site.btaPlovdiv Deputy Mayor Expects Two or More Investment Projects to Follow up from Istanbul Bulgarian Investment Forum

Plovdiv Deputy Mayor Stefan Stoyanov expects two or more investment projects to follow up on a Bulgarian Investment Forum in Istanbul on January 26, 2023. Stoyanov was on the Bulgarian delegation to the International Business and Investment Forum in Istanbul, organized by the InvestBulgaria Agency to bring together business people and local and central government officials of the two countries for discussions on business and investment opportunities.

Stoyanov hopes that the real results will come several months from now when new investments will be possible. He expressed optimism about "good news likely in the second half of the year.

"Turkiye has a large industrial sector and at the same time it has a strong economic connection with the EU. The more hi-tech Turkish companies need representation on the internal market of the European community and also want to produce as companies inside the EU as well. They struggle with high inflation, high interests and other factors that are holding back the Turkish economy. The more hi-tech companies whose products have a high value added and pay well, are interesting for us but some of them are not aware of the opportunities that Bulgaria offers. That is why it is important to have business forums as the one in Istanbul and it is also important that the regions are active in the process," said the Plovdiv Deputy Mayor.

He believes that what can attract more Turkish investors is better preparedness at local level, well-organized industrial zones and adequate work with potential investors.

Stoyanov has multiple examples for successful investments in the Plovdiv area which, together with Trakia Economic Zone, has emerged as one of the largest industrial zones in Southeast Europe. He said that despite the crises in 2022, last year was one of the most successful for the region with regard to new investment, and the prospects for 2023 are also promising as tens of new factories are under construction in Plovdiv and the wider area.

"The ecosystem in the region is well developed and a lot of people work there. The production businesses among employ over 72,000 people and the expat community in Plovdiv has swelled to over 25,000 people and counting," the Deputy Mayor said.

He expects that a newly opened air service between Plovdiv and Istanbul will be an additional factor for further growth in business relations with Turkiye. The service is operated by Pegasus Airlines.

Stoyanov believes that a hurdle to foreign investments in Bulgaria are insufficient investments in the infrastructure of industrial zones. "If we want a stronger economy, we need to invest more in the industrial zones across the country," he said.