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| Two Highways to Be Built in Bulgaria by 2011 | ||
| Tuesday, Nov 25, 2008 | ||
| Bulgaria's tourism and construction were the first sectors hit by the global financial crisis. Word about downsizing of personnel, closures of hotels and outflow of foreign investments started spreading rapidly. What measures is Bulgaria's government preparing to avoid the looming bankruptcies in the building sector, The Standart asked Bulgarian Minister of Regional Development and Public Works, Assen Gagauzov. - Mr. Gagauzov, how will the global financial crisis influence the construction sector in Bulgaria? - The sector saw a rapid development over the past six or seven years, but now we expect a cool-down. Some construction projects taken up by foreign investors will remain unimplemented, but the construction of apartment buildings in Bulgaria's cities will keep its pace, although the buyers from West Europe may withdraw a little bit from the market, but the ebb will not be too significant. The investors in huge construction projects like malls and hotels at the seaside will be the most affected by the shrinking markets, because these entrepreneurs rely mostly on buyers from abroad. However, the financial crisis also has a positive effect - it will introduce some order in the now chaotic construction sector in Bulgaria. - Do you expect a wave of bankruptcies and layoffs in the sector? - No, I do not expect anything like that. The big construction companies will survive the unfavorable financial conditions. Together with the Bulgarian Construction Chamber, we will try to compensate the crisis by entering foreign markets. For example, we expect Bulgarian companies to win projects for the construction of facilities for the winter Olympics in Sochi. We have also received construction offers from other countries, which we have to check out. We can make up for the ebb of foreign investments in Bulgaria's construction sector by efficient absorption of the funds allotted under the EU operative programs. For instance, last year we negotiated the implementation of construction projects worth over 1.2 b levs (1euro=1.95levs). The implementation of these projects starts at full steam in 2009, which means that a large part of the funds can be efficiently absorbed. - Which foreign markets do you hope to make a breakthrough on? - During my visit to Middle Asia I found out that the demand for constructors in Uzbekistan and Azerbaijan is really great, because these countries are unaffected by the mortgage crisis. We also plan to take up construction projects not only in Sochi, but in the whole region of Krasnodar. Also, big projects are to be launched in Bulgaria's energy sector. I mean the construction of NPP Belene and Bourgas-Alexandroupolis pipeline. - When will Bulgaria see its first fully constructed highway? - The construction of the Trakia and Maritsa highways will be first completed and these may be Bulgaria's first highways. I hope they will be opened in three years time. |
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| Source: Standart newspaper | ||
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