Political stability, Bulgaria's entry into the Eurozone, OECD and Schengen are the most important factors for the development of light business in Bulgaria. The Confederation of Employers and Industrialists in Bulgaria (CRIB), ambassadors and diplomats of the EU countries and the USA united around these priorities.
They talked during the traditional business breakfast, organized by the largest employer organization in the country, economic.bg summarized.
It is a great pleasure and honor for me to welcome you to today's meeting, through which we continue and develop a long-standing tradition of exchange of views between the top diplomats of the European Union and the United States and the representatives of the largest employer and business organization “, said the chairman of KRIB Kiril Domuschiev at the beginning of the meeting.
„Macroeconomic Monitor 2024“
During the business breakfast, the new, regular bilingual publication of KRIB “Macroeconomic Monitor 2024” was presented, which reviews key macroeconomic indicators of Bulgaria and provides a forecast for trends in the next 6 – 12 months.
In its report, KRIB notes positive data for the Bulgarian economy – GDP growth, slowing inflation, trade and positive expectations for the business climate. Economic activity is expected to accelerate in the second and third quarters of 2024, accompanied by stabilization of inflation around 3%.
However, the data on industrial production and the mining industry, which continue to show declines, remain worrisome, as well as the persistently low level of investments in durable tangible assets as a percentage of the economy in historical terms and compared to Eastern European countries close to Bulgaria.
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On the other hand, expectations for the business climate in our country are improving, especially in the construction, trade and services sectors. The growth of lending in April 2024 of 13.13% on an annual basis covers both loans to businesses and those to households with a marked intensity in residential lending. Although lending is an important indicator of economic growth, in view of Bulgaria's intentions to enter the Eurozone, it must be carefully monitored for the purpose of sustainability and balance, bearing in mind its direct correlation with the increase in the money supply and inflation, writes the macroeconomic monitoring of KRIB.
The important topics for Bulgaria
Topics of the subsequent discussion today were the process of Bulgaria's entry into the Eurozone, improving access of foreign and local businesses to highly qualified labor, active cooperation with educational institutions, and the sustainable and predictable management of the financial framework of the public and private sectors. KRIB received a recommendation to be a more active part of the public dialogue regarding the clarification of the benefits of the country's accession to the Eurozone and the implementation of an educational reform that would respond to the long-term challenges facing the labor market in the country and Europe. The KRIB Management Board recognized the readiness of the banking sector to accept the common currency, the skills of business to improve the quality of the labor market in the direction of capacity and inclusion, and the support of innovative and capital-intensive investments in areas such as nuclear energy.
KRIB and diplomats united around the key importance of the Eurozone, OECD and Schengen for the closer and irreversible integration of the Bulgarian economy and society with the European Union, as well as the importance of forming a regular and stable government in Bulgaria.
At the end of the meeting, an agreement was reached to continue the dialogue between KRIB and the EU and US diplomats in Bulgaria, together with the presentation of a periodic analysis of the macroeconomic situation in the country.
Participants in the business breakfast
On behalf of the European Union, the following participated in the meeting at the invitation of the chairman of KRIB Kiril Domuschiev: the ambassador of Belgium (the country that chairs the Council of the EU) H.E. Frederic Meuris, Ambassador of Austria H.E. Andrea Ikic-Böhm, the Ambassador of Germany H.E. Irene Plank, Ambassador of Denmark H.E. Jes Brogård Nielsen, the Ambassador of Italy H.E. Giuseppina Dzara, Ambassador of the Netherlands H.E. Simon van der Burgh, Ambassador of Slovenia H.E. Natasha Bergel and the Ambassador of Hungary H.E. Miklos Borosh. Also present were the deputy ambassador of Spain Hayone Cerejo, the deputy ambassador of Croatia Sanja Guberina, the minister plenipotentiary at the embassy of Greece Dimitrios Michas, as well as the heads of the commercial and economic departments of the embassies of Belgium and Poland. On behalf of the Euro-Atlantic partners, the US Ambassador to Bulgaria H.E. Kenneth Merten and the executive director of the American Chamber of Commerce in Bulgaria Ivan Mihailov.
The Management Board of KRIB was represented by KRIB Chairman Kiril Domuschiev, KRIB Deputy Chairman Boryana Manolova (Siemens Bulgaria), Board members Jason King (Yetel Bulgaria), Evgeny Ivanov, Zarina Gencheva (Motion Arts), Iliyan Terziev (Chamber of Builders in Bulgaria), Krasimira Hadzhiyska and Elena Velkova (Nova Broadcasting Group), Christina Eskenazi (Biotechnological and Health Cluster), Lyubomir Stanislavov (Autopark Bulgaria), Roberto Santorelli (Confindustria Bulgaria, the organization of Italian business in Bulgaria), Petya Dimitrova (Post Bank), Stoyan Stavrev (BKO), Andon Tushev (Tal Engineering).