Bulgaria hosts the Three Seas initiative

Bulgaria hosts the Three Seas initiative

The Three Seas Summit and Business Forum starts today in Sofia, Bulgaria. The event will be held on 8th and 9th of July, 2021

Energy, transport and digital connectivity - these are the three key words that will be most often heard in the next two days in the National Palace of Culture, where Bulgaria hosts the Sixth Summit of the regional initiative.

Launched as a forum aimed at reducing disparities in economic and technological development between Eastern and Western Europe in 2015, the Three Seas initiative brings together 12 countries located between the Baltic, Adriatic and Black Seas.

The Forum encourages political dialogue with a view to implementing joint projects to achieve economic growth and accelerate social cohesion between the participating countries. Strategic partners of the initiative are the European Commission, the Federal Republic of Germany and the United States.

At the National Palace of Culture, President Rumen Radev welcomed the presidents and heads of government from Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Slovenia, Austria, Croatia, Romania, Greece and Germany.

IMF Managing Director Kristalina Georgieva and EC Executive Vice President Margrethe Vestager also participate in the summit. A video address is expected from US President Joe Biden.

This year, more than 400 representatives of Bulgarian and foreign business are participating in the business forum itself.

Rumen Radev will also have bilateral meetings with the President of Germany and representatives of the large corporations Google and Amazon.

The initiative is important not only for its political significance, but also because of the specific ideas and projects for economic development.. A special investment fund with just over $ 1 billion has been raised, which supports joint development projects.

Bulgaria participates in the Fund with 20m euros and has three projects it wants to implement: for the expansion of the Chiren gas storage facility, the modernization of the Ruse-Varna railway line and the construction of a tunnel under Petrohan.

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