Bulgaria Sees Surge in Foreign Investments, Hits 15-Year High in 2023

Foreign investments in Bulgaria have soared in the first ten months of 2023, reaching nearly EUR 3.4 billion—an impressive increase of over EUR 1.1 billion from the same period in 2022, marking a remarkable 53.6% year-on-year growth. Preliminary data from the Bulgarian National Bank highlights this as the country's highest foreign investment surge in almost 15 years.

Minister of Economy and Industry Bogdan Bogdanov recently met with Steve Matushak, the manager of the US-based ADM's plant in Razgrad, Northeastern Bulgaria. During the meeting, ADM expressed commitment to sustainable development in the region, outlining plans to invest further in the municipality. The company, a major corn processing entity in Bulgaria, aims to boost energy efficiency in its production processes. Matushak emphasized ADM's environmental goals, targeting reductions in greenhouse gas emissions, natural gas consumption, water usage, and waste output.

Minister Bogdanov emphasized Bulgaria's appeal as a conducive environment for business growth, showcasing expanding investments by existing companies as a testament to the country's potential. He pledged support for ADM's future plans, affirming the government's efforts to foster a stable and predictable business climate for sustainable corporate development. Deputy Economy Minister Ivaylo Shotev was also present at the meeting.

ADM's operations primarily cater to Balkan markets while exporting products to nearly 60 countries globally, providing an extended market for Bulgarian corn producers worldwide. Additionally, ADM contributes over BGN 60,000 to support the local community.

The completion of ADM's recent expansion investment in 2021 doubled the plant's production capacity.

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