The Minister of Finance expects an economic growth of 3% only from the entry of our country into Schengen

Finance Minister Asen Vassilev met with representatives of American business

Industry / Bulgaria
3E news
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"The Bulgarian government has set as its main goals the acceptance of our country into the Schengen area and entry into the Eurozone and the Organization for Economic Cooperation and Development (OECD)". This was stated by the Minister of Finance Asen Vassilev at a meeting with a delegation of leading American companies, in which the US Ambassador to Bulgaria Kenneth Merten also participated. The members of the delegation are representatives of companies in the field of defense, healthcare, cyber security, energy, construction and telecommunications, etc.

Our entry into Schengen would automatically lead to an economic growth of 3%, as it would remove the currently existing obstacles to the development of trade due to logistical difficulties at the border, the minister pointed out. He announced that our country will participate in the construction of the North-South infrastructure corridor, which will connect the Mediterranean with Northern Europe, Moldova and Ukraine from Greece through Bulgaria and Romania. According to Minister Vassilev, this project is key to connectivity in South-Eastern Europe and more than 6 billion euros will be invested in it.

Our full membership in the Eurozone and the OECD will contribute to the economic development and well-being of our country, Asen Vassilev is categorical and assured that the Bulgarian institutions are doing everything possible to make this happen. He explained that he expects these processes to lead to economic growth and visibility of our country, as well as to the full inclusion of Bulgaria in the European institutional framework. According to his forecasts, the results of this could be comparable to the GDP growth of 6-8% per year and the increase in foreign direct investment that occurred in the period 2004-2007 after our admission to NATO and the EU.

The Minister of Finance introduced the American business to the competitive advantages of our country as an investment destination and expressed his hope that very soon their representative offices will open offices in our country. He emphasized that our country maintains a low public debt of 22% of GDP - the second lowest in the EU and a deficit within 3%. According to him, the 10 percent flat tax and the stable tax outlook make our country competitive for investments. In addition, we have our own energy infrastructure, which ensures low values of energy carriers. Bulgaria ranks among the leaders in the EU in terms of export growth and industrial production. The development of a number of industrial sectors is a significant advantage for developing business here, the finance minister assured. He also pointed out that wages in our country are growing rapidly and warned that Bulgaria is an attractive and predictable place for investments, which offers many advantages, but cheap labor is not among them. Asen Vassilev shared his hope that this meeting will be the beginning of a real partnership and the next level of Bulgarian-American relations.

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