Foreign direct investment (FDI) in Bulgaria decreased by 1.17 billion euros (1.50 billion U.S. dollars) in the first eight months of 2008 compared to the same period in 2007, local press reported Thursday.
The country's FDI amounted to 2.98 billion euros (3.81 billion dollars) in January-August, or 8.8 percent of GDP, compared to 4.154 billion euros (5.32 billion dollars) or 14.4 percent of GDP in the same period of 2007, preliminary data showed.
Bulgarian Economy and Energy Minister Petar Dimitrov said the global financial crisis is affecting investor interest in Bulgaria and the government is determined to solve the problem as best it can.
One of the measures to promote foreign investment is the creation of business zones. Five such zones have been created so far and another four are being planned, Dimitrov said.
The minister also noted that more than 100 industrial zones are expected to be set up in the next five years under the Regional Development Operational Program, for which 120 million euros (153.6 million dollars) will be earmarked.
Stoyan Stalev, the executive director of Invest Bulgaria Agency, told reporters Wednesday that a strong decline in investment is projected this year in real estate and in financial services.
However, Russian investment in Bulgarian real estate and other sectors is increasing, Stalev said, adding that Bulgaria should look toward new investors in Russia and Central Asia to offset the decreasing orders from the European Union.
FDI in Bulgaria is expected to reach 4 billion to 5 billion euros (some 5 billion to 6 billion dollars) in 2008, he said.
Source:Xinhua
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