Economy Minister Lures Boeing, Motorola to Bulgaria

Bulgaria's Economy Minister, Traicho Traikov, has had important meetings in the USA including with Boeing, Motorola, and the Federal Reserve Bank of Chicago Bank among others.

During talks with Boeing's top management, Traikov, who is on a several-day visit to the United States, invited the company to research opportunities for outsourcing in Bulgaria, and for taking part in the privatization of VMZ Sopot, a currently ailing military manufacturing plant which used to be one of Bulgaria's biggest factories in its military-industrial complex.

Discussions with Motorola included opportunities for partnership in mobile communications with the Bulgarian government, such as the building of security systems and smart grids in the energy sector. Traikov met with the company's Corporate Vice-President, Brenda Herold. Motorola representatives are to visit Sofia soon to study possibilities for joint projects.

Traikov has also spoken with the head economist of the Federal Reserve Bank of Chicago, Thomas Clear, debating the economic situation in both countries and the measures they undertake to counter it. The two joined around the opinion that the instability of financial market stops business investments generating economic growth while encouragement of the stock trade could be one of the possibilities to stimulate this growth.

The Bulgarian Minister of Economy, Energy, and Tourism, as is his formal title, met with Charles Fara, "International Products and Services" Director of the Chicago Mercantile Exchange (CME) to discuss their experience as one of the leading stock exchanges in the world. The CME will research opportunities for partnership with the Bulgarian Stock Exchange in Sofia at Traikov's invitation.

Talks were further held with the Illinois Economy and Trade Department where Traikov met with its Deputy Director, Mary Roberts. With her, he spoke about Bulgaria's advantages as a tourist and investment destination. He voiced his idea for a joint program for the exchange of employees and practices between his Ministry and the Department, which was approved during the discussions.

The Minister also met representatives of the Bulgarian community in Chicago and visited the Bulgarian church "St. Sofia".

Before members of the Bulgarian diaspora, Minister Traikov presented the priorities of the Borisov government in the economic and social sphere. The Bulgarian immigrants have expressed their readiness to help Bulgaria by promoting it as an investment and tourism destination.