Bulgaria's finance minister, who was initially targeting rapid accession to the euro zone, has confirmed the country is in no hurry to adopt the single currency.
"We will not make any move toward the switchover in the next two years," Simeon Djankov told reporters in Vienna on Thursday.
The statement is in line with the opinion of local analysts, who have tried to tone down the cabinet's enthusiasm for adopting rapidly the common European currency, saying it makes more sense for the...
Bulgaria has registered an increase in its foreign direct investment in January-May 2012 year-on-year, according to the latest data of the Bulgarian National Bank released on Monday.
According to the Bulgarian National Bank's preliminary data, the foreign direct investment in Bulgaria for January - May 2012 increased by EUR 473.8 M (1.2% of GDP), compared to an increase of EUR 72.2 million (0.2% of GDP) for January – May 2011.
Bulgaria's attracted Equity Capital (acquisition/disposal of...
Bulgaria's Currency Board Is Super Stable
(Sofia, Jan 12) - "The currency board functioning in Bulgaria is super-stable," the monthly analysis of Raiffeissen Bank Bulgaria reads.
The experts have calculated that at the end of November 2012 the currency board's reserves amount to 15.1 billion euro, which is an increase by 2.2 million euro from a month ago.
The board's reserves have increased by 1.9 billion euro (14.4%) year-on-year, which is a surplus of about 89% to the minimum...
Wall Street legend and highly successful international investor, author and commodities expert, Jim Rogers has said he is considering investing in Bulgaria.
Bulgaria is among the few countries, in which he is considering investing right now, since they have made the most improvement since his latest trip around the world, the billionaire, currently based in Singapore, said in an interview for Gold Radio Cafй.
He joined the broadcast for a brief discussion on his new book "Street Smarts:...
Italian companies may be attracted in privatization projects, including for tourist sites, as well as concessions agreements and modernization schemes for airports, and construction and reconstruction of road and railway infrastructure in Bulgaria, according to Minister Bozhidar Lukarski.
Speaking Tuesday at the opening of an economic forum titled “Bulgaria and Italy: Together for Achieving Growth”, Lukarski pointed out that the trade and economic cooperation between Bulgaria and Italy...
“The opportunities OP Environment provides in the previous and the new programme periods establish prerequisites for a huge volume of work on designing and construction of ecological infrastructure as well as possibilities for the state to tackle challenges,“ said Ivelina Vasileva, Bulgarian Minister of Environment and Water, speaking at an annual conference themed “Strategic infrastructure and investments – Bulgaria and the Western Balkans“, FOCUS News Agency reported.
“In the...
The Plovdiv Regional Governor, Ivan Totev, will attend the ceremony for the official launch of regular flights between London and Bulgaria's second largest city of Plovdiv.
The flights would be executed by the budget career Ryanair.
The first passengers will land in Plovdiv at 11 am Tuesday at the Plovdiv airport brand new terminal.
Totev says regular flights from and to Plovdiv are one of the main steps towards the Region's economic recovery. Upon taking office, the Governor vowed to...
The globally renowned travel guide Lonely Planet's has ranked Bulgaria fifth among the top 10 countries for 2011.
The first four spots are taken by Albania, Brazil, Cape Verde and Panama, while Vanuatu, Italy, Tanzania, Syria and Japan are behind Bulgaria.
"For those who looked, Bulgaria has always had its moments – in its biggest cities, on its snow-capped peaks and great-value ski fields, on its golden-sand beaches and in ancient Black Sea port towns. Yet, over the years, with...
Sofia Municipal Council is considering introducing a parking fee waiver for the so-called "blue zone" for owners of electric cars, the Deputy Chair of the Council, Martin Zaimov has announced.
If implemented, the waiver will be valid only for the so-called "blue zone," which includes the areas near the busiest streets in Sofia.
Free parking for electric cars in the busiest city areas is a common practice in Norway. It has also been introduced in London for a while, but the influx made the...
For the first time a ski police will ensure the good public policy at the slopes of the Bulgarian resort Pamporovo this winter, local media has reported.
Regular police officers and teams of the tourist company "Pamporovo" will participate in the patrol, the new executive director of the holding, Mariyan Belyakov has stated, as cited by local media.
The goal is to avoid parking problems and incidents with drunken skiers and brawlers, violating the public order.
A total of 90 devices...
Just hours after launching repair works on the Sofia beltway, Bulgaria's Prime Minister, Boyko Borisov, opened construction of the "Skobeleva Mayka" junction near the second largest city of Plovdiv.
Borisov said even in times of crisis and budget deficit, his cabinet is dedicated to make things that Bulgarians have been waiting for in the last 20 years happen.
The PM pointed out the State has secured BGN 8 M in order to start the construction works of a junction of key importance since it...
Bulgaria's Prime Minister, Boyko Borisov, and Regional Minister, Rosen Plevneliev, launched Sunday repair works and reconstruction of the southern loop of the capital Sofia's beltway.
"Today's event shows that many things can happen with or without Finance Minister, Simeon Djankov, while this particular one would never happen without me, not in the next 20-30 years. Lots of money has been circulating and made here from these body shops and gas stations. People, who knew the beltway will...
Bulgaria will begin the tenders for two more lots of the southwestern highway Struma by December at the latest, according to Regional Development Minister Plevneliev.
Plevneliev said the government is ready to launch the tenders for the lots from the existing section near Sofia to the town of Dupnitsa, and from the Kulata border crossing to Sandanski.
One of the middle sections between Dupnitsa and Blagoevgrad, however, will be extremely hard to build because of the rough terrain, and the...
