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 Bulgarian and Chinese parties have reached an agreement to create a joint company to operate the future business zone to be built in Bozhurishte nearby Sofia.
Bulgaria is expected to send documents on the creation of the company to China by beginning of October.
This agreement was made during the official visit of Bulgarian Deputy Minister of Economy Evgeni Angelov to China and was signed by him and Zhejiang Province governor Lu Zushan.
Deputy minister Angelov also met deputy...
China's vehicle maker, Great Wall Motor Co and Bulgaria's Litex Motors will start production in the plant in the town of Lovech, Northern Bulgaria, in 2011, Litex Motors said.
Great Wall Motor Company, one of China's biggest automotive manufacturers, signed a joint venture (JV) deal with Bulgarian diversified holding company Litex Commerce in the presence of Chinese Vice President Xi Jinping and Bulgarian Prime Minister Boyko Borisov on October 15.
The plant will have an annual production...
Chinese telecoms and media tycoon Richard Li is considering a deal with Dubai-based Oger Telecom as he tries to retain control of Bulgaria's top fixed-line operator Vivacom, according to reports.
Li and Oger have been in a battle over Vivacom for the last few months after it was put for sale by US insurance giant AIG.
Chinese billionaire Richard Li, who controls Bulgaria's Vivacom, was ready to invest in the latter in a bid to restructure its debt. PCCW and its chairman's privately-owned...
Bulgaria's export to the other EU member states registered a substantial growth in the first half of 2010.
In January-June, it grew by 17.4% reaching BGN 8 B. At the same time, Bulgaria's import from the EU was BGN 9.9 B, an increase of 2.8%.
Thus, Bulgaria's trade deficit with the rest of the EU was BGN 1.9 B in the first half of 2010.
In June, the deficit was BGN 257.5 M as Bulgaria's export to the EU grew by 36.2% year-on-year reaching BGN 1.6 B, while its import increased by 9.5%...
Bulgarian employers' expenses for employment have increased by 8,2% in the second quarter of 2010 in comparison to the same period last year, statistics showed.
According to data from the National Statistics Institute on payment per hour to employees, the amount in the industry has increased by 5,6%, in the services – by 10,3% and in construction – by 7,9%.
The biggest increase of payment has been registered in the sector for creation and distribution of information and creative...
The Bulgarian refinery of Russian oil company Lukoil has come in 47th on the list of 500 largest companies from Central Europe compiled by auditing firm Deloitte.
Lukoil Neftochim Burgas leapfrogged Lukoil Bulgaria, which trades in the refinery output, state power utility NEK and Aurubis Bulgaria, the Bulgarian subsidiary of Europe's largest copper smelter Aurubis, which ranked 77, 85 and 139 respectively.
There are altogether 14 Bulgarian firms on the Deloitte CEE Top 500 list, including...
UK investment fund Quorus Ventures will open Bulgaria's first factory for electric cars by the end of 2010.
This has been announced by Encho Enev, a Bulgarian consultant to the British investor, as cited by Darik Radio.
The plant will be opened in the southern Bulgarian city of Stara Zagora. The precise sum of the investment has not been specified but it is expected to be at least several million euro plus funding from EU programs.
The intention of Quorus Ventures to build an electric...
The International Investment Bank, formed as an initiative of the Soviet Union in 1970, has started to actively invest in the countries of the former Eastern Bloc, including Bulgaria.
The Russian RBC Daily has reported that the International Investment Bank, together with the International Bank for Economic Cooperation, is planning to invest up to EUR 500 M in different projects.
About EUR 9 M have already been invested in construction of commercial properties in Slovakia. Bulgaria and...
Mayor of Moscow Yury Luzhkov and Bulgarian Prime Minister Boyko Borisov have foramlly inaugurated a resort complex on the Bulgarian Black Sea coast owned by the Russian capital.
The Raduga complex, which is part of the Kamchiya resort, was built in 12 months, with an investment of about EUR 40 M.
The complex is owned by the city of Moscow, which invested in it in order to turn it into a recreational facility for Russian kids and pensioners.
The "Children's Health Camp Raduga", as it is...
Bulgaria's competitiveness slightly improved from last year but continues to lag behind most Central and Eastern European countries and EU member states, an annual ranking by the Switzerland-based World Economic Forum showed.
The country ranked 70th out of 139 economies in the Global Competitiveness Report 2010-2011, better than its 76th place in last year's report.
