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 ruling majority in Bulgaria's Parliament has voted down a proposal for a several-month delay in the introduction of a flat 9% value-added tax (VAT) in the tourism sector.
Bulgaria will introduce a flat 9% value-added tax (VAT) in the tourism sector as of the beginning of April this year under amendments that Parliament adopted conclusively on Wednesday.
The right-wing Blue Coalition had insisted that the flat rate be introduced as of October after the summer season, saying that in...
Euro Solar Parks, Inc., a company based in New Jersey, USA, has announced the completion of its acquisition of two land properties for solar parks in Bulgaria.
The strategic properties are located in the Karlovo Municipality in Central Bulgaria, and have an area of approximately 11 560 square meters.
Both properties have short distances to the national power grid. They were acquired for the purpose of developing small-sized solar plants that run up to 0.7 MW. The plants will be known as...
The number of Bulgarians who have made online purchases more than once a month in the last year went up two times, according to a poll of "Gemius Bulgaria."
The poll has been commissioned by the "Allegro Group," a retail company with business in Central and Eastern Europe.
In 2010 Bulgarian internet shoppers were 22% of the population, compared to 13% in 2009.
7% of consumers make 5 or more purchases a month and 54% of Bulgarians have used the net to make purchases. The number of those...
Japan is very interested in importing chicken meat from Bulgaria, Agriculture Minister, Miroslav Naydenov, announced Tuesday.
Naydenov, who is in Japan with the official Bulgarian delegation, led by Prime Minister, Boyko Borisov, met with the Japanese Minister of Agriculture, Forestry and Fisheries, Michihiko Kano.
Japan had to slaughter many of its chicken over the avian flu and there is currently a shortage of poultry products on the Japanese market.
According to Naydenov, Japan will...
A Bulgarian-Japanese business forum was held in Tokyo Monday within PM Boyko Borisov's official visit to Japan.
The meeting was co-organized by the Tokyo Chamber of Commerce and Industry and the Bulgarian Chamber of Commerce and Industry, and was opened by the chairman of the Japanese-Bulgarian Economic Council, Koichiro Fukui.
Bulgarian Ministers of Economy and Energy Traicho Traikov and of Agriculture Miroslav Naydenov also took part in the forum.
The Bulgarian party stressed on the...
Japan's Toshiba Corporation has offered Bulgaria a large-scale project in the field of renewable energy, "smart electricity grids" and electric cars.
As part of a visit of a large Bulgarian government and business delegation in Japan led by PM Borisov, Bulgarian Minister of Economy, Energy, and Tourism Traicho Traikov met with Norio Sasaki, President and CEO of Toshiba Corporation.
The Toshiba management has confirmed that the company will construct a 10 MW photovoltaic park near...
Japanese companies are exploring opportunities to use the Bulgarian ports on the Black Sea and the Danube for their trade with the European Union, according to the Bulgarian government.
Bulgarian Prime Minister Boyko Borisov, who is in Japan on a four-day visit (January 22-26, 2011) heading a sizable Bulgarian government and business delegation, met Monday with Hiromasa Yonekura, Chair of Nippon Keidanren, the Japan Business Federation, and CEO of the Sumitomo Chemical company.
The news...
The Bulgarian government will subsidize companies who offer green jobs and hire unemployed people for an at least 6 month period.
This was announced Monday at a joint press conference between Bulgaria's Ministers of Environment, Nona Karadzhova, and of Labor, Totyu Mladenov. BGN 3.2 M have been included for green jobs in the national plan for coping with unemployment, which will secure 2100 new job places with a monthly salary of BGN 240 for half a year.
No research has been carried out...
The average price of residential properties in Bulgaria is down by over 33% compared to the market peak in 2008, data of the National Statistics Institute (NSI) and the Registry Agency shows.
The number of real estate transactions in 2010 compared to 2007 is down two times; building permits and new buildings are down as well, while the number of default loans is up.
The average price per square meter in 2010 has been BNG 964 with properties being the most expensive in Sofia (BGN 1596) and...
Emerging markets private equity investor CVCI, a subsidiary of the alternative asset management division of investment bank Citigroup, has acquired a 37% stake in Huvepharma, the Bulgarian animal health company announced.
The price of the deal is EUR 75 M.
The purchase was wrapped up on November 30 after it got a seal of approval by the European Commission.
The deal involves a primary issuance as well as a stake purchase from controlling shareholders, including Advance Properties, a...
