Date: 24.03.2008

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The newly founded Bulgarian Institute for Foreign Trade (BIFT) at the Bulgarian Industrial Association (BIA) was presented at a press conference in Sofia on 24th of March.

The purpose of BIFT is to develop the competitiveness of the Bulgarian economy, and to increase the export capacity of Bulgarian firms.

The Manager of BIFT Zhetchko Dimitrov announced there were 13 000 export firms in Bulgaria, and if each of these exported additional production worth BGN 100 000, this would mean BGN 1,3 B more in the country's economy.

"This is money that apart from revenue for the firms and better salaries for its employees is also going to provide more revenue for the state in the form of taxes", Dimitrov said.

The President of BIA Bozhidar Danev said the Foreign Trade Institute had to be created due to the fact that Bulgaria's trade balance was negative, and that Bulgaria's exports are composed of energy intensive goods.

"Having in mind the electricity prices in Bulgaria, this means we are exporting cheap energy and national revenue"