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Foreign investments in Bulgaria down EUR 500 in January-June 2008

Date: 31.07.2008

Bulgaria's Economy and Energy Minister Petar Dimitrov announced Monday the foreign investments in the country in the first six months of 2008 had decreased by EUR 500 M compared to the same period of 2007.

Dimitrov pointed out the country might face a further decline in foreign investments as a result of the negative and highly critical monitoring reports released by the European Commission last week.

The Minister said the decline of foreign investments would have much worse effects on the country than the freezing of the EU pre-accession programs' funding.

Dimitrov and Bulgaria's Deputy PM Meglena Plugchieva have already met with representatives of several Greek banks investing in Bulgaria to discuss the present situation. They have also scheduled talks with Bulgarian-American and Bulgarian-German Business Chambers.

Bulgaria's Minister of Economy and Energy stated he expected that on Tuesday the troubled steel-maker Kremikovtzi would be declared insolvent by the court, which in his words would pave the way for the sale of the plant to a new owner.

Dimitrov also announced the first sod of Bulgaria's second nuclear power plant Belene would be turned in August.

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