site.btaCommittee on Economic Policy Passes at Second Reading Amendments to Facilitate Investments

MPs from the Committee on Economic Policy and Innovation passed at second reading a bill to amend and supplement the Investment Promotion Act at the National Assembly on Wednesday.

The bill was moved by Alexander Ivanov and other GERB-UDF MPs on March 12, 2025. In April, the legislature voted down another proposal made by MPs of Continue the Change-Democratic Bulgaria.

Deputy Minister for Innovation and Growth Martin Danovski, who attended the meeting of the committee on Wednesday, announced that the Ministry of Innovation and Growth fully supports the proposed and voted changes to the Investment Promotion Act, because in his opinion they will significantly facilitate the investment process in the country and the timely implementation of projects. Danovski confirmed the ministry's position, stating that the changes to the Investment Promotion Act are long-awaited by businesses.

He is convinced that the texts of the proposed bill to amend and supplement the Investment Promotion Act voted today will increase the effectiveness of investment promotion measures, simplify and give greater transparency to the requirements for investment projects.

"Companies will appreciate the planned changes, because this will facilitate the procedures and conditions for certification and support of investors. It will further shorten the terms for administrative services," Danovski added. The requirements for an investor’s minimum co-participation with his own or attracted private capital will be reduced from 40 to 25%.

Danovski also welcomed the possibility of providing grant aid to priority investment projects in the manufacturing industry and those in the field of education and research.