Greece second top overall investor in Bulgaria
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Greece second top overall investor in Bulgaria
Greece ranked the second top foreign investor in Bulgaria for the overall period of January 1992 to March 2005, with investments by Greek companies reaching 20.1 million in the first quarter of 2005, bringing the overall figure to 1,054.6 billion dollars, according to figures released by the Bulgarian Foreign Investment Agency (BFIA).
The total of directly invested Greek capital in Bulgaria over the period January 1992 to March 2005 reached 1.054.6 billion dollars, ranking Greece in second place among the top foreign investors in the neighbouring Balkan country, following Austria.
According to BFIA figures citing the National Bank of Bulgaria as the source, Austria topped the list of foreign investors in Bulgaria with total direct investments of 1,829 billion dollars over the period January 1992 to march 2005. Austria toppled Greece from first place in the past few years due to exceptionally high investments made -- 163.2 million dollars in the first quarter of 2005 and 923.7 million dollars in 2004, against 20.1 million dollars in the first quarter of 2005 and 156.9 million dollars in 2004 by Greek interests. A key factor in the jump in Austrian investsments was the acquisition of the Bulgarian Telecommunications Company (BTC), the Bulgarian national telecoms provider (in June 2004, after two years of political and legal wrangling, the Austrian holding company Viva Ventures succeeded in a 730 million euros leveraged buyout of 65 percent of BTC, with the obligation to invest up to 700 million euros in modernisation and digitalisation, half of which was slated to be invested within five years of the acquisition).
Third among top foreign investors in Bulgaria was The Netherlands, with direct investments of 939.5 million euros in the January 1992-March 2005 period (11.8 million dollars in the first quarter of 2005), followed by Germany in fourth place with 897.1 million dollars in the overall period, Italy in 5th place with 738.1 million dollars in the overall period, and Cyprus in sixth place with 516.4 million dollars in the overall period, according to the BFIA figures.
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