Lorer: The effect of anti-Russian sanctions is unpredictable, it is certain that they will stimulate the energy transition

The Ministry of Innovation will invest nearly BGN 1 billion in the real economy every year

Industry / Bulgaria
3E news
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Source: Ministry of Innovation and Growth

Sanctions against Russia will certainly affect the world economy. But what exactly it will be is difficult to predict. The only sure thing is that they will stimulate the energy transition of the whole of Europe. This opinion was expressed to journalists in Varna by the Minister of Innovation and Growth Daniel Lorer, who is participating in a business forum at the Naval School. According to him, Europe's renunciation of Russian gas will be the last instrument of sanctions against Moscow. "There is already talk of stopping oil from this country, but there is enough of it in the world, so there will be no problem for Europe," the minister was quoted as saying by BTA. He added that there are alternative supply options for gas as well, and since this is a pan-European problem, our country will solve it together with the entire EU.

"It is extremely difficult to predict how the economic situation in our country will develop, as the war is an unpredictable factor," Lorer added. According to him, if the conflict ends sooner, it could be a factor in world economic growth.

For our country, the Minister pointed out that so far the budget is stable and the cabinet continues to be in the position that there may be an update in the summer.

With regard to fuel prices, Lorer commented that it was extremely irresponsible to encourage panic over access to fuel. "There are enough fuels in Bulgaria, in Europe, in the world, so there should be no doubt that they will run out of fuel, this is not a topic," he said.

The financial instruments at the Ministry of Innovation and Growth will provide Bulgarian small and medium-sized businesses with access to BGN 7 billion over the next 7-10 years, Lorer said during the rumors. According to him, the entire program includes various loans, grant schemes, government instruments, European programs.

The pace of absorption will depend entirely on business, Lorer said. He specified that one of the programs will start at the end of this month.

The first payments under the Recovery Plan are expected to take place in June. Operational programs are likely to become operational in the autumn.

"The programs for innovation and competitiveness of Bulgarian business are moving together with the European ones, so for the time being the war has no effect on them," Lorer added.

As a problem for our country, the Minister pointed out that cybersecurity is low. "Both the state and municipal administrations and the private sector must work to improve it," Lorer said. He reminded that cyberattacks are the cheapest and often very effective way to sabotage a foreign country.



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