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Bulgarian-American Economic Cooperation Forum
January 1995 Sofia, Bulgaria
Acknowledgements
The Bulgarian-American Economic Cooperation Forum was organized
by the Center for the Study of Democracy with the financial support
of the Open Society Fund – Sofia on December 7, 1994. The American
consulting firm Development Alternatives, Inc. (DAI) provided
expert assistance, particularly in drafting the preliminary and
final reports.
The organizers of the Forum would like to thank all of the
participants (listed in annex) for their input in this process.
Particular thanks are owed to Bulgaria’s Ambassador to the US,
Snezhana Botousharova, and the American Ambassador to Bulgaria,
William Montgomery, who served as co-chairpersons at the Forum, as
well as Bulgaria’s Ministers of Trade and Foreign Affairs at the
time of the forum, Kiril Velev and Ivan Stancioff, respectively.
Gratitude is also due to the other main speakers at the forum,
namely John Fogarasi of the US and Foreign Commercial Service,
Daniela Bobeva of the Foreign Investment Commission, Mark Beesley
of the American Bar Association, Stephan Kyutchukov, General
Counsel to the Bulgarian-American Enterprise fund, Ben Counter of
Clarina-Bulgaria, Ray Mazurek of the American Chamber of Commerce
in Bulgaria, Stephan Hadjitodorov, Member of the Supervisory Board
of the Privatization Agency, John Wilton, Head of the Resident
Mission of the World Bank, and Lawrence Kent of Development
Alternatives, Inc. (DAI).
We also express our thanks to the Center of International
Private Enterprise for its on-going support of CSD’s Economic
Program.
The recommendation presented in this document were developed by
the Center for the Study of Democracy, based on discussions held
during the Bulgarian-American Economic Cooperation Forum, and
subsequent consultations with a variety of the participants. These
recommendations do not necessary reflect the views of the Bulgarian
and American institutions represented at the forum.
INTRODUCTION
This paper presents recommendations to facilitate expanded trade
and investment between Bulgaria and foreign companies, particularly
American companies. It draws on the discussions during the
Bulgarian-American Economic Cooperation Forum, held on December 7,
1994 at the Center for the Study of Democracy in Sofia. The Forum
brought together 35 representatives of international and
non-governmental organizations, business persons, and American and
Bulgarian officials, including Bulgaria's Ministers of Trade and
Foreign Affairs. American Ambassador William Montgomery chaired the
first part of the Forum and Bulgaria's Ambassador to the US,
Snezhana Botousharova, chaired the second part. Discussion focused
on the topic "Expanding Investment and Trade — How Can Institutions
Help?"
The recommendations are divided into two parts. The first
consists of recommendations for the newly elected Government of
Bulgaria. The second part consists of a set of complementary
recommendations for the Government of the United States.
All of the recommendations are based on general agreement on
three major points of analysis. First, an expansion in foreign
investment and trade is fundamental to revitalizing Bulgaria's
economy. Second, the legal framework for investment and trade is
generally liberal; however, the implementation of the law is
hampered by institutional and regulatory inconsistencies. Third,
specific efforts are required for the establishment of a more
"user-friendly" business environment in Bulgaria.
PART I: RECOMMENDATIONS TO THE GOVERNMENT OF
BULGARIA
These recommendations fall into six categories:
• Developing a Strategy and Strategy Statement on Foreign
Investment
• Strengthening the Foreign Investment Commission
• Streamlining Investment Procedures
• Improving the Legal Framework
• Facilitating Bulgarian-U.S. Trade Expansion, and
• Supporting Programs and Non-Governmental Organizations.
• Developing a Strategy and a Strategy Statement on Foreign
Investment
1. The Bulgarian government should develop a clear
strategy and strategy statement on the attraction of foreign
investment, for submission to and adoption by the Council of
Ministers. This statement should state the advantages of foreign
investment for Bulgaria (new machinery, finance, technology,
marketing and management skills) and describe a program of legal
and institutional reforms to attract such investment and support it
after it occurs. This program should aim to make Bulgaria a
relatively easy place for direct foreign investment — a place where
government institutions facilitate rather than complicate
investment procedures. This statement should recognize that many
countries are competing for international investment, and success
depends on developing a receptive institutional and regulatory
environment.
