site.btaDeputy Foreign Minister Highlights OECD Membership as Key to Reputation and Reform

Membership in the Organisation for Economic Co-operation and Development (OECD) is not only a mark of prestige for Bulgaria, signifying its inclusion among the world’s most advanced economies, but also a lasting commitment to reforms and to upholding the highest standards in economic and social policy, Deputy Foreign Minister Nikolay Pavlov said here on Thursday.

He was speaking at a public discussion in Sofia on Bulgaria's OECD membership as a factor for investment and economic growth, organized by the Diplomatic Institute with the Bulgarian Ministry of Foreign Affairs.

Pavlov said that accession would be recognition of Bulgaria’s consistent efforts to develop as a modern, open and sustainable economy. Membership would be a sign of trust from the most developed economies and would ensure a stable environment for investment and business.

For Bulgaria, OECD membership means a new horizon and a major opportunity to accelerate development, attract investment, and guarantee a higher standard of living for all Bulgarians, Pavlov said. He underscored the importance of cooperation between the state and the private sector, as reforms and changes will be translated by business into future investments, innovation and jobs.

Pavlov pointed to three main signals being sent to investors: trust, stability and predictability. The benefits for business include better access to international investments and markets, increased competitiveness and participation in international programmes and projects, through which Bulgarian companies can find an easier entry into global value chains.

Foreign investors will gain guarantees of transparency, predictability and compliance with rules, which is the basis for long-term investment in industry, services and the green economy. Membership also ensures access to OECD good practices and mechanisms in infrastructure, innovation and digitalization, Pavlov said.

He stressed that challenges lie ahead. Companies will have to adopt higher standards of corporate governance and accountability. OECD policies encourage environmentally sustainable business practices, which will require investments in modern, greener facilities. The organization also enforces international standards for preventing tax evasion and curbing unfair competition, being positive measures for business but also binding obligations, Pavlov noted.

According to him, membership will also require companies to be more innovative, invest in staff training and qualifications, and ensure better working conditions. Businesses will need to adapt, but these efforts represent an investment in their future, Pavlov said. This, he added, will make companies more competitive, while the state must provide a stable and predictable regulatory framework to support them in the process.