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...
Every fourth office in Bulgaria's capital Sofia is vacant, according to MBL yearly office market report.
In 2010, the overall vacancy rate in class A and class B office buildings in Sofia went up to 24.3% of the overall inventory or 335 000 sq.m. New absorption amounted to 105 000 sq.m., indicating a 50% increase year on year.
The last year saw 265 500 sq.m. of new office space in Sofia, raising the total stock in the capital to 1 378 000 sq.m. Additional 250 000 sq.m. of new office space...
The Bulgarian company "Megatex" has created a screen combining LED technology with renewable solar energy, the company announced Tuesday.
"Megatex" is to launch soon on the market a LED display which has a solar charging panel inside. It is the first such product in the world.
The panel has a 5 KW power to charge the screen. The new screen will be used outdoors and can be installed on stadiums; it can be used for concerts or as a billboard. One of its great advantages is that it can be...
The Swedish company Atlas Corpco is considering a plan to relocate production of light compaction equipment from Ljungby, Sweden, to the Bulgarian town of Ruse.
"The considered plan is in line with our ambition to constantly improve the operational efficiency and make sure our production is cost competitive," Bjцrn Rosengren, Atlas Corpco's Business Area President, Construction and Mining Technique, has commented on Tuesday.
The company has negotiations with unions regarding the...
The Czech-owned power utility CEZ, which services western Bulgaria, officially introduced their new Regional Manager – former Czech Ambassador to Sofia, Petr Dokladal.
Dokladal was Ambassador to Sofia from 2001 to 2006, and has received Bulgaria's highest order, Stara Planina, for his service to bilateral relations. He replaces Jan Vavera, who managed the company for the last year.
CEZ announced plans to reshuffle their leadership in Bulgaria in mid-December, but the changes became...
China National Electric Equipment Corporation (CNEEC) is interested in participation in projects in the Bulgarian energy sector, the company representatives have announced.
The CNEEC representatives met Monday with Bulgaria's Finance Minister Simeon Djankov and Energy Minister Traicho Traikov at the Council of Ministers in Sofia.
A main subject of the talks were the opportunities of participation of CNEEC in large and smaller energy projects in Bulgaria.
The Chinese specialists have...
Japan is interested in expanding its imports of certain agricultural products from Bulgaria, according to Agriculture Minister Miroslav Naydenov, who met with the new Japanese Ambassador in Sofia.
Naydenov had a meeting Monday with His Excellency Makoto Ito, the new Ambassador of Japan to Bulgaria, which served to prepare arrangements for Naydenov's visit in Japan as part of a Bulgarian government delegation later in January.
According to the Bulgarian Ministry of Agriculture and Foods,...
Bulgaria's exports to non-EU states have increased by 46.9% year on year in the period January- November and amounted to BGN 10.7 B according to the National Statistical Institute's preliminary data.
The main trade partners of Bulgaria's main trade partners in that period have been Turkey, Serbia, Russia, the former Yugoslav Republic of Macedonia, Ukraine, USA, Singapore and China that formed 57% of the total exports to third countries.
The exported goods to China have increased by 140.6%...
Bulgaria's Czech-owned power utility CEZ has established a new subsidiary called CEZ Bulgaria Investments.
The new company from the CEZ portfolio is going to focus specially on investments in renewable energy sources, the company announced on Friday.
CEZ Bulgaria Investments was founded on January 3, 2011; a day later it was registered in the trade register in the Netherlands with a capital of EUR 30 000. It is 100% owned by CEZ A.S.
CEZ, which is the electricity distribution company...
Bulgaria's construction sector registered a 2,6% growth in November 2010, compared to the same month in 2009, according to preliminary seasonally adjusted data from the National Statistics Institute (NSI).
The monthly working day adjusted data for November 2010 showed an increase of 0,8% of the construction production, year-on-year.
The growth of building construction production was 1,1%, while the growth of civil/engineering construction is 2%, according to the seasonally adjusted...
Bulgaria's Commission for Competition Protection has approved the merger of the pharmaceutical manufacturer "Unipharm" with the largest "Sopharma," the Commission announced Thursday.
The merger will happen long-term; currently there are no changes at the two companies.
By the end of the third quarter of 2010, "Sopharma," had a nearly 50% stake at "Unipharm," compared to just below 6% at the beginning of 2009.
