President Proposes Bigger Incentives for Foreign Investors in Underdeveloped Areas

President Proposes Bigger Incentives for Foreign Investors in Underdeveloped Areas

The volume of planned investments required from foreign investors to make them eligible for preferential treatment by the state should be lower in the underdeveloped areas of the country, President Rosen Plevneliev said.

The exact size of the required investment for each region should be determined jointly by the government and the business, local news daily Dnevnik quoted Plevneliev as saying at an innovation forum in Sofia.

Bulgaria's head of the state also called for the introduction of further incentives for foreign investors, including easier visa-issuing procedures.

About a fortnight ago Plevneliev vetoed amendments to the Investment Promotion Act, under which a foreign investor was required to import at least 4.0 million levs ($2.7 million/2.05 million euro) into the capital of a local company and to open at least 50 jobs in order to qualify for permanent residence in Bulgaria.

 

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