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Justice Minister and AmCham discuss the rule of law and Bulgaria's investment climate

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Empty wood-panelled hall of justice with benches and a sculpture of the scales of justice Politics
Empty wood-panelled hall of justice with benches and a sculpture of the scales of justice

Nikolay Naydenov pointed to the new anti-corruption commission and invited the American Chamber of Commerce to contribute to changes to the Commerce Act.

Justice Minister Nikolay Naydenov met Ivan Mihaylov, chief executive of the American Chamber of Commerce in Bulgaria (AmCham), to discuss the rule of law and the investment climate, the Justice Ministry said on Friday 23 October, BTA reported. The talks also covered anti-corruption efforts and their importance for the business environment and investment, as well as cooperation on legislative changes.

A favourable business climate rests on the rule of law and its effective enforcement, Naydenov said. He pointed to the role of the new anti-corruption commission in improving the investment climate and strengthening trust in institutions.

The minister also stressed the need for effective investigations into reports of corrupt practices, including in public procurement involving international companies, and encouraged AmCham members to alert the competent authorities if they had information suggesting irregularities.

The participants discussed the possibility of drawing on the expertise of AmCham's Rule of Law and Legislative Reform Committee in ministry working groups that prepare legislative amendments, including changes to the Commerce Act. Deputy Justice Minister Irena Borisova and AmCham communications and institutional relations manager Daniel Kiryakov also attended.

For foreign investors, predictable courts, transparent public tenders and a working commercial register are often as important as tax rates when deciding where to locate a business. Changes to the Commerce Act, which governs company formation, corporate governance and trade transactions, directly affect how companies are set up and run in Bulgaria.

The meeting came in the same week that Prime Minister Rumen Radev met representatives of Google and of the American-Central European Business Association, saying that US investment was a priority for the government. Business organisations will be watching whether the working groups produce draft amendments for public consultation in the coming months.

Sources