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Policy and Legal Environment for the Growth of the SME Sector in Bulgaria

Author(s): Author Not Specified / Language(s): English

The Policy Forum aims to identify those factors that will improve the economic and legal environment for the growth of the small and medium sized enterprise("SME") sector in Bulgaria. The forum has brought together some of the country's most influential individuals, representing various institutional and independent bodies, to discuss the constraints that are hindering the development of the SME sector and to propose and review various recommendations to overcome these obstacles.

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American-Bulgarian Economic Cooperation Forum: Expanding Investment and Trade - How Can Institutions Help?

Author(s): Stephan Kyutchukov,Daniela Bobeva,Svilen Parvulov,Stephan Hadjitodorov,Valeri Kostov / Language(s): English

The collection of papers presents recommendations to be considered by governmental and non-governmental organizations to improve their coordination and effectiveness in trade and investment promotion activities. The papers were presented at a forum, that brought together approximately 30 representatives of American and Bulgarian institutions involved in promoting bilateral trade and investment. It was organized at the initiative of the Bulgarian Ambassador to the United States — Mrs Snezhana Botousharova - with support from the Open Society Fund. The objective was two-fold: - to identify those factors that currently constrain American investment in Bulgaria and hinder trade expansion; and, - to define a framework of actions to be undertaken by the Bulgarian and American institutions to promote expanded bilateral economic cooperation.

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The Labour Market Policy In Bulgaria (1990 - 1993)

Author(s): Author Not Specified / Language(s): English

Three years after the beginning of the political changes and two years after the beginning of the economic reform in Bulgaria a large portion of the population think that unemployment is not an inevitable phenomenon. Data from a national opinion poll of March 1993 reveal that a mere 27.3 percent consider unemployment natural and inevitable , and 63.3 percent think the Government should take measures to stop unemployment.

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Recommendations to Facilitate Expanded Economic Relations between Bulgaria and the United States, January 1995

Author(s): Author Not Specified / Language(s): English

The recommendation presented in this document were developed by the Center for the Study of Democracy, based on discussions held during the Bulgarian-American Economic Cooperation Forum, and subsequent consultations with a variety of the participants. These recommendations do not necessary reflect the views of the Bulgarian and American institutions represented at the forum.

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Debt-Equity Swaps In the Context of Privatization: the Case of Bulgaria

Author(s): Sophia Kassidova / Language(s): English

Bulgaria is continuing transformation towards market-driven economy in a rather strained environment - huge foreign debt burden, sustained losses due to the Gulf War and the UN embargo against Serbia and Montenegro. The establishment of private property and market-oriented legislation, and the ongoing law reform aim at promoting private sector expansion and removing restrictions to foreign capital inflow.

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Trade Policy in The Context of Bulgaria’s Accession to the European Union, August 1995

Author(s): Author Not Specified / Language(s): English

In the economic area the EU integration process evolved from the Treaty of Rome (1957) establishing a common market and a progressive approximation of the economic policies of Member States, through the Single European Act (1986) providing for the establishment of the internal market, comprising an area without internal frontiers, to the Treaty on the European Union (1992) committing EU members to another significant deepening of integration namely the establishment of economic and monetary union, ultimately including a single currency.

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'Brain Drain' in Transition of Science

Author(s): Daniela Bobeva / Language(s): English

The paper analysis the reasons why Bulgaria is one of the specific cases of science development and 'Brain Drain'. Bulgaria is one of the countries with the largest share of unemployed with higher education - 17% of all unemployed. The unemployment promotes the emigration attidues among scientist. The data indicates that the Bulgarian science personnel is ageing. Less and less young people work in the research institutions. Special measures are needed in this respect on the part of the government for encouraging young people. Before the reforms Bulgaria used to have a highest standard by the indicator "employed in science per capita".

