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...
To make a decision to go ahead with the construction of a second Nuclear Power Plant in Bulgaria's Danube town of Belene is national treason, according to right-wing leader, Ivan Kostov.
The head of the Democrats for Strong Bulgaria (DSB) party commented Monday the position of Prime Minister, Boyko Borisov, who stated in a TV interview a day ago that Belene is going to be built for sure.
Kostov says even if Bulgaria does not pay the full price for the project, the "Russians will use the...
Sopharma Business Towers, an office development in Bulgaria's capital Sofia, has completed its eco facade, the Sopharma Properties company has announced.
The hi-tech eco facade of Sopharma Business Towars is a revolutionary technology in the construction of sustainable and energy efficient Class A office buildings; it is a combination of solar panels, glass and cladding panels allowing the buildings to use the energy from the sun and the natural environment.
"We are very glad that the...
In the latest swirl of statements in his typical style, Prime Minister Boyko Borisov has declared that the government will certainly build the second Bulgarian nuclear power plant in Belene.
"Of course, we are going to build Belene, why wouldn't we!" Borisov told the bTV channel Sunday night even though he has stated numerous times that the troubled project for the Belene nuke is not a sure thing.
The past week has indicated that the Bulgarian government and the state National Electric...
Bulgaria will build a super-fast railroad highway to connect the capital Sofia with the western city of Vidin and the new Danube Bridge there.
The investment amount is estimated at EUR 2.7 B. The railway will be 222-km long; trains will travel with speeds up to 120 km per hour (or the trip between the two cities will be less than 3 hours, compared to the current 5.5 hours); the deadline is 2021.
The railroad highway is part of the European Corridor 4 connecting Central Europe with Turkey...
Dutch company Infinity Energy Holding AG will invest EUR 50 M in a solar power installation near the Bulgarian town of Devnya, near the Black Sea city of Varna.
The announcement was made Friday by the Chair of the Management Board of the company, Tjalling Halbertsma, after a meeting with the governor of the Varna district, Dancho Simeonov.
At present, the company is building the first part of the installation, which is expected to have a power of 5 MW. It has to be completed by the end of...
Bulgaria and Turkmenistan signed an agreement on cooperation in the Agricultural sector on Thursday.
The document was inked by Bulgaria's deputy Agriculture Minister Tsvetan Dimitrov and his Turkmeni counterpart Muradgylych Atayev. Both Ministers exchanged information about the potential sectors of cooperation, such as plant growing and plant protection, veterinary practices, food safety and others.
The agreement is a part of the first sitting of the Intergovernmental Bulgarian-Turkmeni...
Bulgaria's oldest and largest cosmetics producer "Alen Mak" is on sale for about BGN 8-10 M, according to one of its creditors.
The Plovdiv-based Alen Mak ("Scarlet Poppy") factory, in financial trouble for some years, is one of the iconic brands of Bulgaria's communist period.
It was the last state-owned cosmetics factory to be privatized – in 2002 it was sold for USD 5.5 M to the Swiss company Effekten und Finanz.
Daniela Petkova, CEO of Retirement Insurance Fund "Doverie", one of...
Bulgarian and foreign companies are constantly inquiring with the city of Burgas for plots, which is why the Burgas Municipality has moved to set up a new industrial zone, Mayor Dimitar Nikolov announced.
Nikolov declared his hopes for greater investments and more new jobs over the recently announced new industrial and logistics zone to be set up in Bulgaria's Black Sea city and port of Burgas by the local municipality administration and the state-owned "National Company Industrial...
The property tax campaign in Sofia is still on the table and will be carried out despite the issue with incorrectly calculated dues for part of the capital's residents.
The statement was made Monday in an interview for the private TV channel bTV by the Mayor of Sofia, Yordanka Fandakova, saying the new zoning, where the mistakes have been committed, involves only about 20% of the city's residents.
The scandal began when taxes for many of Sofia's residents went up without warning after the...
A total of 243 107 passengers have been registered at the Bulgarian Sofia Airport in February 2011, which is a 10 000 increase year on year.
This increase was due both to constant growth in passenger flow on international scheduled routes and a 25% increase to the number of passengers on domestic routes, the airport's official website states.
The number of flight movements at Bulgaria's largest airport in February was 3,467, a 2% increase in comparison to the same period in 2010.
The...
In January 2011, the Bulgarian exports to third countries increased by 74.1% compared to January 2010 and amounted to BGN 1.3 B.
