Two entirely new key structures within the Council of Ministers are holding their inaugural meetings today with the aim of radically reducing the administrative burden and accelerating economic growth.
The Cabinet has formed a Coordination Council for Investment Promotion and a Council for Tourism Reforms.
The first body focuses on a new Law on Public-Private Partnership and is working together with a delegation from the European Bank for Reconstruction and Development (EBRD). The second council brings together ministers and industry organizations to solve the urgent crises of staff shortages, cumbersome visas for foreigners and the threatened air connectivity of our country.
Restart for Investments: Strategic Partnership with EBRD
The new Coordination Council for Investment Promotion, created after changes to the Investment Promotion Act (IPA), is being opened personally by Prime Minister Rumen Radev. The body consists of 10 members, headed by the Deputy Prime Minister and Minister of Economy, Investment and Industry, supported by nine ministers.
„Our goal is to build a predictable business environment. The new Law on Public-Private Partnership and coordination with the OECD will open the doors to large-scale capital from Europe and the Arab world.“
— Source from the Council of Ministers
The main tasks of the council include the removal of systemic administrative obstacles to investors and the preparation of a long-term National Strategy for the Promotion of Investments. The participation of the EBRD delegation ensures that the new rules for capital screening will comply with the highest international standards.
Emergency measures in tourism: Visas, personnel and connectivity
Immediately afterwards, the Council for Tourism Reforms was launched in the Granite Hall of the Council of Ministers. It is attended by Deputy Prime Ministers Alexander Pulev and Ivo Hristov, Minister of Tourism Ilin Dimitrov, as well as leaders of the tourism industry and regulatory authorities.
The sector, which generates a significant percentage of the country's GDP, is facing serious challenges requiring urgent regulatory changes in the Tourism Act:
Easing visa regimes: Speeding up procedures for foreign tourists and seasonal workers. Tackling the Staffing Shortage: Long-term Solutions to Chronic Resort Staffing Shortages. Air connectivity: Saving endangered air routes and destinations to Bulgaria.
Economic impact: What does business gain?
According to economic experts, the real reduction of the administrative burden and the digitalization of services can save businesses millions of leva annually. The partnership with the EBRD sends a strong signal to international markets that Bulgaria is stabilizing its business climate. The new structures are expected to shorten the time for approval of large investment projects by over 30%, which will directly increase the competitiveness of the economy.