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BCCI: The efforts of investors should not be stultified by the administration

We would like to see the entire Bulgarian economic environment become attractive and friendly to all investors, whether foreign or Bulgarian








 
The proposed amendments to the Investment Promotion Act are targeted in three main directions: including newly created jobs as an independent criterion for certification of projects; reimbursing employers for the expenses made for social securities over a specific period of time; and granting more powers to the local authorities for investment promotion. The motives for the changes were presented by the Ministry of Economy, Energy and Tourism and Invest Bulgaria Agency at a discussion, held on 31 January with the participation employers’ and business organizations, representatives of the business and economists. 

It was proposed job creation to become one of the criteria for certification of investors. The grounds for this proposal are that it would allow the certification of projects in the services sector, in which the size of investments is not large, but significant employment is generated.


A new encouraging measure proposed in the Act is the possibility to reimburse employers for the social securities they have paid over a certain period. The measure can serve as an alternative to some of the currently existing financial measures for projects generating a lot of employment. 

Some of the other proposed amendments to the law aim at expanding the decentralization process by allowing mayors and municipal councils to issue certificates class B and to provide incentives for these projects. The idea to grant the corporate tax for projects implemented in a certain municipality to the local authorities for several years is being discussed. The measure is expected to encourage mayors to attract more investors. 


During the discussion, the President of BCCI Tsvetan Simeonov presented the Chamber’s position on the measures which would make our country more attractive to investors and would provide conditions for attracting investments to important sectors of economy, which generate high competitiveness and sustainable economic growth. The position is based on a joint survey held in the end of 2011 by BCCI and the Invest Bulgaria Agency to assess the business conditions. The analysis of the results and the conclusions were presented to Minister Traycho Traykov. 


“The position of the Bulgarian Chamber of Commerce and Industry is clear – we would like to see the entire Bulgarian economic environment become attractive and friendly to all investors – whether they are foreign or Bulgarian, small or large. These are very important signals, which we must send constantly so that we don’t drive away potential investors, and in our opinion the signals sent at the moment are not favourable”, the President of the Chamber said. 

The measures proposed by us include diversification of the issued certificates, taking into account job creation as an important criterion and thus encouraging employers. It is very important however that these efforts are not made futile by other factors in the country, such as ineffective administration. BCCI’s research shows that it is precisely administrative services that most often hinder investors. Secondly, it is the lack of qualified labour force, followed by corruption, disloyal competition and the lack of access to financial resources. “It is no wonder that companies took loans from other foreign sources – their mother-companies or banks abroad, because according to our survey access to financing is a serious difficulty in Bulgaria”, Tsvetan Simeonov commented. 

It is important that signals are sent to investors not only on the highest level. The signals on the lower levels can stultify every issued certificate, for example letting the subjective factor – the clerk – to act and to decide how fast to issue the document, and after issuing it, whether someone will practically refund the investors for the preferential regime.

“The proposed measures should be very clear, the rules regulating the provision of incentives should allow for minimum amount of bureaucracy and no interference of the subjective factors – whether from the central or local administration”, Mr. Simeonov concluded.  

01.02.2012

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