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Public Opinion on Foreign Investment, April 1993

Author(s): Daniela Bobeva,Blagovest Georgiev,Sasho Stojanov,Bojan Guseiev,Tihomir Bezlov / Language(s): English

Compared with the other central and eastern European countries - Hungary, Czech and Slovak republics and Poland, foreign investment turns to be a new phenomenon for the Bulgarian economy. Thus the public opinion on it is in a process of forming. The role of researchers, different studies, the mass-media and foreign investors, themselves, in inspiring public support and acceptance of foreign investment is of great importance. This will contribute to the success of investments that have been made as well as to their further attraction to the country.

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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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Движение на капитали и плащания. Валутно-финансова политика и конвертируемост на лева, юли 1995

Author(s): Lubomir Christov,Alexander Mihailov / Language(s): Bulgarian

Monetary union is the final stage in economic and financial integration among countries, in the specific case analyzed in the present paper among the countries participating in the Treaty of Maastricht providing for the implementation of such a union as the ultimate objective of the convergence toward a unified Europe. Membership in such a union would require the adoption of a common currency and its circulation as a single legal tender (or the final and irrevocable pegging of exchange rates among the currencies of the participating countries), as well as the conduct of common monetary (including foreign-exchange) policy.

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Тенденции в общинската приватизация през 1996 г.

Author(s): Petar Vasilev Antov / Language(s): Bulgarian

The development of the municipal privatization process in 1996, despite its uneven pace and regional disparities, should be assessed positively. 2079 privatization procedures have been identified, of which 23 are for whole enterprises. The terminated procedures are 43. 121 contests for appraisers were announced. 2642 privatizations have been assigned. 2725 assessments have been adopted, some of which were awarded in 1995, 2575 privatization deals were concluded, of which 18 were for whole municipal companies.

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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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Оценка и анализ на резултатите от първата вълна на приватизацията в България

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

This report presents data and analysis of the results of three studies related to mass privatization in Bulgaria. The research was conducted in July 1997 and is part of the long-term strategy of the Center for the Study of Democracy to engage with the problems of the economic reforms in our country.

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Политика за развитие на капиталовия пазар в България, септември 1997

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

The existing legal and institutional framework and available technical facilities in the Bulgarian capital markets do not work very efficiently towards supporting a fully developed securities market. The necessary legislation, institutions and technical facilities must be put in place, so that, over time, a market will develop which will be able to absorb the volumes normal for a country of the size of Bulgaria and, potentially, international trades. The following discussion presents specific issues that need to be addressed, so that said purposes could be met.

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Програма за замяна на дълг, август 1995

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

Changes in recent years have placed the international business in a new economic environment. Despite the serious economic, financial and structural difficulties, Bulgaria has the potential for privatization, modernization of production and rapid economic growth, as it has never before.Bulgaria began reforms with a huge external debt inherited from the communist regime. Following the moratorium on foreign debt payments of March 29, 1990, negotiations with commercial creditor banks took place over three years. In June 1994 a debt reduction and servicing agreement was signed. It contains a special clause on the exchange of certain instruments against property provided that Bulgaria adopts a debt exchange program.

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Доклад за оценка на корпоративното управление в България: 2000

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

The present report has the objective to provide an overview of the general framework and particular dimensions of the corporate governance in Bulgaria. It is published for the first time and the authors intend to continue its publication on an annual basis. In its present form, the study contains information thus far unavailable to the professional community and the media. The evaluations and analyses herein are the first attempt to outline the achievements and the problems in the field of corporate governance in Bulgaria in the years of transition. The authors of the report thus aim to encourage a wider discussion on the subject and that, as a result, practical improvement action will be undertaken. At the end of the past year the Corporate Governance Initiative conducted a pilot study for assessment of the corporate governance in Bulgaria. It is a part of the activities under phase II of the project aiming at the elaboration of recommendations for practical measures for improvement of the corporate governance, including diagnostics and analysis of the existing corporate structures. The survey was conducted by Vitosha Research and covered all listed companies with authorized capital over BGN 200,000. The sample comprised 268 companies, while the number of the surveys was 158. The research method applied is a standard interview with representatives of the companies' managing bodies and senior management. Based on the survey results, the first index of corporate governance in Bulgaria was calculated. The index has values between 1 and 5, the lowest value of 1 indicating unfavorable legal and institutional frame and internal organizational factors of the corporate governance, and the highest value of 5 - ideal conditions and good practice of corporate governance. The report has been prepared mainly on the basis of the results of the pilot study, compared and partially supplemented by conclusions and assessments of other studies, publications in the press and international sources. The report has been prepared by the following team: prof. Dr. Bistra Boeva, associate prof. Dr. Stefan Petranov, Dr. Vesela Stancheva, senior research associate Plamen Chipev, Diana Hristosova - senior expert, Center for Economic Development, Stoyu Nedin - Chairman of Association of shareholders, Dr. Maria Prohaska - coordinator, Corporate Governance Initiative.

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