Stanishev rolls out red carpet for Indian business

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New Delhi, Sep 12 (UNI) Bulgarian President Sergei Stanishev today rolled out a red carpet for the Indian business community seeking their investments and saying the new market economy offered a world of opportunities and its taxation was the best that any country can offer.

''We are back, you are welcome,'' Mr Stanishev said addressing a meeting of the apex chambers. The event was jointly organised by FICCI, CII and ASSOCHAM.

The event was also addressed by Minister of State for External Affairs Anand Sharma and Bulgarian Minister for Economy and Energy Peter Dimitrov.

Mr Stanishev outlined how the Bulgarian economy had undergone a historical transfromation from a communist regime to a market economy, offering immense opportunities to foreign investors.

The level of corporate tax was about ten per cent and from next year onwards personal income tax would also be brought down to ten per cent-- comparable with the best offer anywhere.

Mr Stanishev asked Indian businessmen to take a cue from Mr Laxmi Mittal who had a steel plant in the mountainous country.

The Prime Minister said the areas where Indian businessmen could invest included pharmaceuticals, food processing, information technology and energy.

In reply to a question, Mr Stanishev said Indian companies were welcome to participate in the Nobogu pipeline project relating to natural gas. He said the internationally-funded project planned to expand its capital base and if any Indian company was keen to put its money and technology in the project, the Nobogu authorities would welcome it.

Mr Stanishev said the advantage of investing in Bulgaria was that it would open the doorway for trading and investing in other countries of Europe.

Mr Sharma traced the civilisational links between India and Bulgaria and how the engagement between the two demorcacies needs to be deepened commercially and culturaly.

Mr Dimitrov said Bulgaria now was a confident and resurgent country and explained how it was moving on the road to prosperity. He said the existing level of bilateral trade of 77 million dollars was far below the potential of the two countries.

UNI

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