Strengthening the Foreign Investment Commission (FIC) or its
Successor [1]
2. The strategy statement and the government should
unambiguously support the Foreign Investment Commission as a tool
to attract foreign investment and facilitate the investment
process. The government should ensure that the chairperson of the
Foreign Investment Commission has the political support necessary
to be effective when addressing bureaucratic obstacles to this
investment. This will require more frequent and prominent
statements by the Prime Minister and Deputy Prime Ministers in
favor of foreign investment and its facilitation by the Commission.
It may also require the upgrading of the commission to "Agency"
status. All line ministry officials and local officials need to
understand that actions to obstruct, delay, or complicate foreign
investment are unacceptable, because they are in clear
contradiction with government policy and the national interest. In
cases where local or line ministry officials create unreasonable
obstacles or delays, FIC officials should be authorized to resolve
the dispute through consultations with the relevant ministers,
drawing on the stature of the chair of the FIC when necessary, and
developing exemptions to unreasonable regulations in particularly
difficult situations.
3. Investor "servicing" should be institutionalized as a
central function of the Foreign Investment Commission. Such
servicing consists of assisting new and existing investors to
overcome problems, particularly ones caused by various other parts
of the government bureaucracy. Currently, the Commission's legal
charter does not list the job of assisting, or "servicing,"
potential investors as a key function. This should be changed. The
Commission should move from being a source of ad-hoc help during
acrimonious disputes to becoming an agency which places investor
servicing at the heart of its program to attract foreign
investment. "Service-oriented" investment commissions have proved
very successful in Ireland, Malaysia, Thailand, Chile, and
elsewhere.
4. Bulgaria's Foreign Investment Commission should become a
sort of "ombudsman" for helping investors within the existing
government structure. This does not mean that all powers of
approval should reside in the FIC; rather, it means that the FIC
should become responsible for helping foreign investors to obtain
all approvals, registrations, and visas from other government
departments. The FIC should clearly explain what steps are
necessary, work actively with the investors to visit the necessary
offices, follow up on submitted requests, and apply pressure on the
investors' behalf when this is necessary to overcome obstacles. The
FIC should become a "user friendly" organization. Instead of
waiting until problems arise, the FIC should offer to help
investors from the beginning of their investment exploration
process.
5. The Commission should not limit its assistance to new
investors, but should also support existing foreign investments,
helping to keep them satisfied with their decision to invest in
Bulgaria. This will help overcome current perceptions that there is
a lack of consistent Bulgarian government commitment to support
investments, once made. Potential investors talk with existing
investors. They are more likely to be attracted by effective
servicing and reports of satisfaction among existing investors than
by elaborate promotional materials. A balanced approach between
attracting new investors and supporting existing ones is
essential.
6. To become more service-oriented, the Commission should
make organizational changes. First its permanent offices should be
moved from their present location in a restricted-entry building to
quarters that are more accessible to the public, for example, a
business center such as the World Trade Center. At the same time,
FIC staff should maintain the same access to the Council of
Ministers that they presently enjoy. Second, the Commission should
organize itself around the concept of "account managers" assigned
to support specific investments throughout the entire investment
process, even into the life of the investment. Third, the size of
the permanent staff should be increased to allow sufficient
attention to individual investors.
Streamlining Investment Procedures
7. The Foreign Investment Commission should be
encouraged to participate in the process of documenting the
regulations governing the foreign investment process and developing
simplifications. By recording all of the specific regulations that
a foreign investor must comply with, in a variety of possible
investment areas, the FIC can develop both a roadmap for foreign
investors and a useful tool for a government that wishes to
simplify or streamline the regulatory framework. On the basis on
this documentation, the FIC can demonstrate the ambiguity or
cumbersomeness of certain regulations and suggest simplifications
or clarifications to the Council of Ministers.
