Strategy Needed Or Else

Bulgaria needed a strategy for attracting foreign investments in other sectors besides real estates in order to have sustainable development, Rosen Plevanliev general manager of Lindner Bulgaria told participants at the second regional conference Balkan Real Estate Conference (BalREc) on April 16 2008 as quoted by Dnevnik daily.

On the second day of the two-day conference the topic was residential construction.
“At present 50 per cent of the FDI in Bulgaria are aimed at the construction sector which could continue for no more than three years,” Plevnaliev said.

The high level of FDI of about six billion euro has made Bulgaria dependent on foreign factors he noted. “What would happen if at some point the British and Irish banks stop funding projects in Bulgaria?”.

A way out of the situation would be for Bulgarian businesses to apply pressure on the Government to develop a strategy with a clear vision for Bulgaria's future. For this to happen, he said investments should go in other sectors of the economy not just to real estate and construction.

Another possible route was for more and more EU funds to be absorbed.

Some positivism was expressed be participants who agreed that Bulgaria's economy remained basically unaffected by the world mortgage crisis. “It could be simply the silence before the storm” Plevnaliev warned.sofiaecho.com