But most Central and Eastern European countries continue to outperform Bulgaria – Romania (63), the Czech Republic (36),...
The Russian company Transneft, which is the majority shareholder in the Burgas-Alexandroupolis project, has offered to take on the entire funding for the construction of the oil pipeline, sources told Klassa. The proposal was made in Moscow during a presentation of the financing for the project’s implementation attended by the shareholders in the project, the Finance Ministry confirmed. The Russian oil operator suggested their investment in the construction of the oil conduit to be paid back...
Russian Investment funds show increased and growing interest in Bulgarian SPA centers both on the Black Sea coast and inside the country.
The information was reported by the Bulgarian National Radio (BNR) Tuesday, citing the President of the Bulgarian branch of the international real estate federation FIABCI, who said Russian investors are inquiring about possibility to purchase entire complexes at once.
According to the President, this a a new trend to replace individual private Russian...
Bulgaria will have a budget deficit of 2.5% in 2011, and will bring it under 1% in 2013, according to Deputy Finance Minister Vladislav Goranov.
Speaking at a public discussion forum dedicated to the role of the political right in dealing with the economic crisis, Goranov declared that the Borisov Cabinet is succeeding in keeping down the budget deficit.
In 2009, after a revision of the figures in the spring of 2010, Bulgaria registered a budget deficit of 3.9% of GDP under EU accounting...
The Varna-based Bulgarian Ship Hydrodynamics Center (BSHC) has been praised by a Bulgarian minister for managing to sell its high-level discoveries.
Bulgarian Minister in charge of EU funds absorption Tomislav Donchev has visited the hydrodynamics and aerodynamics institute, which is part of the Bulgarian Academy of Sciences.
"I was impressed by the fact that about one-third of the revenues of the hydrodynamics and aerodynamics center come from the sale of its scientific inventions, and...
Bulgaria's Regional Development Minister Rosen Plevneliev is presenting investment opportunities at a forum in Berlin on Tuesday.
The "economic dialogue" forum "Bulgaria-Germany – New Opportunities for Trade, Cooperation and Investments in Bulgaria" is organized by the Bulgarian Embassy in Germany, the German-Bulgarian Chamber of Industry and Commerce (DBIHK), the Association of German Chambers of Industry and Commerce and the German Agency for Commerce and Investments with the aid of the...
Bulgarian and Romanian government representatives met in Bucharest and reached agreements on a number of joint energy pursuits, reported Mediafax.ro quoting the Romanian Ministry of Economy.
According to a release from the Romanian Ministry of Economy, Trade and Business Environment, the meeting took place in Bucharest end of last week and included Romanian state secretary in the Ministry of Economy Constantin Claudiu Stafie and Bulgarian deputy Minister of Economy and Energy Mariy Kossev,...
The Bulgarian Ministry of Finance has published proposals for adjustments in the tax system in a bid to increase revenue for the 2011 state budget.
The proposals, posted at the Ministry's website, do not involve an overall increase in taxation rates, but introduces greater levy burdens for some cases.
Key proposed innovations include a unified VAT for the tourist sector, a new offshore tax, as well as increases in the rates for fuels and some tobacco products.
Some of the amendments to...
The shareholders and project company of Nabucco have singed a mandate letter with three international financial institutions for the appraisal of the future natural gas transit pipeline, which has been hailed as a key step towards its successful construction.
The signing of the mandate letter of the shareholders and Nabucco Gas Pipeline International with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and IFC - a member of the World Bank...
UDF (Union of Democratic Forces) will propose a fiscal board to be introduced in Bulgaria, stated yesterday UDF Chairman Martin Dimitrov after a meeting of the National Executive Council. He added that this could happen only after the Law for the Structure of the State Budget and the Constitution were amended.
Dimitrov explained that the introduction of the Board will lead to the reduction of interest rates, increased foreign investments and GDP growth. The UDF leader called on Finance...
In late November, the owners of one of the biggest family companies in the world, including Bonnier Group, Lombard Odier, IMD Group, will arrive in Bulgaria. The reason for their visit to Bulgaria is the forthcoming meeting in Sofia of the Board of Directors of the Family Business Network (FBN) International, whose members include 3,200 different companies from over 50 countries. This was announced by the Chairman of the Bulgarian Association of Family Business (FBN - Bulgaria), Hristo Iliev at...
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