Bulgaria already feeling benefits of upcoming Euro introduction, says Bulgarian Minister
Baku, September 25, AZERTAC
Even before the official introduction of the euro on January 1, 2026, Bulgaria is already feeling the benefits, said Minister of Economy and Industry Peter Dilov at a round table on the challenges and policies to support small and medium-sized businesses in Bulgaria in the context of the eurozone on Tuesday, according to the Bulgarian News Agency (BTA). The forum was organized by the Strategic Institute for National Policies and Ideas and the Ministry of Economy and Industry.
Dilov cited as an example the fact that the country's credit rating had been upgraded by three rating agencies by one notch. "Our expectations are that by the end of the year it will possibly be upgraded by another notch, which would be the highest credit rating we have ever had," he commented.
According to him, this is a sign of confidence that Bulgaria is stable, responsible, and predictable for its businesses and investors.
The Minister said that the country's accession to the eurozone will strengthen its economy and provide security for businesses and citizens, facilitating trade, travel, and investment.
Small and medium-sized enterprises, which are the backbone of the Bulgarian economy, will be among the winners from the introduction of the euro, as they will no longer have to bear the costs of currency conversion, which will free up significant resources that could be directed towards investment, Dilov said. He added that the single currency will facilitate these enterprises' access to European markets, make trade faster and cheaper, and make contracts with foreign partners more secure. Transaction costs and better financing conditions will give these companies more resources for investment, innovation, and expansion, he added. Other benefits for small and medium-sized enterprises from the introduction of the euro, mentioned by Dilov, are that they will be more competitive and will be able to enter the domestic and foreign markets with greater confidence.
"The state actively supports businesses by providing instructions, guidelines, and explanations on the correct application of dual labeling for a smooth transition to the new currency," he said. In this regard, Dilov noted the guidelines prepared by the Ministry of Economy and Industry to assist businesses with accounting, enterprise information systems, dual pricing, and cash payments. He also mentioned the calculator that has been created to help both businesses and citizens adapt more smoothly to the transition to the new currency.
He said that what the Ministry of Economy is preparing and believes can be improved is the restoration of good relations between businesses and the Ministry in relation to reducing the administrative burden. He recalled that the Council of Ministers had decided on 235 measures to reduce the administrative burden and added that the Ministry of Economy was working closely with businesses in this regard.
"Another area we believe we can improve is the relationship between businesses and trade representatives, because for an economy and manufacturing to be successful, it must be export-oriented," Dilov added. As an example, he cited Bulgaria's highly export-oriented defense industry, 95% of whose output is exported, and which has seen significant growth: five years ago, Bulgaria exported goods worth EUR 650 million, while last year the figure was EUR 2.8 billion.
Dilov noted the importance of focusing on small and medium-sized enterprises in order to facilitate their access to markets by making more active use of the Office for Trade and Economic Affairs. He noted that there are about 470,000 such enterprises in Bulgaria, and according to the EC classification, they are not small and medium-sized enterprises, but micro-enterprises with a few employees. "We are working actively because we know that it is precisely these micro and small enterprises that will need the most assistance in order to be more active on the European market," Dilov said.
The Minister also noted the work on the National Industrial Strategy, developed jointly with international partners and funded by the EC, adding that it is expected to be ready by the end of the year. "This will make it easier for us to know specifically what our priorities are and how we can link them to measures so that we can be as effective as possible, Dilov explained.
Regarding the Strategy for the Development of Small and Medium-sized Enterprises, which covers the period 2021-2027, Dilov said that the Ministry is committed to preparing a program for implementing the strategy in six main pillars: entrepreneurship, market access, access to finance, digitization, environment, and business environment.
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