EconMin: Germany Getting More Important for Bulgarian Economy

Germany's importance for the Bulgarian economy is growing, Bulgarian Economy Minister Delyan Dobrev told a business forum in Berlin Tuesday.

Dobrev is part of the delegation accompanying Bulgarian President Rosen Plevneliev in Germany.

Speaking before 70 businesses in Berlin, he pointed to a potential German investor, a company interested in building a plant for car air conditioners in Bulgaria's Plovdiv, and noted that more and more investors are seeking to join Bulgaria's car parts industry.

"Companies such as Lufthansa Technik and Ixetic have already selected Bulgaria for their activities. Aurubis and SAP have also invested in Bulgaria because of our competitive advantages. We are looking forward to more investments in the real economy," Dobrev said, as cited by the government press service.

He also described Bulgaria's macroeconomic stability, and stressed the fact that Bulgaria's exports have grown fourfold since 2000.

Dobrev pointed out that his ministry is working on new incentives for investors such as the write-off of social security payments, and the decentralization of investor certification procedures.

"Certified investors can expect state funding for infrastructure and training, and personalized administrative services," Bulgaria's Economy Minister told German businessmen.

Germany is Bulgaria's top trading partner. In 2011, Bulgaria's exports to Germany amounted to EUR 2.412 B, a 45% increase year-on-year. Bulgaria's imports from Germany were EUR 2.564 B, 14% growth year-on-year.

Germany invested EUR 1.878 B in Bulgaria in 1996-2001, with about 30% of the 100 largest foreign investors in Bulgaria having German participation.

German is also the third largest source country of tourists for Bulgaria (after Romania and in Greece). In 2011, Bulgaria was visited by 700 000 Germans.