Bulgaria Even More Attractive for German Businesses after EU Accession - German Industrial Association Leader
Sofia  

Publication: BTA Press Review/Bulgarian Telegraph Agency
Sofia, Tuesday, November 20, 2007, No.269


Membership of the European Union has made Bulgaria even more attarctive for German businesses, the Chairman of the Eastern Committee of German Industry, Dr. Klaus Mangold, said at a meeting with Prime Minister Sergei Stanishev here Monday. He was quoted by the government press service. The two sides identified the modernization of infrastructure, energy and hi-tech as areas which offer ample room for broadening bilateral cooperation. Dr. Mangold's Committee represents and protects the interests of
    German companies with business projects in Southeast Europe, the Commonwealth of Independent States and the Baltic countries.
    He is in Sofia at the head of a 30-member delegation, including representatives of Deutsche Bank, RWE, Lurssen Werft, Fresenius Medical, Gritt Naumann, Fraport and Basalt-Aktien-Gesellschaft, among other leading German companies.They heard from Prime Minister Stanishev that Bulgaria wants to see strong participation of German companies in large projects of European importance in areas including infrastructure, energy, transport, environment, hi-tech and IT.
The German business people and Bulgarian Economy and Energy Minister Peter Dimitrov, whom they met later on Monday, agreed that an energy conference would be held early next year to discuss specific cooperation projects. In Minister Dimitrov's words, German companies reconfirmed their strong interest in the project for an N-plant at Belene, a new power plant using Maritsa East coal, the gas transmission network and infrastructure. The annual business climate survey of the German-Bulgarian Chamber of Commerce and Industry this year shows that 57 per cent of the German companies are planning to increase their investment here and to open new jobs. 77 per cent expect higher turnovers. Bulgaria's economic development is very strong and its GDP growth is impressive, Dr. Mangold said. Germany is one of Bulgaria's leading foreign trade partners. Last year trade with Germany was 11.3 per cent of Bulgaria's total foreign trade. It
    grew by 23.8 per cent (year-on-year) to 3,442 million euro in 2006. In January-July 2007 it was worth 3.047 million euro, or 30.4 per cent more than this time last year. The Bulgarian best-sellers on the German market are textile products, electronics and machines. The German bestsellers in Bulgaria are
    machines, automobiles, chemical and pharmaceutical products. Tourism is one of the biggest successes in bilateral economic relations, with over half-million German holidaymakers visiting Bulgaria every year.