Minister Dilov: The Eurozone Will Facilitate Access of Small and Medium-Sized Enterprises to European Markets

Improving the competitiveness of Bulgarian companies is among our main priorities

"Our primary responsibility is to help Bulgarian businesses adapt more quickly to the conditions of the Eurozone. The single European currency will make it easier for small and medium-sized enterprises (SMEs) to access European markets, will make trade faster and cheaper, and will make contracts with foreign partners more secure."

This was stated by the Minister of Economy and Industry, Peter Dilov, during the round table "Small and Medium-Sized Businesses in Bulgaria in the Euro Area - Challenges and Support Policies", organised by the Strategic Institute for National Policies and Ideas (SINPI). The event was also attended by Deputy Minister Nevena Lazarova, Chair of the National Assembly's Committee on Economy and Innovation Peter Kanev, Chair of SINPI Dr Kaloyan Pargov, together with representatives of employers' organisations and the business community.

Minister Dilov stressed that small and medium-sized enterprises, which are the backbone of the Bulgarian economy, will be among the main beneficiaries of the introduction of the euro. "For them, the removal of conversion costs means direct savings," he highlighted.

He noted that lower transaction costs and improved financing conditions will provide these firms with more resources for investment, innovation, and business expansion. According to him, with the introduction of the single European currency, SMEs will become more competitive and will be able to gain a stronger foothold both on the domestic market and internationally.

"The Ministry of Economy and Industry has prepared three sets of guidelines to support businesses in the smooth transition to the new currency - guidelines related to accounting, to enterprises' information systems, and to the dual display of prices and cash payments," he announced.

He added that the Ministry is also actively preparing a new Industrial Strategy and a Programme under the SME Strategy. "Together, the two strategies will cover the entire spectrum of enterprises in the economy, supporting them to become more competitive compared with their European partners, and to develop businesses that are open to new global realities, namely the development of innovation, technological modernisation, and a skilled workforce," he said.

Dilov pointed out that the Programme for the implementation of the SME Strategy is based on several pillars, related to entrepreneurship, access to markets and finance, and digitalisation, among others. He further noted that efforts are under way to reduce the administrative burden on businesses. "We are improving the work of trade representatives abroad in order to identify new market opportunities for Bulgarian businesses to expand exports to the European market," he added.