On 24 August 2021, the webinar on “International economic fluctuations in the new context” took place successfully with the presence of over 200 participants including international speakers, researchers, lecturers and students at VNU University of Economics and Business.
Special guest speaker is Mr. Daniel Dobrev from Trade – Economic Division, the Embassy of the Republic of Bulgaria in Vietnam. Mr. Daniel Dobrev presents the topic “Investment in Bulgaria: Opportunites during the difficulties 2021 and ahead” by analyzing Bulgaria’s strengths in attracting foreign investment, the opportunites and sectors that the country should focus on. Furthermore, he emphasizes on Bulgaria’s investment in the potential sectors in Vietnam’ playground such as agriculture, IT, and services. In order to take a conprehensive view in his judgement, therefore, Faculty of International Business and Economics, VNU University of Economics and Business implemented a deep interview with Mr. Daniel Dobrev through several questions after the webinar ends.
How did Covid-19 affect Bulgaria’s investment?
Of course, the investment of Bulgaria was reduced due to Covid-19 because investors could not travel to come to see their projects. They could not run the projects, make the decisions online but have to put their fingers on the projects and see the circumstances and all the elements of the projects. So the investments were slowed down but not significant. And this is the time to show the reality and real advantages of Bulgaria because in normal circumstances, investors can go here and there, anywhere they want. But now due to Covid 19, they have to concentrate. Therefore, we attracted more European investors. The world could not stop all the supply chains. And for Bulgaria, as a nearby country, investing in can help you produce more efficiently. It was a short-term investment destination.
What are the key points needed for both countries to implement those projects?
Sector orientation: we put more emphasis on medical and educational services. Many investors have come to invest in the health industry because it is cheap and efficient. We also attract more investors in the automobile industry. Bulgaria is a big manufacturer of bicycles in Europe. All the brands are making bicycles in Bulgaria. In Bulgaria, we have more advantages of attracting investors as much as half of a billion euros.
Is energy in Bulgaria cheaper than other countries in Europe? Is the energy from your own gas resources or from the Black Sea?
Bulgaria is part of the European Union, so we can’t allow ourselves to act solely. We have to follow the regulations of the European Union. Bulgaria is right now building 4 pipelines from Azerbaijan to Turkey to Europe, from Greece to Europe, from Ukraine to Europe and from the North. So Bulgaria is becoming a hub of gas to Europe. Also, we have nuclear power plants. This significantly reduces the price of energy.
Special thank you for your time and sharing! Best luck to you!