Looking east for potential in-country investment. . . .

By Stephen Macaulay

According to the CIA World Fact Book, the industries in Bulgaria are:

“electricity, gas, water; food, beverages, tobacco; machinery and equipment, automotive parts, base metals, chemical products, coke, refined petroleum, nuclear fuel; outsourcing centers”

Apparently, the automotive parts manufacturing operations in Bulgaria are extensive, with the company having a particular expertise in the production of things like airbag sensors.

But there are no OEM operations in Bulgaria.

So last week H.E. Rumen Radev, president of the Republic of Bulgaria, and his colleagues took a trip of nearly 5,000 east to the VinFast Hai Phong Manufacturing Complex in Vietnam.

Radev met with Vice Chairman and CEO of Vingroup, Mr. Nguyễn Việt Quang, who noted that the company is looking to expand its electric vehicle production operations around the world.

So Radev emphasized that Bulgaria might be a good place for the Vietnamese company to not only sell its EVs and produce components for them, but to even manufacture in the country.

The point: While the European auto industry is undergoing some severe pressures that will result in massive changes, people like Radev recognize that auto still represents a net positive for one’s GDP.