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Bulgarian Fiscal Policy in the Stabilization Program

Author(s): Nikolai Gulubov / Language(s): English

The first changes (after the most important political change on November 10, 1989) toward a pluralistic society and market economy appeared in 1990. In that year for the first time Bulgaria began its fiscal year (which coincided with the calendar year) without a budget prepared and approved by Parliament - due to the complicated economic and political situation. In 1990 alone. Parliament voted the state budget twice (the second budget was an updated version of the earlier one and its basic indicators were even worse). The actual implementation, in turn, was a less successful version of the second budget. This tradition was followed throughout 1991 and will obviously prevail as well in 1992.

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Bulgarian financial markets during 1991 - 1992. Institutional mechanisms, role and results of monetary policy

Author(s): Nikolay Gueorgiev,Nikolay Gospodinov / Language(s): English

The radical transformation of the nation's economic system requires that a new financial system facilitating the functioning of today's market economy to the utmost degree should be created. The consolidation of the banking system through the enlargement of existing commercial banks aiming at a higher degree of their stability is now under way.

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Good Stories of Foreign Investment

Author(s): Daniela Bobeva / Language(s): English

The purchase of the Bulgarian state enterprise MAIZE PRODUCTS SPLTD is the first privatization deal completed in Bulgaria under the Transformation and Privatization of State and Municipal Enterprises Act. Being the first privatization deal, it has been accurately analyzed among experts, politicians and state privatization bodies. A year later it can be said that it has been a successful contract for both parties - the Bulgarian side and the Belgian group. This contract turned to be a good start for the Bulgarian privatization and the inflow of foreign investment. As Bulgaria is in the initial phase of attracting foreign capital, the prevailing investors in the country are the big multinational companies. This is the case of AMYLUM. Privatization process is one of the main mechanisms for channelling long-term large-scale foreign investment into Bulgarian industry. The biggest investors in the country turned to be the buyers of the large-scale Bulgarian enterprises. A mention should be made that foreign investors find investing in the country through privatizing more preferable. This way they are more confident about their investments. Practical problems about establishing a joint-venture in terms of the participation of each of the parties - appraisal, management and staff issues.,are sidestepped in the privatization deal. The purchase of the Bulgarian MAIZE PRODUCTS SPLTD is a pilot case of inward foreign investment through privatization. It points out the main problems foreign investors face in the country as well as the comparative advantages of the Bulgarian investment opportunities.

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BULGARIAN SMALL AND MEDIUM-SIZED ENTERPRISES AND THEIR PARTICIPATION IN THE ABSORPTION OF THE STRUCTURAL FUNDS OF THE EUROPEAN UNION

Author(s): Author Not Specified / Language(s): English

After Bulgaria joins the EU in 2007 the country will receive access to the Structural Funds (SF) and the Cohesion Fund of the European Union (EU), which are the main instruments for reducing the economic and social disparities within the Union. The effective management of these proceeds entails good knowledge of the EU Funds’ requirements and thorough preparation at national, regional and local levels both by the public and private sectors, including the small and medium-sized enterprises (SMEs). In 2000 in Lisbon, the European Commission and the EU Member States agreed upon the ambitious goal that by 2010 the European Union would have to become the most dynamic knowledge-based economy in the world . The instruments and mechanisms to achieve this goal have been outlined in the Lisbon Strategy of the EU. In 2005, an interim review on the progress of the Lisbon Strategy was done, based on which it was concluded that the Union was falling behind in some of its basic parameters, and that the gap between the EU and the leading innovative world economies of the United States and Japan was broadening.

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The Hidden Economy in Bulgaria (General Public), November 2004

Author(s): Author Not Specified / Language(s): English

In the period November 18-29, 2004, Vitosha Research conducted a national representative survey of the "hidden economy" in the country, covering 959 respondents aged 18 and over. The survey employed the method of the face-to-face interview.

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Суаповите операции и дълговият проблем на България

Author(s): Daniela Bobeva,Plamen Oresharski / Language(s): Bulgarian

• I. The "internal / external debt" dichotomy; • II. Brady Bonds on Bulgarian Foreign Debt; • III. Swap operations; • IV. The legal framework of debt-to-equity swap; • V. Replacing internal and external debt against property.

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