8. The process of approving joint-ventures with State-owned
enterprises should be streamlined. Currently, complex paperwork
requirements impose an overwhelming burden on potential investors,
and the Ministry of Industry and other ministries are ill-prepared
to evaluate the slew of information they require for joint-venture
proposals. This results in delays, frustrations, and missed
investment opportunities. A solution is to allow investors to
negotiate and strike a deal with a firm's managers, and to limit
the involvement of the ministries to approving (or rejecting) the
deal within thirty days. These accelerated procedures will allow
more rapid progress in revitalizing Bulgarian companies.
9. The Commercial Law should be modified to overcome
problems stemming from the valuation of non-monetary contributions,
such as intellectual property rights and good will. Difficulties
frequently arise when court-approved appraisers set a lower value
on non-monetary contributions than investors, raising problems for
apportioning the equity in joint ventures and establishing a firm's
creditworthiness. This situation has delayed and prevented the
conclusion of several foreign investment deals. A solution is to
permit investors to set their own valuations, with stiff penalties
for misrepresentation, as done in Poland and Hungary.
10. Foreign investors consider acquiring land as one of
their most acute problems. The government should take two steps to
address this problem, one of which is relatively simple, and
another which is more difficult. First, standard, transparent, and
simple procedures should be developed for re-classifying
agricultural land as industrial land (to allow specific greenfield
investments). This simple reform is needed to correct the current
process which is haphazard and frequently slow. Second, steps
should be taken, whenever possible, to enable investors to
negotiate with only one party when privatizing a company or
establishing a joint venture. In cases where there is no clear
title of ownership of land on which such industrial enterprises
exist, municipal authorities should be required to issue such
titles to the enterprises as quickly as possible.
Improving the Legal Framework
11. The foreign investment law in Bulgaria — Foreign
Persons' Business Activity and Foreign Investments Protection Act —
is reasonably sound. Investors' true problems are more often
related to implementation, enforcement, and bureaucratic obstacles,
and not the Protection Act itself. This is why developing a strong
service orientation at the Foreign Investment Commission is so
important.
12. The legal framework for trade and investment, however,
consists of much more than just the foreign investment act. Other
areas of commercial and banking law should be reformed to make
Bulgaria a more efficient place to do business. Five specific
examples are presented below.
13. The government should pressure the legislature to pass
the Draft Law on Notaries. The current system of government
notaries is inconvenient, slow, and the source of negative
publicity about Bulgaria's business climate. If passed, the draft
law will create a private system which will reduce the amount of
time lost waiting for notarizations.
14. The government and representatives of business should
organize a working group to draft and lobby for passage of a modem
secured transaction law. No adequate law currently exists in
Bulgaria that allows for the use of movable property (chattel) as
security for many business credit arrangements. This is because
security interest in chattel does not become effective until the
creditor takes physical possession of the collateral, even if the
collateral consists of machinery, vehicles, or inventory. This
makes credit arrangements difficult for any business person
operating in Bulgaria. A new law is needed.
15. The government and representatives of business should
organize a working group to draft and lobby for passage of a modem
foreclosure law. The current law makes foreclosure an extremely
lengthy, litigious, and difficult process. As a result, businesses
operating in Bulgaria attempt to avoid situations where money would
be owed to them, for fear that commitments will not be honored and
enforced. This makes business difficult. Banks are also less likely
to lend to businesses, because of the difficulty of foreclosure.
Thus, a new, more reasonable law is needed.
16. The government should pressure the legislature to pass
the Draft Law on Securities and Investment Companies. This law is
necessary to add transparency to the securities market and protect
investors from unethical practices, allowing both Bulgarians and
foreign investors to use these financial mechanisms more
efficiently.
