We are consolidating all investment-related activities under the jurisdiction of the Ministry of Economy, Investments and Industry (MEI). Thus, all agencies, directorates and various structures, until recently scattered throughout the administration, will be in one place with common management. This is the first reform that we successfully completed in just one month, for which we received very quick support from Parliament.
This was stated by Deputy Prime Minister and Minister of Economy, Investments and Industry Alexander Pulev during a meeting on Tuesday with representatives of J.P. Morgan. The conversation discussed the opportunities that the company's Security and Resiliency Initiative (SRI) can provide to accelerate Bulgaria's strategic goals in the field of energy independence, industrial modernization and economic sustainability. The initiative represents a long-term international framework for mobilizing significant private capital in support of sectors of critical importance for economic stability, including energy, modern manufacturing, critical supply chains and strategic technologies.
The Deputy Prime Minister highlighted the upcoming establishment of a central coordination unit under the Council of Ministers, which will coordinate the work between institutions on strategic investment projects and provide a single point of contact with investors, including on permitting and administrative procedures.
Pulev highlighted the development of infrastructure and the prepared legislative reform for public-private partnerships, which will create opportunities for attracting private capital and strategic partners for key infrastructure projects. The Minister outlined plans for the development of electricity networks, cross-border connectivity, nuclear energy, gas capacities and energy storage facilities. He highlighted the country's potential for the development of pumped-storage hydroelectric power plants (PSHPs). Bulgaria has one operating system, and the plans include three more projects, each with a planned capacity of nearly 1 GW.
Pulev introduced the representatives of J.P. Morgan to the plans for developing a system for venture capital and support for start-ups. “Under the jurisdiction of the Ministry of Industry and Information Technology, we will also develop a system for venture capital and start-ups. They will be provided with an innovative environment (Sandbox) for real testing of products and services through state agencies and enterprises from agricultural to industrial and defense structures. Successful companies will receive direct contracts and support. The idea is to create champions in innovation“, he emphasized, also highlighting the idea of building an industrial zone in the Sofia region, aimed at innovative companies and high-tech production. “Some of the projects will be able to be implemented through joint ventures with state participation in a ratio of 50:50, depending on the degree of technology transfer. In some cases, this will also allow for an indirect state guarantee in financing these joint structures,“ Pulev also pointed out.
The meeting at the Ministry of Economic Affairs was also attended by Deputy Minister of Finance Metodi Metodiev.