Tsvetan Simeonov: Austrian companies in Bulgaria are critical, objective, but also optimistic about the investment climate in our country

Austrian companies in Bulgaria are critical, objective, but also optimistic about the investment climate in our country, the President of the Bulgarian Chamber of Commerce and Industry Tsvetan Simeonov commented on the the annual poll on the investment climate in Bulgaria conducted by Advantage Austria (the trade promotion organization of the Austrian Federal Economic Chamber) among Austrian companies in the country.

The results of the poll were presented on 17 January at the Hyatt Regency Sofia Hotel.

Approximately 350 Austrian investors contribute to an investment inflow of over EUR 5 billion in Bulgaria. They generate value added for the local economy, pay taxes, and employ 300,000 people. Bilateral economic relations have improved: the export of Austrian goods to Bulgaria increased by 37% in January-October 2022, and Bulgarian exports to Austria grew by 34% during the same period. This was said by Austria's Commercial Counsellor Philippe-Giuseppe Kupfer during the presentation of the results of the survey conducted online at the end of 2022.

The Bulgarian Chamber of Commerce and Industry closely monitors the opinions and expectations of the business community, because our main task is to protect their interests. That is why it is important to receive information from the business in order to make the right decisions, especially in this post-pandemic period, against the background of the war in Ukraine, disrupted logistics, growing inflation, rising credit prices, said Tsvetan Simeonov and praised the initiative of Advantage Austria.

According to the results of the poll presented by Kupfer, Austrian companies in Bulgaria are less sceptical than in the rest of the EU. Of those polled, 12% expect an improvement in the investment climate during the next 12 months, 41% expect no change, and 47% expect deterioration.

Over 60% of Austrian companies in Bulgaria rate the quality of local suppliers, access to credit and capital, labour costs, as well as customs duties and taxes as good.

A serious problem faced by investors in our country is the lack of qualified workforce. The general sentiment is that we should be much more practically oriented in the education and upbringing of our children. Otherwise, the business has to invest more time and capital to have really valuable personnel.