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Bulgaria, Germany discuss investments in automobile components manufacture, IT

Bulgaria is attractive for German investors for being the European country with the lowest cost of doing business while being in the same economic space

3E news
03-02-2012 02:16:00
Bulgaria is trying to attract German investment in the manufacture of autumobile components and IT, said the Economy, Energy and Tourism Ministry here Thursday. This emerged at a meeting of Economy Minister Traicho Traikov with the German State Secretary at the Federal Ministry of Economy and Technology, Ernst Burgbacher, in Berlin.

Traikov is in Germany with a Bulgarian delegation for the 8th session of the Bulgarian-German Cooperation Council. Brugbacher and Traikov talke about possible participation of German companies in the concession award procedures for Bulgarian ports and airports, the potential of Bulgaria as a destination for authentic tourism, and ways to broaden cooperation in this field. The talks focused on three specific investment projects by leading German companies for which a final investment decision is about to be made.

The projects are in the area of production of components for the automotive industry and the IT industry. Speaking at a meeting with representatives of businesses, state institutions, banks and diplomats,Traikov argued that the value chains should remain within the EU, so that the European community can preserve the positive aspects of its industrial development and attractive investment destinations like Bulgaria will capitalize on its potential to attract investment with its law cost of doing business.

Traikov stressed that Bulgaria is attractive for German investors for being the European country with the lowest cost of doing business while being in the same economic space. This allows businesses to optimize their costs, he added. He underscored Bulgaria's successs in keeping its economy and finances stable and having the lowest taxes in the EU despite the downturn (including a 10 per cent corporate and personal income tax, zero tax on reinvested profit in 130 municipalities with high unemployment and 5 per cent tax on dividends).

He mentioned the government's efforts to further improve the business environment, incluing the introduction of a universal principle of tacit approval (where no explicit decision has been announced by the authorities on an application) and a recent lowering of administrative charges. "This is why in the hard times of a crisis, 169 German companies increased their investment to Bulgaria by 132 million euro in January-November 2011," said the Minister.

At the 8th session of the Cooperation Cuncil he presented opportunities for new investment in the energy industry and energy efficiency, in the construction of treatment plants, infrastructure, transport, outsourcing and logistics, as well as in the privatization of Bulgarian Posts, VMZ Sopot, Kintex, minority packages in the power distribution companies, the Shoumen heating utility company, the government package in the free zones in Bourgas, Plovdiv and Svilengrad and the transit trade area in Varna.

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