A lot was told during the discussion on what can be done for Bulgaria to improve its popularity as an investment destination. I would allow myself to draw three general conclusions which we made through our survey and which, for my pleasure, were confirmed today. The survey prepared by Ernst and Young covered Europe and it had a special focus on Central, Eastern and South-Eastern Europe. 

I would look like to start from the end of the survey where our recommendations are listed. For all of us it is clear where we are right now and it is also clear that what used to be would not happen again in the near future. Thus, we have to change our attitude in order to be able to preserve the position of Bulgaria as an attractive investment destination. As a specialist, I believe that in terms of legislation and tax regime Bulgaria offers many opportunities. The real problem is not the existence of stimuli, but their administration. I believe that a change of administration’s attitude towards investors would help a lot. We are aiming at the biggest of investors who at the same time have a lot of other opportunities. That is why, we could not afford to be too formal in our invitation to them. We have to be more flexible. 

The second direction we have to take is to ensure predictability. Investors are not afraid of high taxes, they are afraid of sudden changes in tax schemes. Investors are skeptical to changes in the rules of the game. Investors need a secure, non-ambiguous message, so they can predict the developments in all aspects of their business. The last, but not least important thing is the promotion and the branding of the country. I am concerned that investors have heard of Bulgaria only as a low-cost destination, I do not thing that this advantage is enough by itself.  

We need to select a new message to potential investors.