Bulgaria Spends BGN 300 000 to Attract Voestalpine’s EUR 5 B Investment
November 18th, 2008
Bulgaria’s government is going to pay BGN 300 000 to international law consultants who will prepare and carry out the negotiations for an investment agreement with the Austrian company Voestalpine Stahl. The government’s move is regarding Voestalpine’s plan to invest EUR 5 B in the construction of a new steel factory on the Black Sea coast.
Bulgaria is competing with Romania, Turkey, and the Ukraine to attract this investment, which is expected to create 4 500 new jobs in the region, where the new factory will be located.
The BGN 300 000 will come from the budget of the Ministry of Economy. The hiring of foreign consultants is necessitated by the technical complexity of the project and by its significance for the Bulgarian economy.
The international law consultants will focus on the preparation of an investment agreement serving Bulgaria’s best interests as well as on the negotiations conducted with the Austrian company.
