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US State Ohio Seeks to Attract Bulgarian Investments

Date: 18.11.2009

The American state of Ohio has set off to attract more investments from Europe, including from Bulgaria.

The Mayor of the city of Cleveland, Frank Jackson, has presented at the Bulgarian Chamber of Commerce and Industry the project Investing in America: Destination Cleveland.

Jackson is on a visit to Bulgaria where he is accompanied by representatives of the Greater Cleveland Partnership (GCP), an organization with 16 000 member companies, the Small and Medium Enterprises Union, and other business organizations from Ohio.

Bulgaria is one of the European countries visited by the Ohio delegation in its quest to attract more investments.

The Bulgarian Chamber of Commerce and Industry and the GCP have signed a agreement laying the groundwork for future cooperation between Bulgarian and Ohio businessmen.

The Investing in America: Destination Cleveland project started in 2007 in order to boost the economic development of Ohio. Its significance has increased since the beginning of the economic crisis in 2008 since Ohio has been badly affected by the downturn.

62 % of all foreign investment in Ohio amounting to about EUR 350 B come from Europe. The state features low business costs, good transport infrastructure, and favorable geographic location.

A number of large multinational corporations are based in Cleveland; the major sectors in the city are industrial production, financial services, health care services, and high technologies.

Over the last few years, the GCP has been working for the mergers of smaller firms in order to bring about the creation of medium and larger entities generating greater income.

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