17. Bulgarian authorities should establish a record of
vigorous enforcement of their current Intellectual Property Rights
(IPR) legislation. Bulgaria's legislation in this area is adequate,
however, enforcement is lax. Trademarks, patents, licenses and good
will are some of the most important contributions that foreign
investors can bring to Bulgaria. If IPR are not protected in
practice, these benefits will be slow in coming.
Facilitating Bulgarian-U.S. Trade Expansion.
18. Trade finance and insurance are fundamental to
expanding trading relations; therefore, the Bulgarian Ministry of
Trade should expand its efforts to develop support programs for
Bulgarian exporters (insurance, credit line guarantees) and explore
opportunities for international help in this area. A specific
request should be made to the US Government for technical
assistance for the development of a Bulgarian Export-Import Bank,
and a dialogue should be opened with multilateral and commercial
sources to explore possibilities for financing this endeavor.
19. Bulgaria's Free Trade Zones (FTZs) have the potential
to facilitate trade and attract investments, yet they suffer from
legislative ambiguity, underdevelopment, and occasional abuse. The
Ministry of Trade and the Bulgarian-American Trade and Investment
Association (BATIA) recently defined a program to study the
situation of the FTZs, develop working groups to prepare a new FTZ
law, and facilitate the development of one of these zones on a
pilot basis. This initiative should be followed up by the new
Bulgarian government, which should continue to seek donor support
for this initiative.
20. Bulgaria should continue the ongoing process of
accession to the GATT/ World Trade Organization. Membership will
create tariff advantages for Bulgaria and send a clear signal to
traders and investors that the country is a reliable business
partner.
Support Programs and Non-Governmental Organizations
21. The Foreign Investment Commission should gather and
disseminate information on: (a) inflows of foreign direct
investment, (b) how to invest in Bulgaria (how to follow the
regulations), and (c) information on state-owned enterprises
seeking to develop joint-ventures. All other information materials
should be left for private-sector intermediaries to provide for
their clients. Non-governmental sources of information are
important because they are considered to be more objective and
responsive to the needs of clients. These sources are often more
permanent than government agencies where turnover is high, and
departing officials often take their files (and institutional
memories) with them.
22. Non-government sources include lawyers, accountants,
bankers, and consulting firms as well as not-for-profit
organizations such as the American Chamber of Commerce in Bulgaria,
the American Business Incubator, the Bulgarian International
Business Association (BIBA), the Center for the Study of Democracy,
the Bulgarian-American Trade and Investment Association (BATIA),
and others. These organizations should develop their abilities to
complement the "servicing" activities of the FIC, and provide
relevant information to potential investors. They should also serve
as continual facilitators of dialogue between foreign investors and
the government on regulatory and other policy issues. Their efforts
in this regard deserve the support of the donor community, the
investor community, and the full cooperation of the government of
Bulgaria. A constructive partnership between the public and private
sectors is critical to improving the climate for investment and
trade.
23. Similarly, those organizations which facilitate direct
contacts between American businesspersons (investors, traders) and
Bulgarian enterprises deserve support and cooperation. On the
American side, these include, the Bulgarian-American Enterprise
Fund, the US Peace Corps, the International Executive Service
Corps, the American Business Incubator, the Citizen's Democracy
Corps, the US & Foreign Commercial Service, the MBA Enterprise
Corps and others. On the Bulgarian side, they include the Bulgarian
Industrial Association, the Euro-Info Correspondence Center, the
World Trade Center - Sofia, the Bulgarian Chamber of Commerce and
Industry, and others.
