Agency.

Yanev, who took over Wednesday from Svetoslav Mladenov, told the Bulgarian Telegraph Agency that representatives of NGOs, businesses, and the state would take part in the preparation of the draft of the strategy.

He assured that the strategy would match the program of the government, adding that the main goal would be to position Bulgaria as a top destination for long-term investment.

Daniela Vezieva, Deputy Economy Minister, who attended the appointment ceremony, assured that the top-level reshuffle at the InvestBulgaria Agency was not a political move, adding that the former management team of the unit would continue to work for the Agency as consultants.

Yanev urged Parliament to adopt a set of amendments to the Investment Promotion Act as soon as possible, thereby ensuring the compliance of domestic legislation with EU law and paving the way for the issuance of certificates by the InvestBulgaria Agency to a number of investment projects.

He reminded that the standstill had been caused by the lack of a Parliament for a few months and the ensuing impossibility to adopt the legal changes to the Investment Promotion Act aimed at the transposition of Commission Regulation (EU) No 651/2014 on state aid.

Both Yanev and Vezieva refused to commit to an investment growth forecast for 2015, adding that it was dependent on the economic growth outlook for Bulgaria and the EU.

Yanev suggested that his main goal would be to work for the positioning of Bulgaria as a top destination for investors in high value-added sectors such as high-tech and innovations, adding that the development of priority segments such as the food industry and the light industry was not to be neglected.

He announced that the management of the InvestBulgaria Agency had been invited to a meeting between the Bulgarian Prime Minister, the Economy Minister, and Greek business representatives on Thursday.

He said that Greek entrepreneurs were anxious about the upcoming elections in the country, stressing that Bulgaria could take advantage of the opportunity to become a favorite investment destination for them.

Yanev also told journalists that he had arranged meetings with Japanese entrepreneurs.

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