Bulgaria 'making progress'

Assetz News, 31st July 2006

A new report has revealed that Bulgaria is making good progress towards meeting its required targets for entry into the European Union.

Bulgaria is confident of accession into the EU in 2007 and despite an earlier report insisting that some improvements would be needed, the latest research from the EU has found that the country is now making good progress. It had previously been stated that there were a number of areas that Bulgaria needed to work on to guarantee its accession and the latest report suggests that the country is now well on its way to meeting those targets.

Franco Frattini, European justice, freedom and security commissioner, has stated that Bulgaria is doing well in its attempts to improve the battle against organised crime and fraud – two areas in which the country had been ordered to improve. Mr Frattini is visiting the country ahead of its expected accession next year and according to the Sofia Echo, he has been impressed with the efforts he has seen to improve the country.

The continued progress of Bulgaria in areas such as crime is also helping to improve the country's reputation and increase the number of people looking to visit the country. As its tourism continues to grow – and it is anticipated that the number of people entering the country over the coming few years will grow significantly once it becomes an EU member state – the opportunities for property investors are set to boom.

And as the country continues its progression towards entry in to the European Union, it is also aiming to develop its tourist economy. According to Bulgarian news agency BTA, the Bulgarian government has recognised that there is now a need to bolster interest in the country with travellers and to boost the country's image abroad.

Therefore, a recent summit of interested parties concluded that, although investor interest is currently high, without a strong tourist base that demand from investors will quickly drop off. It was agreed that international promotion of Bulgaria as a top tourist resort is needed and this consensus also brought offers of help from the private sector. Private companies involved in the talks stated that they are ready to help the country realise its potential by pushing it onto the world stage and helping devise strategies and advertising campaigns which would benefit the national economy by enticing more visitors to Bulgaria.

Ski and seaside tourism have already been two areas which have proved highly successful for Bulgaria and the country is now aiming to build on this reputation in these areas as well as expanding into new sectors, such as cultural and alternative tourism.


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