The Bulgarian telecommunications company Vivacom increased its profits by 43% in the first three quarters of 2010, year-on-year, according to the company's report.
The consolidated profit has grown by 82% and reached BGN 106.7 M. The main reason for the Vivacom's improved profitability is the increased client base, leading to a greater financial income from mobile services, the Bulgarian company's representatives comment.
Within the mobile services the Bulgarian telecommunications company...
A total of BGN 361.1 M have been spent on research and development in Bulgaria 2009, the National Statistical Institute (NSI) reports.
This means a 10.8% increase in Bulgaria's R&D spending in comparison to 2008.
R&D spending, calculated as a percentage of GDP, is one of the key criteria for the EU counties' progress on the Europe 2020 strategy. The long-term target is 3%.
In Bulgaria, money spent for research and development is 0.53% of the GDP, as estimated for 2009. This solidifies...
Bulgaria will have two new railroad stations to connect the cities of Pernik and Plovdiv with the Sofia subway, the CEO of the "Metropolitan" company, Stoyan Bratoev, announced Friday.
Stoyanov reported the news on the heels of statements of the Mayor of Sofia, Yordanka Fandakova, who during the discussion titled "Sofia 2020" said that in addition to the three segments of the capital subway, work would be done in the next ten years on their expansion.
One of the stations will be located...
A Chinese investor has voiced strong interest and preparedness to take over the insolvent and obsolete steel mill "Kremikovtzi" near the Bulgarian capital Sofia and turn it into a sprawling expo city similar to Shanghai.
The news was reported Friday by the Bulgarian daily "Standard."
The mill's labor unions have confirmed the information saying the Chinese have visited the location several times and would take part in the second auction of the bankrupt steel giant, once considered the...
Bulgarian and Israeli companies and government representatives looked for ways to intensify trade ties between the two countries at a Bulgarian-Israely Business Forum held Thursday.
Among the opportunities discussed was exporting drinking and irrigation water from Bulgaria to Israel to allay the water shortage in the Middle East country.
Another topic discussed was the massive exploration for natural gas Israel is conducting in the Mediterranean. If its promising prospects are fulfilled,...
Bulgaria has invested about EUR 3-4 per Internet user, the President of IAB Europe, Alain Heureux, said during his presentation at Webit Expo & Conference 2010.
The forum is the biggest event for digital business and marketing in Central-Eastern Europe and is taking place October 27-29 in the National Palace of Culture in Sofia.
Heureaux said that according to a survey by IAB Europe of 15 national markets, until January 2010, the number of Internet users from Central and Easter Europe was...
Most Eastern Europe economies will grow faster than previously expected in 2010 and 2011, benefiting by a stronger rebound in Western Europe and higher commodity prices, according to a new ERBD report.
The more rapid growth means that after a hiatus in 2009, most countries in the region will once again close the gap in incomes per person with western Europe, although according to the report of the European Bank for Reconstruction and Development released Thursday, the "rate of convergence...
China has formally invited Bulgaria to join together with Turkey a project for a high-speed railway connection from the Far East to Europe.
The invitation resulted from talks in Beijing between Bulgarian Transport Minister Alexander Tsvetkov and China's Minister of Transport Li Shenglin, Minister of Railways Liu Zhijun, and leading Chinese railway companies, the press service of the Bulgarian Transport Ministry announced.
The Ministry said the Bulgarian government is going to take part in...
Bulgaria's Minister of Finance Simeon Djankov presented the draft budget bill for 2011 in front of four parliamentary committees Thursday, calling it "a budget of stability."
The draft was tabled to Parliament October 1 and Thursday it was reviewed by the Committees on Finance, Economic Policy, Social Policy and Healthcare.
Djankov confirmed a 3.6% growth for 2011 and stated redistribution will be 35.5% of GDP.
He said no salaries or pensions will suffer reductions. According to...
Lodges in Bulgaria's ski resorts are already filling up for the upcoming winter season, giving hope that the sector will see the first signs of recovery after two bleak years.
Hoteliers estimates show some 110.000 tourists are expected to visit Bulgaria's winter resorts, up by 20.000 compared to the same time last year.
Entrepreneurs pin their hopes on the Russian, Serbian, Macedonian and Bulgarian tourists, who remain their main target group.
Experts also hope that foreign tourists...
Companies from Abu Dhabi, the USA, and Canada are to come together to form a consortium for investing in Bulgaria's circuit for Formula One and adjacent venues, Novinite.com (Sofia News Agency) learned.
In an exclusive interview for Novinite.com (Sofia News Agency), Bogdan Nikolov, Chairman of the Bulgarian Motorcycling Federation, revealed that the Abu Dhabi company EABG, which first expressed interest in investing in Bulgaria's F1 project in August 2010, will be forming a consortium of...
Bulgaria's lumber industry has started to overcome the effects of the economic crisis but the furniture manufacturing is still declining, according to participants in the "World of Furniture" expo in Sofia.
Georgi Kostov, Deputy Agriculture Minister and head of the State Forestry Agency, said Bulgaria's state budget revenues from the lumber industry in the state-owned forest plots will amount to BGN 60 M in 2010.
Bulgaria extracts about 4 million cubic meters of lumber per year, and most...
Bulgaria's Transport Minister Alexander Tsvetkov has been welcoming in Beijing by his Chinese counterpart Li Shenglin.
The Bulgarian delegation led by Tsvetkov has presented to the People's Republic of China investment opportunities in the field of transport and infrastructure.
Bulgaria and China are considering setting up a joint venture for sea port infrastructure as well as offering concessions of Bulgarian sea and river ports to Chinese companies.
"China is a first-rate partner of...