PART II: RECOMMENDATIONS TO THE GOVERNMENT OF
THE UNITED STATES
Recommendations to the US fall into four broad categories:
1. Helping to Strengthen the Foreign Investment Commission
2. Helping to Improve the Legal Framework
3. Facilitating Bulgarian-U.S. Trade Expansion, and
4. Supporting Programs and Non-Governmental Organizations.
Helping to Strengthen the Foreign Investment Commission (FIC)
[2]
1. The Government of Bulgaria needs to take a number of
steps to strengthen the FIC so that it can provide more effective
"investor servicing." Such servicing consists of assisting new and
existing investors to overcome problems, particularly ones caused
by various other parts of the government bureaucracy. If Bulgaria
decides on a program to strengthen the FIC and render it more
"user-friendly," the United States should offer its assistance to
this process. Such assistance should be considered by the US Agency
for International Development or the Department of Commerce. It
could consist of a project to support study tours or short
internships by FIC staff in successful investment promotion
agencies in Ireland, Thailand, Malaysia, or American states such as
Tennessee. It might also involve technical assistance to help the
Commission to reorganize itself, as well as money for "client
satisfaction" surveys, monitoring, publications, and FIC-led
efforts to educate Ministry officials at all levels about the
foreign investment law and methods to facilitate investment.
Assistance might also include short-term training for FIC staff in
international business issues, the concept of comparative
advantage, and the criteria that companies use when deciding in
which country to invest.
2. The US Government should promote improved coordinator
between its various assistance program and the FIC. Business
Initiative, MBA Enterprise Corps, and the International Executive
Service Corps, should be encouraged to meet regularly with the FIC
to share information about the attraction of American direct
investment and discuss opportunities for mutual support.
3. The US Foreign and Commercial Service should inform
American investors about the conditions and requirements for
investing in Bulgaria, in cooperation with the FIC. This should
include the law requiring them to register their investments with
the Ministry of Finance. It appears that many American companies
have not reported the full extent of their investments in recent
years, making it difficult for the Foreign Investment Commission to
track properly investment levels and offer on-going assistance.
Full registration should be encouraged.
Helping to Improve the Legal Framework
4. The Bulgarian legal framework for trade and
investment is reasonably sound; however, other areas of commercial
law should be reformed to make Bulgaria a more efficient place to
do business. Four specific areas where the US Government can
provide needed assistance are outlined below.
5. US organizations should help the Bulgarian government
and representatives of business to organize a working group to
draft a modem secured transaction law and to advocate for its
passage. No adequate law currently exists in Bulgaria that allows
for the use of movable property (chattel) as security for many
business credit arrangements. This is because security interest in
chattel does not become effective until the creditor takes physical
possession of the collateral, even if it consists of machinery,
vehicles, or inventory. This makes credit arrangements difficult
for any business person operating in Bulgaria. The US can help
facilitate the process of developing a new law by supporting groups
such as the American Bar Association's Central and Eastern European
Law Initiative (CEELI) and the University of Maryland's IRIS
Project (Institutional Reform and Informal Sector) to help organize
and finance the necessary drafting group.
6. US organizations should help the Bulgarian government
and representatives of business to organize a working group to
draft a modem foreclosure law and advocate for its passage. The
current law makes foreclosure an extremely lengthy, litigious, and
difficult process. As a result, businesses operating in Bulgaria
attempt to avoid situations where money would be owed to them, for
fear that commitments will not be honored and enforced. This makes
business difficult. Thus, a new, more reasonable law is needed. The
US can help facilitate the process of developing the new law by
supporting groups such as CEELI to help organize and animate the
working group.
7. Bulgarian Commercial Law should be modified to overcome
problems stemming from the valuation of non-monetary contributions,
such as intellectual property rights and good will.
Difficulties frequently arise when court-approved appraisers set a
lower value on non-monetary contributions than investors, raising
problems for apportioning the equity in joint ventures and
establishing a firm's creditworthiness. This situation has delayed
and prevented the conclusion of several foreign investment deals. A
solution is to permit investors to set their own valuations, with
stiff penalties for misrepresentation, as done in Poland and
Hungary. The US can help facilitate the process of modifying the
law by supporting groups such as CEELI or the Legal Program of the
Center for the Study of Democracy to publicize the need for change
and animate a working group to advocate for the reform.
8. The United States and Bulgaria should finalize, sign, and
enact into law an agreement on the avoidance of double taxation.
