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Record High Foreign Investments for Bulgaria in 2004

Record High Foreign Investments for Bulgaria in 2004Bulgaria's 2004 foreign investments reached EUR 1.958 B thus setting a new record-high level, Bulgaria's Economy Minister Milko Kovachev announced. The total amount of foreign investments for the period 2001 -2004 makes 62% of the whole direct foreign investments for the past 13 years, Kovachev explained. Last year's foreign investment in Bulgaria made 10% of that in Central and Eastern Europe and 30% of that in the Balkans for the period, the economy minister also underlined. Direct foreign investment last year equalled 9.2% of GDP, which is the highest ratio in Central and Eastern Europe as compared to 5.6% in neighbouring Romania and 4.4% in the Czech Republic. The Investment Agency chief Pavel Ezekiev explained that there has been a shift of the focus of investments from the financial sector, which accounted for some 40% of direct investments in 1998-2001, onto three other sectors - energy, telecommunications and trade and services. Czech Republic's CEZ, EVN of Aistria, and E.ON of Germany, which purchased 67% of Bulgaria's seven power distribution companies along with Viva Ventures Holding GmbH, which acquired 65% of formerly state telecom BTC, and also Turkey's glass-maker Sisecam were among the largest investors in Bulgaria over 2004. Minister Kovachev presented the first promotional leaflets "Experience Bulgaria". Some 10,000 leaflets will be published in English, German and French. These leaflets will be circulated in Bulgaria and abroad to promote the country, its culture and traditions as well as to present its business opportunities.

9 March 2005 - Sofia News Agency

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