German companies are interested in purchasing Bulgarian agricultural products, said Svetoslav Simeonov, CEO of the Bulgarian Agriculture Fund.
On Friday, Simeonov participated in a Bulgarian-German business meeting during the international public exhibition for food, agriculture and gardening industry, Greek Week, in Berlin.
The Vice-president of the German retailer "Metro", Michael Widmann, said that he wants Bulgaria to deliver agricultural products, mainly fruits and vegetables, for...
The US-based pizza maker and distributor, Domino's Pizza, which entered Bulgaria at the beginning of January, plans to open another two restaurants by the end of the year.
The master franchisee for Bulgaria is Anatron Food Services, who also serves as the master franchisee for Domino's Pizza in Greece and Cyprus.
However, the stores in Bulgaria will be operated by LN Solutions, owned by Lazgin Majid and Nikola Nikolov. The two partners have experience with other fast food franchises, as...
Bulgaria, which has the lowest personal and corporate income tax in the EU at 10%, may change the levels of direct taxes after a referendum in 2013, a bill of the finance ministry suggests.
"Should the bill be adopted, the citizens will be given the power to define the government's tax policy as of 2013," Finance Minister Simeon Djankov told journalists in parliament, adding this would be a big step forward.
"This is a measure, which will show that Bulgaria is not only the country with...
French oil services company Technip has been awarded a lump sum services contract for the phase 1 of a heavy residue hydrocracking complex to be built at their refinery located in the Bulgarian city of Burgas.
The contract is worth approximately EUR 70 M and has been awarded by Burgasnefteproekt EOOD (a Lukoil engineering subsidiary).
The contract covers the detailed engineering and procurement services for a 2.5 million tons/year residue hydrocracker based on Axens H-Oil process, as well...
BNK Petroleum has became the third US company with interest in extracting Bulgaria's shale gas, according to the Bulgarian Prime Minister Boyko Borisov.
Borisov announdced that after he met the former NATO Secretary General Wesley Clark, who is currently on the BNK Petroleum's bord of directors. Bulgaria's Minister of Energy, Economy and Tourism Traicho Traikov also participated in the meeting.
BNK Petroleum is based in California and operates mostly in Oklahoma. In Europe, the company...
Toshiba and Tokyo Electric Power will set up a local joint venture with the Japanese government to build one of the world's largest solar power stations in Bulgaria, according to a report.
The plant will be located near the Bulgarian city of Yambol and will cost more than 100 billion yen (USD1.2 B), Japan's Nikkei business daily said.
According to the report the plant is expected to be built by March 2012 with an output capacity of roughly 50,000 kilowatts, which will be gradually...
The delegation of the Bulgarian Chamber of Commerce and Industry (BCCI) accompanying Bulgarian PM Borisov on a Japan visit will emphasize the stability and deepening of bilateral investment and business relations.
Bulgarian Prime Minister Boyko Borisov set out Friday together with a government and business delegation on a four-day working visit to Japan (January 21-26, 2011).
In a statement dedicated to the Bulgarian business delegation to Japan, the BCCI states Japan is increasingly...
The municipality of Bulgarian capital Sofia has reached an agreement for a EUR 25 M loan from the EBRD to boost public transportation.
This news was broken by Sofia mayor Yordanka Fandakova at Thursday's presentation of the 2010 municipal budget.
The loan will be extended in two installments at EUR 12.5 each. The first amount will be used for the payment of arrears to transport operators. The second will go for the finalization of the electronic system for charging public transport...
The combined profit of the Bulgarian state-owned companies increased by BGN 300 M in 2010 year-on-year, announced Minister of Economy, Energy, and Tourism Traicho Traikov.
Traikov spoke in Parliament Thursday during the debate for the confidence vote of the Borisov Cabinet.
He pointed out to the MPs that the government has made important modifications in the Investment Encouragement Act to lure foreign investors.
"The number of projects for boosting the exports of Bulgarian companies...
Almost 9 million tourists were registered in Bulgaria in 2010, according to data of the National Tourism Board, an association of the tourism industry, which had a conference in Sofia Wednesday.
The National Tourism Board conference was attended by Finance Minister Simeon Djankov, who promised government support for key tourist infrastructure projects.
The tourism industry data presented at the conference says that Bulgaria saw a 5% increase in bed occupancy in 2010 year on year, with the...
Bulgaria Translation