site.btaPresident Plevneliev Calls for Longterm Planning to Boost EU's Competitiveness

President Plevneliev Calls for Longterm Planning to Boost EU's Competitiveness

Budapest/Sofia, November 10 (BTA) - Addressing a high-level panel on reinvigorating growth, competitiveness and investment in Budapest, President Rosen Plevneliev said that achieving higher economic growth and promoting the competitiveness of Eastern Europe call for a common approach across the region for attracting investments. The forum took place within a European Bank for Reconstruction and Development conference on financing growth and innovation.

The Bulgarian head of state urged for long-term planning of policies which will allow the European Union to boost its competitiveness in an ever globalizing world and respond to economic crisis, political instability and social disaffection. "We should encourage trust in the EU, because this is an investment in Europe's capabilities to successfully tackle challenges as a single body," said Plevneliev.

The President called for highlighting not just setbacks but successes too achieved by Eastern European countries in the process of their European integration, noting Bulgaria's banking and financial stability and GDP growth over the past 15 years.

According to Plevneliev, the world and Europe are undergoing transformation and in the future establishment of successful economic models will depend on the abilities of the nations and regional communities to adapt and develop the industries of the future and innovation. "For me the lesson of today's economic crisis is that quality is key and not quantity. An adequate response is to increase quality investment in education which will allow us to model the future by promoting industries with high added value," said Plevneliev.

The fast development of the IT and communication technology in Bulgaria and Eastern Europe was underscored by Plevneliev as a successful example of the ability to create well-paid jobs and attract new investments. In Bulgaria IT and communication technology grows by an average 10 per cent annually.

Among participants in the forum were Hungarian Prime Minister Viktor Orban, European Commission Vice President Valdis Domrobvskis and European Bank for Reconstruction and Development Suma Chakrabarti.