Tourism Seen as a Key Driver of Bulgaria’s Economic Growth

Tourism can play a central role in boosting Bulgaria’s overall economic development, but this requires a clearly defined long-term strategy, particularly when it comes to cooperation with neighboring countries. This was emphasized by former Minister of Tourism Nikolina Angelkova during the sixth Sofia Economic Forum, held at the Sofia Balkan Palace.

Angelkova underlined the need for a focused approach to cross-border tourism, especially between Bulgaria and Greece, as well as tailored strategies for different target markets. She noted that attracting visitors from more distant countries is essential if Bulgaria wants to compete with established tourism leaders such as Greece, Spain and France. While global tourism has largely recovered, Bulgaria has yet to return to the levels of international visitors recorded before the Covid pandemic. According to United Nations data cited at the forum, around 1.5 billion tourists generate approximately 2.7 trillion dollars in revenue worldwide.

Beyond pricing and joint marketing efforts with Greece, Angelkova pointed to several key factors that influence the sector’s growth. These include the effective use of social media, sustained investment in transport infrastructure, consistently high service standards and the application of artificial intelligence. She also stressed that tourists should not be seen only as visitors, but as potential long-term investors in the countries they choose to travel to.

This link between tourism and investment was highlighted by Henley & Partners CEO Stefan Kraus, who explained that Greece’s Golden Visa program is built precisely on this concept. According to him, citizenship and residency schemes contribute directly to construction activity, improve bank liquidity, create jobs and increase tax revenues.

Kraus said that around 31,000 people have obtained residency through Greece’s Golden Visa program, making a significant contribution to the country’s tourism sector. The program has attracted about 2.5 billion euros in foreign direct investment, with roughly 40 percent of Golden Visa holders being American citizens and their families, many of whom see Europe as a preferred destination.

He also pointed to Portugal as an example, noting that tourism there accounts for about 75 percent of GDP. In his view, residency programs such as the Golden Visa have played an important role in supporting the expansion of the tourism industry in countries that actively link travel, investment and long-term economic growth.