Ambassador Beyrle's Remarks on the Bilateral Investment Treaty

Today's signing of the Protocols exchanging the Instruments of Ratification of a Protocol amending our Bilateral Investment Treaty is fresh evidence of the growing dynamism in our two nations' economic and commercial relationship.  The original Treaty was signed in 1992, in order to open the door to the kind of normal trade relations that were impossible during the Cold War.  By 2003, because of Bulgaria’s rapid political and economic development, the prospect of EU membership, and huge growth in the volume of investment, it was already time for an update to the Treaty.  In effect, once we had opened the door to more American investment in Bulgaria, we very quickly discovered we needed to build more doors. 

This amended agreement signifies that the U.S. and Bulgaria share a very promising economic future – and that promise is now further  enhanced by Bulgaria's membership in the EU.   The United States strongly supported Bulgaria’s accession because it will allow Bulgaria to fulfill its great economic, political, and human potential, and thus to be a stronger ally and partner for us.   This potential has already been clearly recognized by the American business community.  Today, the largest foreign investor in Bulgaria is a U.S. company; the largest real estate investor in Bulgaria is a U.S. firm; and our bilateral trade continues to set records.  In 2006, we witnessed a remarkable surge in U.S. commercial activity in Bulgaria.   In 2007, with Bulgaria’s full membership in the EU, we expect even greater investment flows – encouraged by the entry into force of this updated investment treaty, and by the Treaty on the Avoidance of Double Taxation that we concluded negotiations on recently and expect to sign in February. 

Last month, I was honored to accompany Minister  Kalfin during his discussions in Washington with   Secretary of State Rice,  and the Secretaries of Commerce, Energy and  Treasury.   The impressive level of these meetings reflects the high respect that Minister Kalfin enjoys in Washington, but it is also a clear signal that a stronger trade relationship with Bulgaria is a high-level priority for the U.S. government.   This Bilateral Investment Treaty, which today enters fully into force, is an important symbol of what we have already achieved together, and highlights the exciting promise of the future.