The state will start encouraging new investments in the processing industry, electricity production from renewable energy sources, the IT sector and research and development.
The Cabinet decided this on September 5, approving regulations to implement the Investment Encouragement Act (IEA). The move is linked to previous IEA amendments and appendixes, which came into effect on August 30 2007....
The Cabinet said that the measures were being taken because the business sector had shown that there was a great need for new knowledge and practical skills to implement new technology.The aim is to boost the competitiveness of Bulgaria’s economy by increasing investments in the development of technology and in other fields that have high added value.
The Cabinet hopes to make Bulgaria more competitive by recruiting new capital, as has been done through similar plans in other Eastern and Central European countries such as the Czech Republic and Slovakia.
A new procedure is also to be implemented to assess and decide on investment projects that will get help from the state budget. These will be assessed and chosen through a competition procedure. The appraisal will be done at two stages through the calendar year.
The criteria and the priorities for classification are also defined, and will be the basis for the methodology and assessment procedure, which will be decided by the minister of Economy and Energy, and will be published on the ministry’s website.
Taken from Sofia Echo News
http://www.bulgarianrealestateonline.com
Monday, 17 September 2007
More Investment Promised for Bulgaria
Encouraging investments in Bulgaria
09:00 Mon 17 Sep 2007 - Elitsa Grancharova
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