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Attracting Foreign Investment

Attracting Foreign Investment. Annex 3. Bulgarian Foreign Investment Agency Sofia, March 2003. Our focus today. FDI in Bulgaria : track record and issues Role of BFIA in improving FDI climate Current BFIA projects for improving FDI. 1001. 819. 6 94. 636. 620. 5 00. 256. 163. 211.

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Attracting Foreign Investment

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  1. Attracting Foreign Investment Annex 3 Bulgarian Foreign Investment Agency Sofia, March 2003

  2. Our focus today • FDI in Bulgaria : track record and issues • Role of BFIA in improving FDI climate • Current BFIA projects for improving FDI

  3. 1001 819 694 636 620 500 256 163 211 102 34 Drivers of FDI into Bulgaria FDI in Bulgaria (USD m 1992-2002E) Source: Bulgarian Foreign Investment Agency; KPMG

  4. FDI underperformance relative to C&EE FDI per capita (USD m, 1992-2001) FDI by country (USD m, 1992-2002) Source: Bulgarian Foreign Investment Agency

  5. Political stability EU, NATO Macroeconomic stability GDP growth Fiscal stability Inflation Forex reserves Debt management Economic development: the Big Picture Achievements Challenges • Unemployment • Trade deficit • Bureaucracy • Administrative barriers • Start-up procedures • Time-to-market • Image of Bulgaria abroad

  6. Less bureaucracy: Less red tape Fewer administration institutions to deal with Minimize chances for corruption Simpler business legislation Presently 16 laws regulating investment Fair competition BFIA role in improving economic development WHAT INVESTORS WANT BFIA PROPOSALS • One-stop-shop for investors: • Minimize contacts between investors / administration • Act as a Development Agency • Consolidate laws related to investment • A new Investment Encouragement Law • Pilot Law: Industrial Zones • Attract high quality investors who will promote best practice

  7. BFIA’s mission as a catalyst of FDI • One-stop-shop for investors • eliminate bottlenecks in state administration • shorten time-to-market • Legislative initiative • Build an image of Bulgaria as a preferred investment destination – promote a new image of Bulgaria across the business community – conduct direct marketing with “high probability” investors • Match potential business partners and facilitate B-to-G relationship

  8. BFIA projects needing donor assistance • Institutional building of the BFIA • Currently Bulgarian government contributing c. BGN 0.5 mln • Additional resource needed to materialize the “One-stop-shop” • Regulatory framework for economic development • Investment Encouragement Law and the Industrial Zones Law • Targeted promotion of Bulgaria • Marketing budget and marketing strategy

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