Bulgarian C-Bank Data on FDI 'Incorrect', Investment Agency Head Says

Stamen Yanev, the chairman of Bulgaria's investment promotion agency. File photo, BGNES

Estimates of a brisk fall in the value of foreign direct investment (FDI) into Bulgaria are "not quite correct", Stamen Yanev, who heads the country's investment promotion agency, has said.

The year 2016 was a "successful" year in the view of InvestBulgaria Agency, Yanev has told Bloomberg Tv Bulgaria's morning talkshow in an interview.

The data suggesting a steep dip in investments over the first 10 months does not match reality as the Bulgarian National Bank (BNB) has measured a drop for the first ten months much bigger than the one registered by InvestBulgaria for the entire year, Yanev has argued.

What the BNB takes into account when estimating is every financial transfer from abroad. InvestBulgaria, on the other hand, counts the number of certified investment projects during the year.

Twelve projects were certified in 2015, with the state "standing behind" BGN 189 M worth of investments.

In 2016 the number doubled and the value is nearly 2.5 times as big, with 24 projects certified worth BGN 389 M, according to InvestBulgaria Agency data cited by Yanev.

"[The newly certified projects] will open 4700 jobs," in his words. "There are 25 more projects launched in 2016 that have not yet been certified due to different administrative procedures which have the potential for new BGN 456 M and 5700 new jobs."

Yanev has added that 2016 maintained the trend of engineering and auto-parts production being the sectors most attractive to foreign investors.

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