Over 800 Million euros Invested in Bulgaria’s Sozopol in Four Years

More than 800 million euros worth of private capital has been invested in Bulgarian coastal town of Sozopol in the period from 2003 to 2007.

Sozopol municipality representatives said, as quoted by Focus News Agency that the town’s steady economic development in recent years made it one of the most attractive places for investment.

The municipality had encouraged investors to improve electric transmission network and water supply net in the resort. Good cooperation between the businesses and municipality administration boosted economic growth, Sozopol mayor Veska Karamanova said.

Sozopol’s business climate significantly improved in the past four years. According to real estate agencies, property prices in the region of Budzhaka increased from 60 euros to 90 euros to 250 euros a square meters.

Large-scale investment made it possible to reconstruct several tourism sites including Dyuni, tourism complex Santa Marina, St. Nikola, and Martines.

A total of 14,000 private companies were registered in Sozopol in the four-year period and 2,300 companies in the region of Sozopol.

Unemployment rate significantly decreased from 13.12 percent in 2003 to 5.5 percent in July 2007. The investment climate increased municipality’s budget from 4.4 million leva in 2003 to 15.6 million leva in 2007.