Банкеръ Weekly

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FOREIGN INVESTMENTS IN IT SECTOR TO EXCEED USD1BN IN 2004

Foreign investments in the IT sector exceeded USD670MN by the beginning of 2004, Deputy Premier and Transport Minister Nikolay Vassilev announced during the presentation of his ministry's project in the sphere of information and telecommunication technologies, called i - Bulgaria. It includes all programmes and projects in the sector. According to Mr. Vassilev, foreign investments in the IT sector will exceed USD1BN by the year-end.The growth in the domestic sector of information and telecommunication technologies has been between 25% and 35% over the last five years, and it is one of the most rapidly developing branches, Mr. Vassilev pointed out. According to official data of the Transport Ministry, about 7-8% of all Bulgarian have a PC now. The number of clients of mobile telephone services is considerably greater. In the end of 2003 they were more than 3,000,000, or some 33.8% of the country's population, Transport Ministry insiders specified. In the words of Mr. Vassilev, the sector of information and telecommunication technologies accounts for about 7.1% of the gross domestic product (GDP).

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