The high rate of construction in Bulgaria in recent years has stimulated the introduction of new, cost-effective and high-quality technology.

BMG Ltd management board director Kiril Balabanov said that such products had come on to the market in Bulgaria recently, and had reduced construction costs by 40 per cent.

The product significantly reduced construction time.  There was no need for workers using it to have special qualifications, Balabanov said, as quoted by Dnevnik daily.

Known as ICF, the product has built up a name around the world in the past 30 years. The patent was initially registered in Germany and the business subsequently expanded to the US and Canada.

ICF is 100 per cent recycleable. It is earthquake-resistant and, according to specialists, could even resist a tornado.

ICF is used to build residential buildings and industrial plants.

Balabanov said that the construction of a 50 000 sq m building using ICF had already begun in Sofia.