Bulgarian Prime Minister receives Sheikh Tariq bin Faisal

The two parties discussed the current situation in business and financial sectors in the UAE and Bulgaria and the possible ways of economic cooperation between the countries, especially in the fields of investment which will boost the future bilateral relations between the two parties.

Mr. Stanishev welcomed the promising horizons of investment relations between the UAE and Bulgaria. "We have heard a lot about the UAE investments in cities and countries in the world and noticed the continuous success of these investments wherever they go. We hope to succeed in attracting more UAE investment to our country, therefore, we promise to provide all the possible support and incentives which will facilitate the investment in Bulgaria and lead to achieve the desired results," he said.

He added: "It has been well known that we have been exerting efforts with the aim of developing the level of foreign investment and seeking diversification of these investments to cover various sectors. The initiative of Emirates Investments Groups and the visit paid by its Chairman to Bulgaria is a significant step toward opening promising vistas for investment in our country."

Sheikh Tariq Bin Faisal Al Qassimi, Chairman of Emirates Investment Group, stressed on the importance of the existing investment opportunities in the Bulgarian market, saying: "Despite the growth in the Bulgarian market, there are still excellent untapped investment opportunities available here. This visit formed a first step to explore the investment opportunities in Bulgaria and look into the government strategy and planning for the long term growth."

"We have got answers to several inquires about investment, growth potential and ways of cooperation in Bulgaria. We, indeed, hope to conclude joint agreements with the Bulgarian government to set up big projects and investment in Bulgaria," Al Qassimi added.

Bulgaria has a wealth of investment opportunities, particularly in the real estate sector, which has gained further momentum following the accession of Bulgaria to the European Union, which took place on 1st of January 2007. Revenues from real estate deals in Bulgaria for 2007 were estimated at Euro11.4bn, while property prices were the fastest growing in the world, rising by 30% in 2007.

The country attracts increasing amounts of investment, fuelled by its fast-growing economy and investor-friendly climate. The 10% tax rate imposed on companies in Bulgaria is one of the lowest in the world, while taxes on plots of land are down to zero percent.

The government offers up to 100% support and incentives to foreign investors, with 100 percent freehold ownership. The country provides a host of promising investment opportunities in a diverse range of sectors and has the lowest operation costs in the European Union.