SOFIA (Bulgaria), August 27 (SeeNews) – Bulgaria needs to concentrate on innovation and improving education in the country to remain competitive in the long term, European Commission Vice-President Guenter Verheugen said on Wednesday.
“Bulgaria needs to concentrate on increasing innovation (…) to be able to remain competitive longer, (…) there is much to be done in the field of education,” Verheugen told a news conference.
He also said the country has big potential to improve the business environment for small and medium enterprises and to reduce red tape.
Bulgaria has been attracting foreign investors’ interest in the past few years with high GDP growth and relatively low labour costs. The country’s economy expanded by 6.2% last year, when Bulgaria attracted a record high 6.1 billion euro ($9.0 billion) in foreign direct investments.
Verheugen, who is in charge of enterprise and industry, was European Enlargement Commissioner between 1999 and 2004, when Bulgaria was in talks on joining the European Union. The country joined the bloc last year.
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