Delian Dobrev: Export to Asia is the way forward

Bulgaria needs to do more to rebalance its exports towards the fast-growing economies in Asia and make use of this opportunity to attract more tourists from the region. Although there are no official figures for the economic growth this year, it is expected to be around 1%, Delian Dobrev, Minister of Economy, Energy and Tourism, told radio Horizont, blaming the Euro-area recession for the slowdown. Exports grew in each of the last three years but, in 2012, foreign sales shrank due to the currency union falling back in recession. Bulgarian manufacturers rely on eurozone member-states for 72% of their exports, while only 28% of their sales abroad are in countries outside the block.

We shouldn't overlook tourism, since it is one of the few industries that has kept a strong rate of increase year after year. In 2012, the number of visitors is expected to grow between 7% and 8%, having constantly grown since the beginning of the crisis. We haven't made use of the opportunities on the Chinese and Japanese markets, the second and third largest markets in the world, respectively, with a combined number of tourists totaling 150 million. Of the estimated 70 mln Chinese tourists, only 5,000 or so come to Bulgaria, according to Dobrev. He also commented on the decision to grant Bulgarian citizenship to foreigners who invest at least BGN 1 mln in the country. Citizenship is no longer automatically granted after a year of residing in the country. Investors in Bulgaria who create jobs are given the chance of becoming Bulgarian citizens, so that they have easier access to the country. Many investors complain that, after having invested BGN 30 mln or BGN 50 mln in different areas, they are forced to apply for a visa extension every few months.

We talked to four Western companies, set to perform part of their administrative services in Bulgaria, thus creating more than 3,000 jobs. If small and medium-sized businesses in Bulgaria are to have a real chance of profitability, they need to set their sight on bigger markets with great growth potential. We should support companies in the processing industry rather that turn commodities into end products with substantial value added. Currently, we export commodities and import goods – machines, computers, etc., Dobrev added.

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