Prime Minister Rosen Zhelyazkov met with American company Sensata Technologies Chief Executive Officer Stephan von Schuckmann, the Council of Ministers reported here on Facebook on Wednesday. “Our recent accession to the Schengen area and the upcoming entry into the eurozone in less than two months strengthen Bulgaria’s economic stability, financial predictability, and connectivity within Europe,” Zhelyazkov said.
The two discussed the fruitful cooperation to date, the partnership between the two countries in the field of innovation, the reduction of regulatory and bureaucratic burdens, the retention of investors and the attraction of new ones, as well as potential expansions of existing production facilities in Bulgaria.
“The Bulgarian Government is implementing a set of policies and measures aimed at enhancing the competitiveness of the national economy,” Zhelyazkov noted, adding that among these are improvements to the business climate through administrative reforms designed to reduce bureaucracy, deregulation, and the promotion of digitalization in the public sector. Government policies are focused on creating a favourable environment for high-tech and innovative industries, including in the automotive sector. “Bulgaria is investing in infrastructure, education, vocational training, and scientific research in the field of technology to ensure a skilled workforce. All these efforts are in line with European policies for green and digital transformation and are aimed at achieving sustainable economic growth and increasing Bulgaria’s attractiveness for foreign investment,” the Prime Minister emphasized.
Zhelyazkov noted that Bulgaria is interested in directing investments towards high-tech manufacturing and services with medium and high added value. Among the priority sectors are the automotive industry, electronics, IT and outsourcing, robotics and mechatronics. The automotive sector in Bulgaria is among the most promising and dynamically developing industries in the country. The sector has demonstrated steady growth despite the challenging global economic environment, Zhelyazkov and Schuckmann noted.
The two agreed that bilateral investments between Bulgaria and the US are developing successfully, but that there remains untapped potential which should be explored in greater depth, as this would consolidate and expand the strategic ties between the two countries.
The meeting was attended by Deputy Prime Minister and Innovation and Growth Minister Tomislav Donchev and Economy and Industry Minister Peter Dilov, the Government press service reported.
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