Varna, Bulgaria (PortSEurope) February 3, 2019 – A new project “Bulgaria logistics corridor (Asia-Port Varna-Central Europe) – EU Gateway (EGP)” was officially presented in January, by the president of the NGO Black Sea Economic Zone Cluster (BSECZ) Doichin Nikov and the manager of the project Borislav Nikolov.
The project is expected to develop the region of Varna and North East Bulgaria, in a way similar to the impact that another project had on the Constanta Port on Romanian Black Sea coast and Thracian Economic Zone in Plovdiv region (Central Southern Bulgaria).
The aim of the project is to redirect through Bulgaria a substantial part of the cargo (worth over $300 billion per year) from Asia and the Middle East towards Eastern and Central Europe.
The authors of the project believe that 3-4% of the cargo traffic could be re-directed through the re-export hub in the Varna region. This is expected to contribute $3.9 billion (€3.39 billion) to the Bulgaria gross domestic Pproduct (GDP) and to generate over $400 million (€348 million) in taxes. The project will also reduce the Bulgarian firms’ logistics cost by 10% and create some 48,000 new job positions.
The project was first introduced in July 2017 and its realisation is expected to take seven years. The investments forecast for the first stage of the project are €800 million ($920 million).
The EU Gateway – Business Avenues is an initiative funded by the European Union (EU), created and managed by the Service for Foreign Policy Instruments under the Partnership Instrument. The programme acts as a bridgehead to provide business support services to European enterprises interested to develop their business in Asia. The initiative was rebranded EU Gateway – Business Avenues following the successful implementation of a pilot to South East Asia.
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