|
||||
|
|
||||
Invest in Bulgaria
Bulgaria is situated in the north-eastern part of the Balkan Peninsula. The country has endless sunny beaches along the Black Sea, wild mountain ranges and lush green hills, fertile plains, magnificent gorges, rivers, health spas and natural springs.
The country is leading among the EU 10 countries in attracting Foreign Direct Investment (FDI) as a share of Gross Domestic Product (GDP), according to the World Bank’s latest Economic Report. It’s a middle-low income country with a gross national income per capita of $3,450 in 2005. In real terms, the 2005 GNI is 97 per cent of the 1989 level, the year the country began democratic reform. Agriculture, tourism, light industry, and metallurgy are key sectors of the economy.
Over the past several years, Bulgaria has made impressive progress towards long-term
The country's living standards improved thanks to increasing economic integration, rising FDI, and improved investor confidence. Per capita income increased by an average of 6 percent per year since 1998 (in real PPP terms). Unemployment has been reduced substantially to 11.3 percent in 2005 from 18.1 percent in 2000, and it continues to fall. Stability, growth and Bulgaria’s extensive social protection system helped reduce poverty.
Strong support from all political parties for the country’s EU accession has provided a major boost to macroeconomic policies and structural reforms. Bulgaria successfully completed EU negotiations on June 15, 2004. Then, on April 25, 2005, the country's accession treaty to the EU was signed, with membership set to begin on January 1, 2007. However, unresolved EU concerns in the areas of the country’s judiciary and the fight against corruption and organized crime networks may postpone Bulgaria's accession date by one year. In another important milestone, Bulgaria joined the North Atlantic Treaty Organization (NATO) on May 2, 2004.
Despite her recent positive performance, Bulgaria remains one of the poorest countries in Central and Eastern Europe. The country’s per capita income in 2005 at purchasing power parity was 32% of the EU25 average, and 56% percent of the EU8 average. The large income differences reflect significant gaps in investment and productivity, in the level and quality of human and physical capital stock, in the functioning of products and factor markets, and, despite many recent improvements, more generally in the quality of the Bulgarian policy and institutional frameworks. Improving the efficiency of the economy, and closing these gaps, are the central challenges of convergence towards EU averages and sustained improvements in living standards.
Bulgaria is a constitutional parliamentary democracy ruled by a coalition government headed by the Prime Minister. The parliament consists of a single-chamber, 240-seat National Assembly, directly elected for a four-year term. The voting system is based on proportional representation, in multi-member constituencies. Parliamentary elections were held on 25 June 2005. The Bulgarian Socialist party (BSP) emerged as the largest party, followed by the National Movement Simeon II (SIINM) in second place, and in third position the Movement for Rights and Freedoms (MRF), which is supported mainly (though not exclusively) by Bulgaria’s Turkish minority. A coalition government under BSP leader Sergei Stanishev was voted in on 16 August 2005. The government consists of eight ministers from BSP, five from SIINM, 3 from MRF and one non-affiliated technocrat. The new government has declared its commitment to EU accession, the continuation of reforms and Bulgaria's currency board arrangement. |
Most Emailed
|
|||
|
This website and its content is copyright of BestWaytoInvest.com - © BestWaytoInvest 2008. All rights reserved. Privacy Disclaimer |
||||
's
