The President of the Republic of Bulgaria Rumen Radev was a special guest at the 28th anniversary of the establishment of the Association of Industrial Capital in Bulgaria (AIKB). During his speech, President Radev emphasized the key role of business in the economy and the need for the voice of business to be heard more loudly in the presence of political instability.
"Since the first year of my mandate, I have been actively working with the Association and I have witnessed its consistent efforts to improve the regulatory framework, to create a better business environment and increase the competitiveness of the Bulgarian economy. AIKB managed to build a bridge between business, state institutions and citizens", stressed President Radev.
He also welcomed the association's efforts to build a better connection between Bulgarian education and business and congratulated its chairman Vasil Velev for the demonstrated intolerance towards the institutional weaknesses that hinder the economic development of the country.
President Radev drew a parallel between Bulgaria and Singapore and gave the Asian country a successful recipe for economic growth. Growth that has been realized within just one generation.
"Singapore is a small island - 150 times smaller than the territory of Bulgaria. Population - 6 million people. In 1968 it got its autonomy from British rule and seceded from Malaysia, it's like an abandoned slum with an illiterate population with absolutely no natural resources. They don't even have drinking water. The first Prime Minister, who held this post for 30 years, started the Singapore model, and within just one generation, they became a metropolis, one of the most innovative and powerful economies. GDP per capita, which is 60,000 USD per capita, and we are 15,000 USD, i.e. four times better than us. GDP is five times more than ours", said President Radev. "By comparing their model, I find many things in common with what AIKB wants to do in the Bulgarian economy, namely, people are the main resource and capital," concluded the president.