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Business expectations for 2012 show optimism but under several conditions









 
The President of BCCI Tsvetan Simeonov was one of the key speakers at the First International Investment Conference BULGARIA BUSINESS UP.

In comparison to previous years, BCCI’s survey of business expectations for 2012 shows that the e-Government still hasn’t lived up to expectations of companies, the President of the Chamber said in his presentation. 

Regarding investments, the expectations are still quite modest according to the replies of about 700 companies, which each year have the opportunity to render their assessment and expectations for the economic climate. BCCI reckons that the efforts to increase the general attractiveness of the business environment should continue, without special incentives for specific activities, because this would distort the market. This is a firm position of the Chamber, Simeonov reminded and added that the state shouldn’t participate in projects for new investments. Not that such a threat exists, but we often hear similar ideas - just like in today’s presentation of the Executive Director of Invest Bulgaria Agency Mr. Stefanov, which stated that our neighbour Serbia gave millions of state funding to companies which created new jobs. The question emerges, however, how will this affect the work of the companies that already work in the respective sector of industry? 


The practice shows that these are not lasting investments and once the state aid is over, the investors leave the country. I am glad that this was also established at the last session with President Plevneliev, during which one of the investors said that his company would have received tens of millions because of the jobs they created, but their analyses showed that it would be better to invest in Bulgaria taking into consideration all other elements of the business environment, but mostly due to the low taxes.

In view of the recommendations that the state should avoid direct financing of specific sectors of industry, Mr. Simeonov explained that this should in no way be regarded a restriction. On the contrary, more funding should be provided for education and innovations in accordance with the current and future needs of the business. In the field of science, absorption of funds should be done only provided there is co-financing by the companies willing to invest in science. 

According to BCCI’s survey, SMEs cannon keep highly-paid legal professionals on staff to reply to the fast changing legal framework – this was especially emphasized in Mr. Simeonov’s speech as a serious restraining factor.

The Minister of Economy, Energy and Tourism Delyan Dobrev also pointed out low taxes as Bulgaria’s biggest advantage. He said that as of 1st May the Ministry of Economy, Energy and Tourism established a special unit to manage the funds allocated under Operational Programme “Competitiveness” – Main Directorate “EU Funds for Competitiveness”. The changes aim to optimize the terms for payment under projects financed by the Programme – the overall goal is the procedure not to take up more than a month and a half. With the new unit, the number of co-ordinating signatures needed for the management and monitoring of projects will be reduced from 24 to 12. 

11.05.2012

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