Kolchev: Brussels and Sofia Are Speaking Different Languages and That Pushes Foreign Investors Away

“Foreign investors are going to flee the Bulgarian capital market if Brussels and Sofia do not find a way to communicate with each other,” Kamen Kolchev, chairman of Elana Financial Holding said in an interview for Profit.TV.

„The market has been hitting new lows in the past several months. If the negative trend continues as a tendency that will really hurt,“ Kolchev also said.

In his opinion, the reasons for such a negative scenario may be both external economic factors as well as local.

„Fortunately our stock exchange is not that much dependent on external economic factors,“ he added,“As fas as political factors are concerned, they surely have an impact, which is indirect and rather affects foreign investors' attitude.”

We saw a withdrawal of foreign investors once, due to the crisis in the West, and now we are seeing this for the second time. “This is not happening because of a political or economic instability in the country, but because of the lack of dialog between Sofia and Brussels,” Kolchev said.

In his opinion , the declining turnovers cannot be entirely blamed on the new trading system Xetra, as this has been continuing for a long time now. It is rather due to the falling stock prices and the international crisis. The summer months are generally a very slow period for the market, which is another reason.

„Elana Financial Holding is ready to be listed on BSE. Right now everything depends on the market situation,“ Kolchev said.

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