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Bulgaria earmarks 50 million leva to hype its economy

Wed, Aug 26 2009 09:39 CET

byDnevnik.bg

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Bulgaria earmarks 50 million leva to hype its economy

Photo: Юлия Лазарова

The Bulgarian Government is to plough about 50 million leva into promoting the country and goods by domestic manufacturers, tapping money from the European Regional Development Fund (ERDF) under the Competitiveness operational programme.

Economy Minister Traicho Traikov said on August 25 2009 that he had signed agreements with the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPM) and with InvestBulgaria Agency, the local investment promotion authority.

InvestBulgaria Agency has submitted an application for 21.4 million leva but has obtained a smaller amount it declined to reveal as pen is yet to be put to paper.

The money will be used over a three-year period to develop a marketing strategy to promote Bulgaria as an investment destination.

Another portion has been lined up to conduct research into global capital flows with a view to pinning down the legislative amendments needed to brush up Bulgaria’s image as an investment destination.

Further resources will be allocated to mapping out the sectors with development potential and the countries that could potentially invest in Bulgaria.

The marketing strategy, which will scoop up the lion’s share of the funding, will involve holding conferences targeting the sector and country hot spots identified by the study.

Journalists will be taken to tours at home and abroad and leading international publications will carry stories about Bulgaria.

Bulgaria will also work to streamline services offered to foreign investors. A new website and information system will be set up for the investment promotion authority to link up with trade envoys and connect other activities to fast-track procedures.

The BSMEPM has requested almost 27.4 millionleva but the amount has been trimmed down, said its chief, Stanimir Barzashki.

The three-year programme consists of three sections including promoting Bulgarian companies at international trade shows, organising visits by Bulgarian producers to trade fairs and international promotion of Bulgarian products.

Source: Dnevnik.bg

 

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