Facilitating Bulgarian-U.S. Trade Expansion.
9. The United States should support and facilitate
Bulgaria's ongoing process of accession to the GATT/World Trade
Organization, taking into consideration the particular difficulties
of Bulgaria's economy. Bulgaria's membership in the WTO will clear
tariff advantages, help integrate the country is a reliable
business partner. The participation of Bulgaria in the WTO is a
long-term strategic guarantee for the irreversibility of market
reforms. The crisis in the Bulgarian economy and the fall in living
standards are leading to increasing internal protectionist
pressures. Therefore, delays in accession to the WTO may complicate
the accession process domestically.
10. Although Bulgaria does not claim developing country
status in the GATT, its level of development is one of the lowest
in Eastern Europe and is comparable to that of many developing
countries. Therefore, the US Government should assist Bulgaria's
effort to stabilize its economy through better market access for
its goods inter alia by expanding the application of Generalized
System of Preferences (GSP) schemes for imports from Bulgaria.
11. The loss of traditional markets after the changes in
Eastern Europe and the dependence of the Bulgarian economy on
foreign trade make access to new markets vital for the success of
Bulgarian democratic and market reforms. The US Government should
provide a signal of support for these reforms by repealing the
outdated Jackson-Vanick Amendment and granting Bulgaria most
Favored Nation (MFN) status on a permanent basis. (The US granted
Bulgaria MFN status in 1992; however, the Jackson-Vanick Amendment
unnecessarily requires periodic certification by the US President
to Congress about Bulgaria's conformity to the requirements for
freedom of movement of her citizens.) The US also should reduce
protectionist measures applied to imports from Bulgaria, such as
trade remedy procedures and the US Agricultural Act of 1956, as
amended.
12. The US & Foreign Commercial Service should continue to
explore creative ways to make the programs of the Overseas Private
Investment Corporation (OPIC) and the Export-Import Bank (Ex-Im
Bank) useful for trade with Bulgaria. This will involve monitoring
official risk ratings and providing information that many may lead
to their improvement, such as information about this summer's
international creditor club agreements (Currently, poor risk
ratings make it difficult for Bulgaria to benefit from these
programs). It may also involve disseminating information about how
to use new OPIC support programs, as they are developed, and the
conditions under which support can be obtained from the US Trade
Development Agency (USTDA).
Bulgaria to benefit from these programs). It may also
involve disseminating information about how to use new OPIC support
programs, as they are developed, and the conditions under which
support can be obtained from the US Trade Development Agency
(USTDA).
13. The US Government should respond constructively to
requests for assistance that come from Bulgaria's Ministry of Trade
as it develops its own programs to support Bulgarian exports
through insurance, and/or credit line guarantees. If requested,
technical assistance and advice should be provided for the
development of a Bulgarian Export-Import Bank — an area where the
US has considerable experience to share.
14. Bulgaria's Free Trade Zones (FTZs) have the potential
to facilitate trade and attract investments, yet they suffer from
legislative ambiguity, underdevelopment, and occasional abuse. The
Ministry of Trade and the Bulgarian-American Trade and Investment
Association (BATIA) recently defined a program to study the
situation of the FTZs, develop working groups to prepare a new FTZ
law, and facilitate the development of one of these zones on a
pilot basis. This initiative should be followed up by the new
Bulgarian government, and considered for financial support by USAID
or one of its affiliated organizations (e.g.. Center for
International Private Enterprise).
Support Programs and Non-Governmental Organizations
15. Non-governmental sources of information on
investment and trade are important because they are considered to
be more objective and responsive to the needs of clients. These
sources are often more permanent than government agencies where
turnover is high, and departing officials often take their files
(and institutional memories) with them. Non-government sources
include lawyers, accountants, bankers, and consulting firms as well
as not-for-profit organizations such as the American Chamber of
Commerce in Bulgaria, the American Business Incubator, the
Bulgarian International Business Association (BIBA), the Center for
the Study of Democracy, the Bulgarian-American Trade and Investment
Association (BATIA), and others. These organizations should develop
their abilities to complement the "servicing" activities of the
FIC, and provide relevant information to potential investors. They
should also serve as continual facilitators of dialogue between
foreign investors and the government on regulatory and other policy
issues. Their efforts in this regard deserve the support of
American donor organizations, as well as the investor community,
and the Government of Bulgaria. A constructive partnership between
the public and private sectors is critical to improving the climate
for investment and trade.
