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A World Bank Team shared the latest findings on Bulgaria's progress in regulatory reform

July 6, 2010


SOFIA, JULY 6, 2010 -  A World Bank team of experts was invited at today’s meeting of the Council for Economic Growth to present the main findings from two reports on regulatory reform and improving business environment. The Minister of Economy, Energy and Tourism Traycho Traykov chaired the meeting which gathered representatives of the government and national  business associations.

“Improving the business environment is a major objective for policymakers everywhere” said Florian Fichtl, the World Bank Resident Representative at the meeting. He also emphasized that “it could be used as a tool to exit the economic crisis. In fact, the more uncertain and risky the legal and administrative environment for economic activity, the more likely it is that aggressive rent-seeking and short-term profit-taking will replace longer-term investment.  Successful regulatory reform is therefore not just about cutting the immediate regulatory barriers or administrative burden but also about making a good investment climate an ongoing objective in policymaking”.