The EC approved a project of MEI to build a single investment portal to support potential investors
"The European Commission has approved a conceptual project of the Ministry of Economy and Industry. Together we will build a single investment portal, which aims to unify all administrative activities surrounding the service of potential investors in our country". This was announced by the Minister of Economy and Industry, Bogdan Bogdanov, in his speech during the "Economic Security and Screening of Investments" forum. The event is organized by the Center for the Study of Democracy (CSD) and the Washington-based Center for International Private Enterprise (CIPE). It was also attended by the US ambassador to our country, Kenneth Merten, representatives from the Diplomatic Corps in Bulgaria, deputies from the economic committee in the National Assembly, as well as representatives of business and foreign chambers of commerce in the country.
According to Bogdanov, the investment portal will be the missing working mechanism and the main tool for tracking the entire process and for identifying and eliminating delays. Through it, potential investors will have access to a database and will be able to monitor the entire cycle.
"Our goal is to digitize the investment process and achieve higher efficiency on the part of the administration," said Minister Bogdanov. He pointed out that the Ministry of Economy will also use the investment portal as an anti-corruption measure. "By creating an opportunity to track every single request from the investors and the movements of the files at the specific moment, we will "lighten up" the process and reduce the likelihood of delays," Bogdanov was emphatic. The goal is to eliminate the time during which an investor evaluates Bulgaria. "We have also involved the National Association of Municipalities in Bulgaria in the project and we will work with all participants at the central and local level," added Bogdan Bogdanov. He emphasized that the state's general approach to strategic projects has a key role in their implementation. "Coordination and building the necessary administrative capacity are of leading importance," said the minister.
According to him, the adoption of the investment screening legislation is an important step to bring the Bulgarian legislation to the overall requirements for the protection not only of the economic interest and development of the country, but also of the EU and its strategic partners. "Economic security is not just an element of national security, it is becoming a key element of national security," he said, adding that having a law is not enough.
For the creation of a working mechanism to guarantee economic security and screening of investments, Bogdanov defined as another important requirement that the instrument should be in line with national and European priorities, but also with the dynamics of business. He called on the private sector to be an active party to this process, so that the mechanism that will work in Bulgaria is consistent with the dynamics of the companies and with the plans for their future development.
Minister Bogdanov emphasized that this mechanism should also be developed through the prism of the deepening interdependence of economies, which is why the mechanism should work comprehensively and reflect the general framework for economic development of the EU. "All this must be taken into account with the priorities for Bulgaria's admission to the Organization for Economic Cooperation and Development (OECD)," emphasized Bogdanov.