16. Similarly, those organizations which facilitate direct
contacts between American investors and Bulgarian enterprises
deserve support and cooperation. On the American side, these
include the Bulgarian-American Enterprise Fund, the MBA Enterprise
Corps, the US Peace Corps, the US & Foreign Commercial Service, the
American Business Incubator, the International Executive Service
Corps, the Citizen's Democracy Corps, and others. On the Bulgarian
side, they include the Bulgarian Industrial Association, the
Euro-Info Correspondence Center, the Bulgarian Chamber of Commerce
and Industry, and others.
Footnotes:
[1] These recommendations apply to the current F1C as well as
any renamed or successor agency with similar functions. The
function of "investor servicing" is certainly more important than
the name of the agency assigned this responsibility.
[2] These recommendations apply to the current FIC as well as
any renamed or successor agency with similar functions. It is the
function of "investor servicing" that is key, and not the name of
the government agency assigned this task.
List of Participants in the Bulgarian-American Economic
Cooperation Forum
December 7, 1994, Sofia
- Ben Counter, Clarina (Coca-Cola), Bulgaria
- Daniela Bobeva, Foreign Investment Commission
- Dencho Georguiev, Deputy Minister of Trade
- Robert McCarthy, Bulgarian-American Enterprise Fund
(BAEF)
- George Prohasky, Executive Director, Open Society
Fund – Sofia
- George Pirinskli, Former Deputy Prime Minister,
Member of Parliament
- Ivan Stancioff, Minister of Foreign Affairs
- Ivan Belchev, Deputy Minister of Trade
- Ivanka Petkova, Program Director, Institute for
Market Economics
- Jack Godwin, Associate Director, Peace Corps
Bulagria
- John Fogarasi, US and Foreign Commercial
Service
- John Tennant, USAID Representative, Bulgaria
- John Wilton, Head of the Resident Mission, World
Bank
- Kamen Shopov, Assistant Director, Vidima Ideal
- Krastju Mirski, Vice President, Committee of Posts
and Telecommunications
- Kiril Velev, Minister of Trade, and Chairman of
BATIA
- Lada Stoyanova, Program Specialist, USAID,
Bulgaria
- Lawrence Kent, Development Alternatives, Inc.
- Mariana Todorova, Advisor to the Executive
Director, World Bank
- Mark Beesley, American Bar Association, Central and
East European Law Institute
- Nikola Tcholakov, Economics Expert, Union of
Democratic Forces
- Nickolay Savov, Bulgarian Business Systems/Apple
Computer IMC
- Ognian Shentov, President, Center for the Study of
Democracy
- Ray Mazurek, President, American Chamber of
Commerce in Bulagria
- Robert Bose, Vice President, Carebac
- Skip Kissinger, Private Sector Officer, USAID
- Snezhana Botousharova, Ambassador of Bulgaria to
the United States
- Stephan hadjitodorov, Member of Supervisory Board,
Privatization Agency
- Stephan Kyutchukov, Head of Legal Program, CSD,
General Counsel, Bulagrian-American Enterprise Fund
- Svilen Parvulov, Member of Supervisory Board,
Privatization Agency
- Todd Madden, Arthur Andersen, Sofia
- Todor Tchourov, Ambassador at Large
- Vesselin Gornishki, Head of Department, Ministry of
Trade
- Vladimir Yordanov, Applied Research and
Communocation Fund
- William Montgomery, Ambassador of the United States
to Bulgaria
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