Bulgarian Economy Minister Confers with Senior Executives of Leading US Companies

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Bulgarian Economy Minister Confers with Senior Executives of Leading US Companies

Bulgarian Economy and Energy Minister Peter Dimitrov met in Washington, DC with senior executives of large US companies, potential investors on the Bulgarian market. Dimitrov has been in Washington since March 3 to take part in an international conference on renewable energy sources, BTA is reporting.

The meeting took place at the head office of the ITT company. Leah Lackey, director for communications at ITT Defense, and Lou Dolive, president of the ITT division which engages in sea water desalination and waste water treatment systems, presented their company's investment plans.

ITT Defense is a leading supplier of electronic equipment and systems for the US Army. It is taking part in a competitive bidding procedure of the Bulgarian Defense Ministry for a public procurement contract to build communication systems and interoperability. The company's representatives said their offer is a key to the interoperability of the Bulgarian Armed Forces, satisfies the direct goals of the offset deal and will involve the inclusion of indirect offset elements, such as the building of a multi-industry center in partnership with Bulgarian manufacturers and companies.

ITT Defense believe that the program for building communication systems will generate long-term potential for creating jobs in the sector over the next 25 years.

The ITT division, which is also considered a global leader in the building of water treatment and desalination systems, will begin to build a water treatment plant in Oreshak, Bulgaria, a month from now. The plant will be used as a model for further projects for the building of such installations. ITT said their business model for Bulgaria proves that defense spending can improve the social environment and raise living standards in the country in general.

Furthermore, ITT's projects will help reduce the current trade deficit, introduce high environmental standards, and use Bulgaria as a base for expansion in Southeastern Europe.

Dimitrov also met with representatives of Biotechnology Industry Organization, which is interested in mediating contacts between Bulgarian and US companies for investments in the fields of biofuels, the water sector and environmental protection.

The Minister conferred with representatives of Westinghouse, which he described as a company with serious traditions in Bulgaria in the field of nuclear energy. He expressed the hope that Westinghouse will continue to play an important role in the future implementation of such projects.

The Economy and Energy Minister also met with Honeywell Corporation Vice President Tim Keating. The company is among the world leaders in high technology, already active on the Bulgarian market. The meeting focused on cooperation prospects.

The interest of US companies in investing in Bulgaria is due above all to the increased confidence after Bulgaria accepted US troops to use military facilities in its territory, BTA reported citing Dimitrov. Another important reason is the good investment climate and the tax environment in Bulgaria, he said.

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