A major problem for businesses in Bulgaria and a challenge to the country’s economic growth is the ever-increasing administrative burden. Attorney Valentin Savov made this statement to Bloomberg TV Bulgaria
Savov identified the demographic decline, problems in education, and the need for legislative changes to ensure greater legal certainty as the main obstacles to the country’s economic growth.
“Legal stability is one of the main drivers of investment, not so much low taxes or low wages,” he said on the program “Business Start,” hosted by Zhivka Popatanasova.
“The energy sector is an example of constant changes in the regulatory burden,” he noted.
Savov pointed out that the solutions to the problem are complex, and some of them include amending laws and their enforcement, reviewing all procedures for attracting foreign workers, integrating the long-term unemployed and people with disabilities into the labor market, as well as measures in the education sector.
“Bulgaria should attract high-value-added manufacturing, not just industries seeking cheap labor. This can only happen with a highly skilled workforce,” he recommended.
Additional information can be found here: https://www.investor.bg/ikonomika-i-politika/
