International Trading System: Prospects for Emerging Markets Санкт-Петербург/ St. Petersburg 1 2 марта 2007 1 2 March 2007 программа

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Содержание 3.5. Investment policies framework Annual inflow of Foreign Direct Investment in Bulgaria (in US$ million)

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3.5. Investment policies framework

The policy changes needed to secure an accession to the WTO had a very significant impact on the level of Foreign Direct Investments attracted as Bulgaria has opened every sector to international investments. However, in the current international trade landscape, Bulgaria remains largely a market for foreign services, and the Bulgarian government is in a constant need to address this issue. Current legislation guarantees equal treatment of domestic and foreign investors. There are no limitations on the amount of foreign participation in a newly formed or existing company and unrestricted acquisition and transfer of funds abroad.

In the early 90's Bulgaria's slow pace of privatization, contradictory government tax and investment policies, and bureaucratic red tape have kept foreign investment among the lowest in the region. Total direct foreign investment from 1991 through 1996 was US$831 million. As seen in Table 6 the first year of WTO membership marks a significant increase in the investment volumes. Between 1997 and 2002, the average annual flows of FDI reached US$693 million. However one should account also that privatization efforts were renewed in about the same period that of course also played significant role for the rise in FDI volumes.

Table 6

Annual inflow of Foreign Direct Investment in Bulgaria (in US$ million)

YEAR	VOLUME IN US$ million
1992	34.4
1993	102,4
1994	210,9
1995	162,6
1996	256,4
1997	636,2
1998	620,0
1999	818,8
2000	1001,5
2001	812,9
2002	904,7
2003	1419,4