After a long period of stagnation in Plovdiv, Bulgaria’s second-largest city, investors, both national and foreign, have poured an estimated 4 Billion Euro (Brit. English: Milliard) into companies around Plovdiv, says local economist Georgi Stoev, who was quoted in a recent Financial Times (FT) article.
The publication is praising “the turnaround” in Plovdiv, set in motion by “a handful of dynamic local business people and officials” and improved confidence. Plovdiv’s recovery was even more striking when compared to the situation in Greece, it says.
Indeed, the jobless rate in Plovdiv is substantially lower that the nation-wide rate, as pointed out in the FT article, but that would apply to Sofia and, to a lesser extent, to other larger cities as well.
The municipality of Plovidiv is praising itself. The FT quote the Deputy Mayor for Investment, saying the growth was not triggered by the E.U. accession in 2007, but by “a new, co-operative approach by local government”.