Buy & Sell Bulgaria Insight Newsletter

Interview by Veselina Sapundzhieva, 26^th May, 2009

Translation: Lili Gospodinova, PR of Eurolink Investment Group

Prof. Nikiforov giving a lecture at a conference held by Eurolink Investmenmt Group in 2008, The Eagle Has Landed

Prof. Architect Ivan Nikiforov is a Doctor of Architectural Science and the team leader of the group of specialists who prepared the General Town Plan (GTP) of Varna. He has a long professional experience gained from his engagement in developing many towns. A couple of days ago he was granted the prestigious award ‘Varna’ for his work on the GTP and his book ‘History of town development’.

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Sofia News Agency, 19 May, 2009

US Ambassador to Sofia, Nancy McEldowney participated in the Bulgaria-US renewable energy forum, held Tuesday in Sofia. Photo by BGNES

The investments in public-private projects for energy efficiency in Bulgaria will amount to BGN 9 B.

The data was reported by Bulgaria’s Deputy Prime Minister and Foreign Minister, Ivaylo Kalfin, during the Bulgaria-US renewable energy forum, held in Sofia.

Kalfin pointed out that in 2010 only, energy efficiency investments will reach at least EUR 500 M, adding that by 2020, 16% of all energy produced in Bulgarian would come from renewable energy sources, approaching the European Union goal of 20%.

The Deputy PM further said that many US companies entering the Bulgarian market work in the renewable energy sector.

The American Chamber of Commerce, on their part, noticed the increased interest from US small and medium businesses towards Bulgaria’s economy, deemed by experts a very positive trend since in times of crisis this type of enterprises are more flexible and manage to remain on the market.

US Ambassador to Sofia, Nancy McEldowney, stated she sees Bulgaria becoming in the future the energy center of the Balkans. The Ambassador had some advice such as replacing the electric bulbs in each Bulgarian household with energy saving ones in order to preserve energy resources.

Novinite.com, May 26, 2009

Sunseeker Superhawk 43 Quantum of Solace, James Bond’s yacht, has been shown in Bulgaria’s Varna. Photo by A Team

Sunseeker Superhawk, the model of James Bond’s yacht, was shown in Bulgaria’s Varna during a yachting parade.

Bond’s yacht was exhibited during the traditional Bond Label party, an annual event bringing together celebrities and wealthy Bulgarians.

The Agent 007 yacht Sunseeker Superhawk 43 Quantum of Solace from the limited edition specially created for the Bond movie Quantum of Solace was the top attractions of the event organized by A Team agency. Bond’s yacht is imported by LZ Yachting.

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Bulgaria Gazzette, 24^th May, 2009

Varna will have a multifunctional culture center before 2019, when the city is expected to become the European capital of culture. The news was announced by the chairman of the Municipality council Borislav Gutsanov.

The new art center will replace the old harbour Varna-east and will be the analogue of the Australian Sidney Opera, said Gutsanov. Still, the project will not copy the architecture of one of the symbols of Australia. The concert hall is the key point of the make-over of the harbour complex into an attractive, culture center.

To complete the project, the municipality will announce an international competition, which will likely attract prominent architects from all over the world. The lack of a proper-size modern concert hall that is suitable for spectacles and music performances of various ranges is one of the serious problems for the people of art in Varna. It is also a major stopper of visits of foreign artists.

In what many see as a doomsday scenario for investors in northern Cyprus and justice for those forced to flee when the island was split some years ago, the European Court of Justice (ECJ) has handed out a ruling which will shake the very foundations of the Cypriot property market. A situation regarding land ownership has been ongoing for some time although very few people believed we would actually arrive at a definitive ruling in favour of those forced to flee in 1974 when Turkish forces invaded northern Cyprus.

Background to the ECJ ruling

When the island of Cyprus was effectively split in 1974 after Turkish forces invaded the north of the island there was literally a free for all regarding property and land ownership in the region. After the eventual introduction of a United Nations peacekeeping force across the boundary between north and south Cyprus we saw a significant property market start to develop. However, since 1974 there have been various attempts to reclaim land which was lost when Greek Cypriots were forced to abandon their properties and their lives in northern Cyprus.

Interestingly European Union law was suspended in 2004 when Northern Cyprus joined the EU bloc although yesterday’s ruling has effectively negated any potential protection offered by the earlier action. The ECJ has ruled that the suspension of European Union law does not stop other EU members from upholding judgements against northern Cyprus, which is only officially recognised as a country by Turkey.

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Sofia News Agency, May 6^th, 2009

Bulgaria’s colours were sanctified as the country celebrated Saint George’s Day as a day of the bravery of the Bulgarian Army. Photo by BGNES

Bulgaria celebrated on May 6, the day of Saint George the Victorious, the valour of its army. May 6 has been pronounced Day of the Bulgarian army with a decision of the Bulgarian Cabinet in 1993. Since 1998 it is being marked as a national holiday.

“Bulgaria’s armed forces stand guarantee for the country’s security,” President Georgi Parvanov said in his address at the grandiose military parade on Alexander Batenberg square in Sofia.

In his words the Bulgarian army is a symbol of strength, patriotism and high morale.

The president pointed out that Bulgaria has a strong, modern European army, which not only protects the country’s territory, but is also a predictable and worthy partner in securing international peace and stability.

Politicians and militaries bowed heads to pay respect to Bulgarian warriors who died at the battlegrounds and the country’s colors were sanctified.

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