site.btaInvestor Day 2025: New Opportunities and Challenges for Bulgaria’s Capital Market

The Bulgarian Stock Exchange’s Investor Day 2025: Embracing Opportunities brought together investors, capital-seeking companies, and officials on Monday at the Inter Expo Center in Sofia. The expert discussion focused on the prospects and challenges for the capital market against the backdrop of Bulgaria's upcoming accession to the euro area and the opportunities for more investment in the Bulgarian economy in the context of the changing foreign and geopolitical environment and the ambitions for the completion of the EU Capital Markets Union project.

Opening the event, Bulgarian Stock Exchange CEO Manyu Moravenov said the platform aims to build trust between investors and companies. Moravenov noted that the forum also serves as a venue to discuss the impact of geopolitical changes, including U.S. trade policy and its influence on Europe and the region. According to Moravenov, the European capital market has the potential to attract more investments than it currently is. “The Bulgarian capital market has a chance to position itself much better on the European market,” he said.

Deputy Prime Minister and Minister of Innovation and Growth Tomislav Donchev emphasized that Bulgaria’s economic development must be a top national priority after education. He underscored the lack of confidence in the country and called again to break with economic nihilism. "Economic nihilism is a slow-acting poison, stopping the potential for the development of the Bulgarian economy and the professional orientation of young people, but most of all the boldness and brashness," Donchev said. 

Vasil Golemanski, the new Chair of the Financial Supervision Commission (FSC), outlined his key priorities, including regular dialogue with supervised entities and the balanced growth of the non-banking financial sector’s three pillars -investments, insurance, and pensions. He shared that his agenda includes introducing multi-funds into the pension system and creating a functional market for government securities. Golemanski also identified three major challenges: geopolitical volatility, rapid digitalization including crypto assets, and the evolving EU regulatory landscape. He highlighted the Digital Operational Resilience Act and the Markets in Crypto-Assets Regulation as some of the most demanding requirements for investors. The FSC Chair emphasized the importance of Bulgaria’s eurozone integration, noting that while the non-banking financial sector is "almost fully prepared," it must ready itself for increased competition. "I see the FSC as a partner and guide - not just a regulator that steps in after mistakes are made," he said.

Finance Minister Temenuzhka Petkova said that Bulgaria has met the price stability criterion for eurozone membership at the beginning of the year. She recalled that Bulgaria has met all convergence criteria and, in February, submitted convergence reports to the European Commission and the European Central Bank. Petkova expects the conclusions to be published in early June and hopes for positive feedback so that Bulgaria can join the eurozone by January 1, 2026. She also discussed the importance of capital market development as a means of financing the real economy, acknowledging that while the market has not yet reached its full potential, it remains a key priority for Bulgaria. Additionally, Petkova touched on EU competitiveness, emphasizing the need to reduce administrative burdens, particularly for small and medium-sized businesses, while simplifying the regulatory framework without compromising investor protection.