Minister Angelkova at the panel on investment opportunities in Bulgaria: 40% growth in tourism in the country is projected for the next 10 years

31 May 2019

Top entrepreneurs from Bulgaria outlined the potential for investments in our tourism and proved with examples how this venture is successful


According to international forecasts, 40% growth in the tourism sector of Bulgaria is expected over the next 10 years. This is a huge potential, the realization of which depends entirely on the joint efforts of all of us - institutions, business, local authorities. This was stated by the Minister of Tourism Nikolina Angelkova during the panel “Investment Opportunities in Bulgaria”, which is being held at the International Conference on Sustainable Tourism Investment in Sunny Beach. The discussion was moderated by BBC journalist Rajan Datar.

Bulgaria has very good conditions for business and outsourcing, especially in tourism, said Minister Angelkova. She recalled that the most favorable tax regime in Europe was created in our country. The corporate tax rate is 10% - the lowest in the EU. Individual income tax is fixed at 10%. In the high-unemployment industry, the tax rate is 0% and legal incentives have been introduced for large investments, she said, pointing out Prime Minister Borisov's government's contribution of making the industry a national priority.

Tourism, together with related industries, accounts for about 12% of our country's GDP and approximately 11 percent of total employment. It is important to have a good environment for businesses with 100% compliance with Bulgarian and European legislation, said the Minister. She drew attention to the consistent efforts of her team to reduce administrative burdens for businesses and citizens through a number of legislative initiatives.

Representatives of leading tourism and construction companies, resorts, industry organizations participated in the discussions.

In his speech, Konstantin Boyadzhiev, CEO of Galaxy Investment Group, noted that ever since the existence of an independent Ministry of Tourism, the burden on business has been relieved. We work very well with the Ministry. The Bulgarian InterContinental opened in Sofia only 2 years ago, and today it is second in results in the group for Europe and we are proud of it. It is worth investing in Bulgarian tourism, he was adamant.

Minister Angelkova confirmed that the electronic services offered by the Office as a single portal from 2018 provide 24/7 administrative service from anywhere in the world within 3 minutes.

The business representatives also confirmed the great potential for investment in balneo- and SPA resorts and in the utilization of mineral springs - not only in the most visited resort areas, but also in the smaller settlements, which besides these natural features have many cultural and historical landmarks.

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