British News Agency

According to a statement by the Bulgarian Council of Ministers, Prime Minister Rumen Radev addressed the opening of the first meeting of the Investment Promotion Coordination Council.

Radev said, "Only through the joint efforts of all institutions and Bulgarian businesses can we achieve the qualitative leap we have long awaited in developing a modern economy and investment environment."

Describing the meeting as a key government step toward creating a new model for sustainable economic growth, Radev said that the concrete measures would focus on attracting targeted investments, supporting Bulgarian businesses, promoting exports, increasing competitiveness and productivity, and improving the business and investment climate.

Radev noted that in recent years economic growth had largely been driven by credit-fueled consumption, which had led to declining competitiveness and productivity, high inflation, rising debt, budget deficits, and deterioration in the business environment.

He said amendments to the Investment Promotion Act aim to centralize all investment policies through a coordination unit under the Council of Ministers.

Radev also stressed that reducing the administrative burden is another important step, adding that proposals have already been collected from the relevant ministries and state institutions.