Deputy Minister Pavlov: Membership in OECD Creates New Opportunities for Bulgaria’s Economic Policy

In the past three months, the companies within the National Company Industrial Zones group have secured investments exceeding BGN 450 million.

The investment climate and regional development in Bulgaria are crucial for the country's economic growth. This was said by Deputy Minister of Economy and Industry Nikolay Pavlov at an International Forum titled "Bulgaria and the OECD in the Context of National Economic Development and Green Transition." The forum, organized by the Diplomatic Institute of the Ministry of Foreign Affairs, took place in Stara Zagora and gathered representatives from institutions, central and local government, academia, and businesses in the region.

On the first day, discussions covered various aspects of the country's economic development and one of Bulgaria's key foreign policy priorities: joining the Organisation for Economic Co-operation and Development (OECD).

"The OECD membership opens new opportunities for economic policy, the basis of which are increased competitiveness, market openness and participation in global value chains," Deputy Minister Pavlov emphasized. In his words, Bulgaria's accession to the OECD will serve as a guarantor of the confidence of international investors and will help progress towards balanced development in a way that will help regions to benefit from their full economic potential.

In the first working session on "OECD - Bulgaria's Membership, Goals and Progress. Investment Climate and Regional Development", Pavlov explained that the Ministry of Economy and Industry is among the most involved institutions in the OECD accession process. It has a leading role in 4 and partnering functions in 9 out of 25 technical reviews that OECD committees conduct to assess Bulgaria's readiness for accession," Pavlov pointed out.

The Deputy Minister of the Economy pointed out that the Steel Committee acknowledges Bulgaria's progress in transforming the sector. The Committee also noted the adherence to a fair and market-based approach and maintaining competitiveness in the sector. "A review has also been conducted by the Consumer Policy Committee. By the end of this year, the OECD Secretariat's report on market openness in Bulgaria is expected, and it will touch on important aspects such as reducing administrative burden, public procurement, environment, intellectual property, government support, digital trade, coordination with local government and others," Pavlov said, adding that a review is also due in the Working Party on Export Credits and Credit Guarantees.

During the forum Pavlov announced that just for the last three months the companies of the National Company Industrial Zones (NCIZ) under the Ministry of Economy and Industry have attracted investments with a total value of over 450 million BGN, which will create nearly 1,300 new jobs. "The majority of these investments are in the Zagore - Elenino Industrial Zone, in which the shareholders are NCIZ and the Municipality of Stara Zagora, where two high-tech investments were attracted in production plants with a total value of nearly BGN 400 million, which will create about 1,000 jobs," said Pavlov. He added that the companies investing are both foreign and Bulgarian from sectors such as pharmaceuticals, biotechnology, production of innovative and ecological materials, laser machines, car manufacturing, and others.