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Financial Crisis to Shift Austrian Investments in Bulgaria to Manufacturing

Date: 18.11.2008

The global financial crisis is likely to cause Austrian investors in Bulgaria to withdraw from the real estate sector, and to shift their focus to investments in production facilities and logistics.

This prognosis was made by Dr. Michael Angerer, the Commercial Counselor at Austria's Embassy in Bulgaria`s capital Sofia, in an interview for Novinite.com.

Dr. Angerer also stated that the Bulgaria`s construction would be one of the sectors hit hardest by the effects of the global financial crisis, and that the negative developments could already be felt, including in the decreased demand for construction materials.

The Commercial Counselor at the Austrian Embassy pointed out that Bulgaria stood a fair chance of mitigating the negative effects of the global financial crisis by concentrating on building transport and environmental infrastructure, training its labor force, and increasing its economic efficiency. In his words, much of these projects could be realized through the utilization of EU funds.

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