Bulgaria before the introduction of the euro

Despite many difficulties in advance, we were able to experience an interesting and informative afternoon. Not least the strike at the airports completely disrupted our programme. Neither the expected Deputy Foreign Minister Elena Shekerletova nor the majority of the Bulgarian entrepreneurs who were scheduled to attend were able to travel.

After the welcoming speech by President Eberhard Sinner, who touched on the long history of Bavarian-Bulgarian relations, Consul Vespa Jordanova, Consul representing Consul General Stefan Ionkov, gave a welcoming address. She emphasised, like the previous speaker, the long-standing good relations between Bavaria and Bulgaria. She pointed out the intensive efforts of Bulgaria to become a full member of the European Community, which has now been crowned with success by the accession to the Schengen area and the forthcoming introduction of the euro.

Prof. Svetla Boneva, Dean of the Faculty for International Economics and Politics at the University for National and World Economy in Sofia, examined the possible effects of the introduction of the euro. She discussed the public's assessment of the possible advantages and disadvantages in detail.

Her presentation provides a good overview.

Her conclusion: The introduction of the euro will make Bulgaria more attractive to foreign investors due to a more stable economy, lower currency risks, better access to finance, lower costs and greater integration into the European market. These factors will create a more predictable, efficient and profitable investment environment for companies seeking to expand in Bulgaria.

Following the presentation, our OWWF representative in Bulgaria, Dr. Ilja Lasarow, introduced Dipl. Ing. Nikolay Arnaudsky, the owner and CEO of a very innovative Bulgarian company. The products developed there are already in use in many countries. These are very advanced medical devices and a system for the physical purification of drinking water.

Vice President Hermann Pönisch was able to confirm the high standard of developments in various business areas through his experience with Bulgarian companies. However, as in almost all former socialist countries, marketing know-how is often lacking. In the specific case of Bulgaria, there is also a generally unfounded negative image of the country. In this context, Pönisch emphasised that the country also needs targeted marketing.

In his closing speech, President Sinner also emphasised the strategic location of Bulgaria on the Black Sea. After difficult years of upheaval, Bulgaria has regained its footing after the fall of the Iron Curtain. Unfortunately, progress in economic development is still limited to a few centres such as Sofia, Plovdiv and Varna. Formerly prosperous areas have become impoverished and bled dry by the exodus of young, well-educated people. This is one of the reasons for the still unstable political situation. In any case, the country deserves our attention and support.

All participants in the event were invited to the subsequent reception of the Bulgarian Consulate General on the occasion of the Bulgarian National Day.

Photos of the event

from left: Prof. S. Boneva, E. Sinner, Mag. V. Jordanova, H. Pönisch

Dr. i. Lasarov, Dipl. Ing. N. Arnaudsky