Foreign Investors with a Letter to the PM and the President: Don’t Worsen the Conditions for Business in Bulgaria

The leading organizations of foreign investors in our country sent a position letter addressed to President Rumen Radev and Prime Minister Galab Donev, in which the statesmen are urged not to create conditions that worsen the business climate in Bulgaria.

The letter does not say on what occasion it was written, but earlier today the Ministry of Economy and Industry published for public discussion a Draft Law on Surcharges of Food Products. It lists the main products that will be sold at a maximum markup of 10% - rice, flour type 500, "White" bread, "Dobrudzha" bread, pork - chilled, chicken meat, minced meat 60/40 pork/veal chilled, fresh cow's milk 2-3.8%, cow's yogurt 2-3.8%, cow's cheese white brine, cow's milk cheese, eggs size M, milk butter, sunflower oil, sugar, ripe beans, infant food.

The letter to Radev and Donev is supported by the American Chamber of Commerce in Bulgaria, the Bulgarian-Swiss Chamber of Commerce, the British-Bulgarian Business Association, the Bulgarian-Spanish Chamber of Commerce, Confindustria Bulgaria, the French-Bulgarian Chamber of Commerce and Industry, the Bulgarian-Romanian Chamber of Commerce and Industry and German-Bulgarian Chamber of Commerce and Industry.

Here is its full text:

"OPEN LETTER

DEAR MISTER PRESIDENT,

DEAR MINISTER PRIME-MINISTER,

Bilateral chambers of commerce are the first and main partner of the representatives of the respective economies and one of their main goals is to represent and protect the economic interests of their members. It is important for them to support these member companies that strengthen and develop the Bulgarian economy, helping to improve the investment climate in the country, to deepen bilateral economic relations and to stimulate positive processes of change with the aim of forming a sustainable future.

As a future-oriented and responsible economic community, we feel obliged to commit ourselves to the progress of the country. In this regard, we declare ourselves to uphold the principles of the market economy and free competition. We have repeatedly expressed our support for the fastest possible accession of Bulgaria to the Schengen area and for the introduction of the euro as a monetary unit in Bulgaria.

Taking into account the aspiration of the state institutions to create conditions for lasting economic growth in the Republic of Bulgaria and the setting of goals that lead to a competitive economy with high added value, as well as their desire to develop a harmonious interaction between the government, independent control bodies and business, always we have insisted on the implementation of transparent and honest practices towards foreign investors in Bulgaria.

All market subjects need equal application of norms and treatment by the state. The contribution of foreign investors and Bulgarian companies to the development of the Bulgarian economy and the entire society, to the creation of real added value, is indisputable. It is expressed in a social commitment in the form of supporting local communities, achieving climate neutrality goals in line with the requirements of the Green Deal, as well as introducing European employer practices and transferring internal company culture, stimulating Bulgarian production, ensuring access of Bulgarian producers to Western European markets, etc.

We support the application of sanctions for established violations of the regulatory framework by the competent authorities, as well as actions to prevent non-market practices, but we are of the opinion that it is necessary to emphasize the advantages created in individual sectors of the economy for different groups of users, because otherwise, conflicting signals are sent to both local and foreign investors. The accumulation of crises - high levels of inflation in Bulgaria, the war in Ukraine and the energy crisis implies a unified action to overcome them, rather than opposition between the government and business, creating impressions of administrative pressure.

We believe that it is strategically important for Bulgaria to maintain a favorable business climate in order to continue the sustainable economic development of the country and for it to be an attractive place for future investments."

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