Bulgarian Property ireland Interest

Bulgarian Property ireland Interest

Irish interest

RECENT weeks have seen extensive reporting in the Irish and Bulgarian media about alleged attempts by the Irish Republican Army to launder money in this country, but the fuss and flurry around these negative reports is unlikely to damage a partnership between two countries that have discovered that they have much in common. First, because Bulgaria is soon to become a member of the European Union, and second, because this country is following the steps of Ireland in raising its economy from the ashes and turning it into a competitive engine. The Celtic Tiger, as Ireland has been dubbed, due to its veritable economic boom in recent years, has been a worthy example for Bulgaria on its road to the EU. And owing to the efforts of the Irish presidency of the Union, in June last year Bulgaria wrapped up its EU accession talks and closed the last five negotiation chapters. At the time, Irish foreign minister Brian Cowen described the event as the greatest success of Ireland’s EU Presidency. Indeed, Dublin did a very good job in finalising the EU-Bulgaria dialogue, and not only during its presidency. Active contacts at ministerial, parliamentary and expert levels were made over the years when bilateral relations evolved from cooperation to partnership. In just two years from now, in January 2007 when Bulgaria is scheduled to become a full EU member, Ireland’s experience will be vital to this country. This is so because Ireland was the poorest country at the point of its accession in 1972, but as a result of successful financial and trade policies, it worked an economic miracle. Irish experience in the process of EU integration is a useful lesson for Bulgaria. The island state is a clear example of how any state can retain its sovereignty, even after joining the Union, and be heard when decisions are made. There is sometimes a perception that smaller countries joining the EU will be somehow be more open to the influences of larger countries and there may be a loss of economic and political sovereignty. Ireland, however has found the opposite to be true, and by being at the negotiating table within the EU it showed other members that it can actually have an impact and influence on decisions. This is very important, especially in the light of the ongoing debate in Bulgaria on whether it was the right decision to allow foreigners to purchase land in Bulgaria, which is seen by some Bulgarians as a threat to national security. Real estate, in fact, is seen as the main focus of interest that Irish businesses and individuals have shown in Bulgaria so far. Evidence of this is the number of property brokers from Ireland that have started operating in this country. And since business follows the general interest of the public in anything, it is quite clear that Irish people see Bulgaria as one of the new property paradises in the world. Property prices in Bulgaria have soared in the past two years, increasing by up 100 per cent, but they are still ridiculously cheap by Irish standards, according to a recent article in the Irish Examiner. “2500 euro will get you a 1000-square-feet rural house in need of complete renovation in an isolated region with few facilities nearby,” the newspaper said. Bulgaria and Ireland have something else in common – both countries have emphasised the development of their information and communication technologies (ICT) sector. Last November, a seminar “ICTalent in Bulgaria – Doing Business in the Bulgarian ICT Sector” was held in Dublin. The event was organised by the Bulgarian embassy in Ireland and the Bulgarian Investment Agency, in co-operation with Deloitte Griffith College Dublin, and with the assistance of Department of Enterprise, Trade and Employment and Irish Business and Employers Confederation. It was the first event that aimed to raise awareness among Irish investors concerning the talented labour force in Bulgaria. Representatives of more than 25 Irish companies attended the seminar. They were able to hear and read that Bulgaria is an attractive place to implement plans on software development and that, after Ireland, Bulgaria is in the same way drawing the attention of the largest IT companies in the world. The most recent sign of development in bilateral relations was the February 2005 visit by the Irish prime minister Bertie Ahern to Sofia. Oddly enough, the two countries established diplomatic relations as late as 1990. The reason was that in totalitarian Bulgaria, Ireland was more or less viewed as part of the UK. The recent years however have highlighted the inappropriateness of such a view. Relations between the two countries cover a wide spectrum of spheres. Apart from contacts between the political circles, there has been active exchange in economy and culture. And the Bulgarian Diaspora in Ireland has also promoted understanding between the two nations. Some of these Bulgarians are well established as top specialists. However, trade and economic co-operation is perceived as priority. So far Ireland has not been not among the key investors in Bulgaria but things have been changing for the better. The biggest Irish investment is in the Black Sea City of Varna – in the company TaxBack. A large centre in the same city co-ordinates joint business activities. Irish business people are showing keen interest in the Bulgarian software industry and in local winemaking. In 2004 alone, 300 Irish nationals bought real estate properties in Bulgaria. Ireland does not have a large number of multinational companies and therefore the country cannot be seen in the top list of foreign investors in Bulgaria. With a total of $58 million for the past 13 years, Ireland occupies the 19th place in the ranking compiled by the Bulgarian Investment Agency. Ireland has a small number of companies investing in the region of Central and Eastern Europe. But, what is important is that many small and mid-size Irish businesses also come to the region as subcontractors. As foreign investment increases in Bulgaria, particularly from multinationals, this is likely to lead to more Irish sub-contractor companies investing here. 
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