site.btaBulgaria’s Economy Is Stable, Grows Sustainably - Economy Minister

"Bulgaria's economy shows stability and sustainable growth," Economy and Industry Minister Petar Dilov said at a meeting with officials of the International Monetary Fund (IMF) in Sofia, quoted by his Ministry in a press release on Friday. Gross domestic product grew by 3.4%, year on year, in the second quarter, which was 0.9% up from the previous quarter, according to the latest data from the National Statistical Institute and Eurostat, Dilov added.

The IMF team, led by Fabian Bornhorst, is visiting Bulgaria for the Fund's regular annual mission to Bulgaria. Deputy Economy and Industry Minister Doncho Barbalov also participated in the meeting.

The sides discussed issues related to the country's economic development, policies implemented and future prospects, improving the business environment, challenges facing business, and the attainment of the main national strategic goal, the introduction of the single European currency.

The Economy Minister emphasized that the upcoming accession to the eurozone will contribute to improving the business climate in Bulgaria. "This is a step that will eliminate currency risks, reduce transaction costs, and facilitate access to finance and trade," he added.

According to him, the next big goal is joining the Organization for Economic Cooperation and Development (OECD), which will lead to a more secure environment for investors.

"Schengen membership and progress towards OECD accession are proof of the country's stability and predictability, which makes Bulgaria even more attractive to international partners," he said.

Dilov stressed that support for Bulgarian industry is key to his Ministry's work, which seeks "to make it more competitive and energy efficient, as well as to support enterprises' digitization. Dialogue with business is extremely important to us in this process," he said.

A National Industrial Strategy is being worked out in partnership with the European Commission and international consultants, the Economy and Industry Minister said. It will outline the country's priorities in industrial development until 2030. He added that the strategy will cover key areas such as the mining and manufacturing industries, industrial infrastructure, and zero net emission technologies.

An important part of the strategy will be the transposition of European regulations on critical raw materials and low-carbon technologies to ensure the sustainability and competitiveness of Bulgarian industry in the context of the EU's climate targets.

"We are enhancing the work of trade representatives abroad to explore new market opportunities for Bulgarian business, especially when they are backed by a well-coordinated industrial policy," Dilov said.

At the meeting, the Economy and Industry Ministry unveiled its work on updating the National Strategy for Small and Medium-sized Enterprises (SMEs) as a key strategic document and framework for providing targeted support to SMEs in Bulgaria. Dilov said that SMEs are an important part of the country's economy, representing over 99% of enterprises in Bulgaria.

The goal of the National Strategy is to support enterprises throughout their life cycle, increase their competitiveness, encourage the development of the entrepreneurial ecosystem, and ensure consistency in the policy for promoting SMEs.