The data was released by the National Statistics Institute Monday.
The main trade partners of Bulgaria were Turkey, China, Russia, Serbia, the former Yugoslav Republic of Macedonia and Singapore, forming 56.4% of the total exports to non-EU countries
The exports to South Africa, China, Kazakhstan and Bosnia and Herzegovina increased significantly. Falls were...
A new industrial and logistics zone will be set up in Bulgaria's Black Sea city and port of Burgas by the local municipality administration and the state-owned "National Company Industrial Zones."
The new industrial zone will be called "Logistics and Industrial Park – Burgas" EAD, and will be located on the territory of Industrial Zone "Burgas-North".
Burgas Mayor Dimitar Nikolov has already tabled to the city council the proposal for the setting up of the joint venture with the...
Japanese corporation Toshiba has declared interest in building two new thermal power facilities in Bulgaria's Maritsa East TPP complex, Economy Minister Traicho Traikov has announced.
Traikov was in the state-owned Maritsa East 2 plant on Monday with Japanese Ambassador to Bulgaria Makoto Ito where the two of them opened the rehabilitated unit 8 of the TPP, whose repairs were completed by Toshiba 32 days ahead of schedule. The life of the unit has been extended by 25 years.
The Economy...
Large tour operators expect a substantial growth of bookings for vacations in Bulgaria by European tourists.
Representatives of TUI, ITS, and Neckermann have met with Bulgaria's Minister of Economy, Energy, and Tourism Traicho Traikov in Berlin, Germany, at the ITB Berlin travel expo, the Economy Ministry announced.
TUI predicts that there will be four times more Russian tourists in Bulgaria in 2011 than there were in 2010, while ITS expects a 28%-30% increase in the number of Germans...
The check for BGN 1 M is being presented to the Kardzhali City Hall Friday for the Thracian rock sanctuary Perperikon, which ranked second in the Bulgaria's Miracles contest.
The initiative belongs to the Bulgarian daily "Standart."
The funds will be used for the restoration of the Perperikon fortress wall and partial restoration of the 15-meter tall medieval tower.
Another site in the Kardzhali Region - the Thracian sanctuary Tatul is also receiving BGN 1 M.
The Thracian city of...
In 2010 the Bulgarian exports to the EU increased by 25% compared to the previous year and amounted to BGN 18.6 B, according to preliminary data by the Bulgarian National Statistics Institute (NSI).
The main trade partners of Bulgaria were Germany, Italy, Romania and Greece that formed 61.6% of the total exports to the EU Member states.
The exports to Romania increased by 42.7% and those to Italy by 38.2%. The most significant growths were observed in the exports to Estonia and Slovenia....
The Italian company "O.M.S. Saleri" is planning to invest EUR 15 M in building a plant for ball valves manufacturing in the Bulgarian northwestern city of Vratsa.
On Thursday, the mayor of Vratsa, Kostadin Shahov, and the owner of the Italian company, Jacopo Rocca, signed the contract for the land on which the new plant will be built.
The field has an area of 25 000 square meters and has been sold to the prospective investor for BGN 500 000, value-added tax (VAT) excluded.
The new...
Bulgaria's government has signed an economic cooperation memorandum with a second Chinese provice, Jiangsu, after establishing close ties with Zhejiang in 2010.
The document aimed at boosting the trade and investment ties between Bulgaria and one of China's richest and most developed provinces Jiangsu was signed in Sofia on Thursday between Bulgarian Deputy Economy Minister Evgeni Angelov and the Director General of the Jiangsu Department of Commerce Zhu Min.
On June 15, 2010, Bulgarian...
The Black Sea Trade and Development Bank (BSTDB) may provide up to EUR 150 M by 2014 for investments in Bulgaria through its credit lines, according to the Finance Ministry.
Bulgaria's business sector can benefit by getting between EUR 40 M and EUR 50 M in credits from the BSTDB annually in the next three years, the ministry said with respect to a visit of a delegation.
The management of the Black Sea Trade and Development Bank, which is based in Thessaloniki, Greece, is going to present...
The market of new cars registered a serious increase in the first two months of 2011, according to data from the Association of Car Importers in Bulgaria.
The data showed that 2822 new cars were sold in Bulgaria in January and February 2011, which is a 14% increase, compared to the same period of 2010.
The best sales record for this period was registered for Volkswagen. The dealers from Porsche Holding, which is the distributor company for Volkswagen in Bulgaria, have sold 363 cars from...
Bulgaria Translation