The administrative processing periods for investors have been reduced by half
“We are working actively and at an accelerated pace to improve the business environment in Bulgaria. Processing times for investor services have been reduced by half. We have streamlined the procedures and requirements for certification and support of their projects under the Investment Promotion Act (IPA). All documents are now processed much faster. The Bulgarian Investment Agency at the Ministry of Innovation and Growth and the municipalities now have only 14 days to review them.”
The Deputy Minister of Innovation and Growth Krasimir Yakimov stated this during the roundtable “Energy, Trade, Workforce, and Regional Competitiveness in the Balkans: The Voice of Business Leaders and Policymakers”. The event was held as part of the Green Transition Forum, co-organized by the Bulgarian-Romanian Chamber of Commerce and the Bulgarian-Turkish Chamber of Commerce and Industry.
Yakimov explained that the minimum co-funding requirement for investors with their own or other private capital had also been reduced from 40% to 25%. “These steps mean the timely implementation of investment projects, faster launches, expansions of production, and new jobs,” he noted.
Deputy Minister Yakimov highlighted that in the coming months, the Ministry will open many opportunities for companies through European funding support. “In addition to procedures for digitalization and modernization of companies, and for developing and implementing advanced technologies, we also support energy efficiency. “Ensuring energy security for enterprises in the region is vital to their competitiveness”, he added.
According to him, one of the main priorities for regional competitiveness is attracting, developing, and retaining talent. He emphasized that the Ministry of Innovation and Growth is also investing in the development of digital hubs, startup funding, and research activities. “I am convinced that true progress can come through joint regional initiatives,” Yakimov said.
As a key potential area for cross-border cooperation and joint projects, he highlighted the development of digital infrastructure and artificial intelligence. He also pointed out the advantages of the upgraded supercomputer at Sofia Tech Park and the AI Factory project, as well as the importance of transport connectivity between the three countries.
In conclusion, Krasimir Yakimov noted the Ministry is open to various forms of cooperation and will continue to be an active partner in the regional economic dialogue. “I deeply believe we can turn today’s challenges into opportunities,” the Deputy Minister concluded. The event was attended by Romanian Ambassador Ioana Predescu, alongside representatives from the business community, local authorities, and others.
