Bulgaria Among Best Destinations for Business,Investments: Economy Minister (ROUNDUP)
Tuesday, 24 November 2015
Bulgarian Minister of Economy Bozhidar Lukarski attended an investment forum themed “Invest in Bulgaria. Expand in Europe” in China’s Shanghai organised by the InvestBulgaria Agency (IBA), the press service of the Government announced on Monday.
Minister Lukarski is part of a delegation headed by Prime Minister Boyko Borisov, who is expected to take part in the 4th Meeting of Heads of Government of China and Central and Eastern European countries.
Over 100 Chinese companies took part in the forum.
“We deem cooperation with China a priority, taking into account the huge economic potential and accelerated development of the Asian country, which is the second-biggest economy in the world,” said Mr Lukarski, speaking at the opening of the forum.
The government member assured Bulgaria’s potential as part of the vast EU market and the notable achievements of the Chinese economy created prerequisites for activating bilateral cooperation.
Lukarski stated the strategic geographic location of Bulgaria positioned it as a main transit centre connecting the European market with Mediterranean, Middle East, and Asian countries.
Bulgaria offers excellent conditions as a platform for Chinese products to the EU market and for business with the rest of EU countries both due to the fact it provides unrestricted and duty-free access to a market of 500 million consumers and due to the better and better communication and transport infrastructure the country develops.
Bulgaria has the lowest taxes in the EU – a corporate tax of 10%, a tax of 0% on reinvested profits in municipalities in which the unemployment rate is 25% higher than the country’s average, a tax of 10% on personal income, a tax of 5% on dividends.
VAT is not paid for 2 years in case equipment is imported for investment projects worth over EUR 2.5 million that open at least 20 jobs. These were part of the investment advantages Minister Lukarski presented to possible Chinese investors.
According to Lukarski, Bulgaria’s tax system combined with the qualified workforce and the lowest operating expenses in Europe rank the country among the best destinations for business and investments.