Political turmoil in Bulgaria will keep new investors away, experts warn

Foreign investors, who are still considering tapping Bulgarias market, will be extra cautious as long as the country is struggling to emerge from political turmoil, experts have warned.The investors, who are already here, hope that the situation in the country will remain stable,...

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Political turmoil in Bulgaria will keep new investors away, experts warn



bne - 22.05.2013

Foreign investors, who are still considering tapping Bulgarias market, will be extra cautious as long as the country is struggling to emerge from political turmoil, experts have warned.

The investors, who are already here, hope that the situation in the country will remain stable, Michael Angerer, head of the commercial department with the Austrian Embassy in Sofia, told Bulgaria on Air TV channel.

He warned it will be getting harder to attract investors if the political instability, which started with the anti-poverty protests and led to the resignation of the center-right cabinet of Boyko Borisov in February, drags on.

In Bulgaria companies are looking for clear legislative framework, which helps business grow, he added.

Both Australian and Italian investors are lured to Bulgaria because they see the countrys good potential for foreign investments in various sectors.

But it is important that the next government takes the necessary measures to promote the country in a new way, according to Marco Montecchi, Chair of the Italian Chamber of Commerce in Bulgaria.

According to the Italian expert Bulgaria should improve its image abroad as the country has good potential.

We see Bulgaria as a country in which we can always invest, said Montecchi.

Companies are happy with Bulgarias current 10% flat tax on personal and corporate income, while in most European countries the corporate tax is about 40%.

Montecchi recommended that the next government increase the tax by 1-2 percentage points, to use the additional revenues for social care.

Even then the tax will still be profitable for Italian investors, he said.

bne/Novinite


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