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Romanian Firms Lured by Bulgaria's Business Climate - Ambassador
Date: 04/01/2011
Romanian Firms Lured by Bulgaria's Business Climate - Ambassador

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 choosing to be registered in my country, the main reason being the favorable the business climate. The measures undertaken to improve infrastructure and to attract more investors are priorities in the work of the government," Radomirski told the Romanian ACT Media in an interview.

His Excellency has pointed out that unlike other neighboring and European countries, Bulgaria has managed to keep its tax rates low and has not decided in favor of any tax hikes in spite of the economic crisis.

"This has minimized the negative effects of the crisis on ordinary people while at the same time sending a clear message to foreign investors that the government keeps a predictable tax policy so they can comfortably plan their business in Bulgaria. Our flat tax remained at 10 % for both corporate profits and personal incomes and as of 1-st of January 2011 it will be the lowest in EU. We managed to keep VAT at 20 % while many countries raised it significantly. We also invest in infrastructure because improved infrastructure is more likely to attract investors. Serious efforts are being made to increase revenue collection as well as to sharply contain informal economy where we expect to have tangible results by the spring 2012," Radomirski explained.

He outlined that the specifics of the Bulgarian-Romanian regional cooperation within the EU Danube Strategy will feature a number of projects in addition to the so called Danube 2 Bridge at Vidin-Calafat, which is still under construction.

Radomirski explained that under Priority Axis I "Connectivity" proposed by the EC Bulgaria's position is for modernization of railway, road and port infrastructure where priority projects are grouped along European Transport Corridors No.4 and No.7, which includes not only the new Calafat-Vidin Bridge but two other bridges as well.

Regarding waterway navigation priority projects include: improving navigation in the common Bulgarian-Romanian section of the Danube from km 530 to km 520 – Batin and from km 576 to km 560 – Belene; establishment of River Information Service System in the Bulgarian part of the Danube and others.

Energy and energy efficiency priority projects include building a gas pipeline between Bulgaria and Romania and integration of the two energy markets.

Under Priority Axis II "Environment" Bulgaria and Romani will join efforts together with Serbia to build the Eco-Corridor Bulgaria- Romania – Serbia.

Under Priority Axis III "Socio-Economic Development" Bulgaria and Romania will aim to strengthen transnational academic research and scientific exchange; to focus on improving the quality of education in the region so that it can meet the demand of the labor market; to have special care for the conservation and development of natural and cultural heritage of the Danube region.

Under Priority Axis "Governance and Security" Bulgaria will support and participate in joint initiatives such as the Danube Forum Civil Society, Danube Environmental Forum, Council of Culture Ministers of Southeast Europe.

Ambassador Radomirski pointed out many high-level bilateral meetings took place in 2010 - between the Presidents of Romania and Bulgaria, between the Prime Ministers and between almost all the ministers.

"All of them concentrated on practical, pragmatic issues, showing the political will to further deepening and accelerating the cooperation between our countries," he concludes.

Topic: Business

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