The "Sopharma" Director of Relations with Investors explains, until recently,...
Raiffesen Bank Bulgaria has dropped its expectations for the county's economic growth in 2011 from 3% to 2.7%.
The bank's monthly analysis states that the external economic environment is favorable for the development of Bulgaria's economy, but that the recovery from the financial crisis will hardly be felt in the internal market.
In 2010's third quarter, the country saw a 1% economic growth year on year, in comparison to 0.5% in the previous quarter. The main reasons for that was the...
The Toronto-based mining company Dundee Precious Metals has announced that the Bulgarian government has given a green light to its project for gold mining in the town of Krumovgrad located in the very south of Bulgaria.
In a statement, Dundee said that the permitting process for its Krumovgrad gold project in Bulgaria has taken "another step forward."
Following the submission of the Company's new Environmental Impact Assessment Report ("EIA") and Natura 2000 Compatibility Assessment...
There is a significant improvement in the overall business sentiment among office occupiers in Bulgaria, a survey by realtor Colliers International shows.
According to a survey recently conducted among more than 5,000 recipients of Colliers International's Office Newsletter, 53% of respondents believe the general outlook for the business in 2011 is positive compared to 2010, while only 21% were optimistic six months ago.
The research shows that the share of companies with a negative...
Romanian companies that registered in Bulgaria have been attracted by the latter's business climate, according to Valentin Radomirski, Bulgarian Ambassador to Romania.
"Predictability, business-friendly environment, low tax rates are elements that attract companies. For the last two months only, three credit agencies consistently affirmed the positive credit rating of Bulgaria and this is a strong message to business - both foreign and Bulgarian. Romanian companies are among many others...
The sales of second-hand cars in Bulgaria grew by 30%-50% in 2010, year-on-year, estimates have shown.
According to Lyubomir Dorosiev, deputy head of the Association of Car Importers, as cited by money.bg, the Bulgarian market for second-hand cars had a growth that is impressive against the backdrop of the economic crisis and the reduced domestic consumption.
Dorosiev pointed out there is a increasing trend of people in Bulgaria preferring second-hand to new cars.
Data of the...
Bulgaria's Food Safety Agency will start operating on February 1 2011, the Bulgarian Agriculture Minister Miroslav Naydenov has announced.
This means a one month delay, as the agency was originally scheduled to begin operating on January 1, 2011. As Naydenov explained on Tuesday, the Bulgarian MPs have been too busy passing the Election Code amendments, which has led to a delay in the new legislation on foods, necessary in order for the agency to be launched.
"The new law will be ready...
Bulgaria's only operational nuclear power plant at Kozloduy has surpassed its planned 2010 electricity output.
In 2010, the Kozloduy NPP produced a total of 15 248 605 MW/h of electricity, the company management announced on Monday, January 3, 2011.
The nuclear plant reached the projected 2010 amount of produced electricity on December 26, 2010, and in the last five days of the year, it managed to produce a total of 253 465 MW/h of electricity more than its management originally...
The index of wholesale prices in Bulgaria went up from 1.784 to 1.825 points in the last week of 2010, which is the highest level since the beginning of the year.
The data comes from the State Commission for Commodity Exchanges and Market Places.
For comparison, in the end of 2009, the index of wholesale prices was 1,704 points.
There was an increase of 7 points in the index in the end of December 2010, in comparison to the same period the previous year. The highest price hikes at the...
Bulgaria's Transport and IT Minister Alexander Tsvetkov has met with his Brazilian counterpart Paulo Sergio Passos on Saturday.
The two countries are expected to sign an Agreement on collaboration in the IT sector.
Mutual collaboration opportunities in the sphere of railway transport have also been discussed.
On Thursday, when a Bulgarian delegation visited Brazil's President-elect Dilma Rousseff, some off the topics discussed partnerships in the construction of Brazil's railways,...
Serbia is in favor of participating in the construction of the Belene Nuclear Power Plant in Bulgaria, the country's Deputy Prime Minister Bozidar Djelic has told the Bulgarian National Radio.
He has pointed out that the increased number of high-level meetings between Bulgarian and Serbian officials is a solid proof that the two countries are important partners with common interests with regard to nuclear energy, the South Stream gas pipeline and the Danube Strategy.
"If a contract is to...
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