One of the key subjects covered by US president George Bush and his Bulgarian counterpart Georgi Purvanov during Bush’s visit to Bulgaria on June 11 was the improvement of bilateral economic relations between the two countries.

During a news conference at the National Archaeological Museum, Purvanov said that in recent years Bulgaria had seen “new dynamics” in the development of economic relations between the two countries, with US trade, investments, and American tourists to Bulgaria having grown significantly. However, Purvanov said, there was potential for much more. He said he wished the US would provide much fuller information on the business climate in Bulgaria to US investors. In response, Bush promised that the newly created “America for Bulgarians” foundation would do exactly this, provide up-to-date information about Bulgaria as an investment location.

Purvanov told Bush he hoped to see more co-operation in relation to Bulgaria’s defence industry as well as more US companies becoming involved in infrastructure projects. Purvanov said that he believed Bulgaria would have the US’s support in modernising Bulgaria’s armed forces so that the country would be able to carry on implementing it ally commitments (such as in Iraq and Afghanistan).

The two presidents also discussed potential US involvement in the energy sector. Purvanov told Bush that US energy firm Chevron could get involved in the Bourgas-Alexandroupoulis as well as the trans-Balkan AMBO oil pipeline projects (the latter a joint project by Bulgaria, Albania and Macedonia). Bush said that the two countries were too dependant on energy sources from abroad and shared a common goal to broaden their energy sources.

However, Bush did not fail to address Bulgaria’s corruption issues in relation to improving its business climate. He said that when somebody invests in a country, they expect to get a reasonable rate of return and the government to not interfere, but, in fact, to expedite the flow of capital. Bush called on the Bulgarian Government to continue making reforms in order to be able to attract more foreign capital investment. “If you find corruption, root it out. People of Bulgaria expect their government to be open and honest, and so do those who spend capital in countries,” Bush said.