Representatives of Eurobank EFG Group, the Ministry of Economy, Energy and Tourism, as well as key business representatives, investors, diplomats and big corporate clients of the bank from more than 150 export-oriented companies, discussed the challenges and the opportunities facing the sector. Within the frame of the formal meeting, held in cooperation with the Confederation of Employers and Industrialists in Bulgaria (KRIB), the importance of the state support to promote international commerce in general and the need for export oriented activity for Bulgaria specifically was underlined.
Mr. Anthony Hassiotis, CEO of Postbank and Mr. Platon Monokroussos, Assistant General Manager, Head of Financial Markets Research in Eurobank EFG Group presented their analyses and forecasts related to the new model of economic development in the post-crisis period through export policies. “We hope that with this meeting we will contribute to exports development, requesting the support both from government and private sector. Postbank is ready to support exporting companies through offering service packages and all the necessary resources. We believe that the creation of a Bulgarian Exporters Association will contribute to identifying and developing the opportunities for Bulgarian exports.”, said Mr. Anthony Hassiotis during the meeting.
In 2010 the total value of the Bulgarian export increased with more than 33% to €15.6 bn. Bulgaria’s trade links are mainly with the countries of the EU and the neighboring countries from the region. Greece, Romania and Turkey are in the top 5 export destinations for the Bulgarian businesses and account for more than a quarter of all the exports of the country.
Mr. Monokroussos pointed out the medium-term challenges to Bulgarian economy in his analysis. “The economy needs to adjust to new environment of diminished capital flows (net FDI down 55% yoy in 2009 and by a further 51.88% yoy in 2010 to €1.3bn). It is important to minimize excessive deficit and to develop a midterm framework targeting structural budget surpluses in order to accommodate EU co-financing and to strengthen the fiscal reserve account. Reforms in the social security and judicial systems are also needed. It is very crucial to maintain the vigilant oversight of the domestic banking system and to ensure swift entry to ERM II.”
During the meeting, Postbank underlined its readiness to play a key role in supporting companies which are willing to focus on export activities and thus, to support the development of the country’s economy.
You can find attached the presentation of Mr. Monokrussos here.
