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Time Business News
a day ago
- Business
- Time Business News
Bulgaria's Industrial Future: Hristo Kovachki Advocates
In a series of recent interviews, Bulgarian businessman and energy expert Hristo Kovachki has outlined a vision for Bulgaria's economic revitalization – centered around reindustrialization, technological renewal, and the strategic extraction of rare metals from domestic coal resources. His remarks come at a time when both Bulgaria and the European Union are navigating the twin challenges of climate transition and global competitiveness. Kovachki's central thesis is clear: Bulgaria must break away from its service-dominated economy and re-establish itself as an industrial and technological player in the European and global landscape. 'A sustainable and successful economy cannot be based solely on the service sector,' he notes, pointing out that nearly 70% of Bulgaria's GDP comes from services, while industry contributes less than 30%. While acknowledging Bulgaria's demographic challenges, Kovachki rejects the notion that the country is 'too small' for such ambition. 'We are a classic Central European country, strategically located, and a full member of the European Union. We should stop underestimating our potential,' he insists. One of Kovachki's most noteworthy proposals is the development of a rare metals industry in Bulgaria, particularly through the extraction of valuable elements from coal and coal byproducts. This is not an entirely new idea on the global stage – U.S. companies have already begun exploring this field – but Kovachki sees unique potential for Bulgaria. 'Rare metals like those found in coal ash and mining byproducts are among the world's most valuable resources, crucial for the advancement of clean technologies and industrial innovation,' he explains. In his view, Bulgaria's lignite coal, often dismissed as a relic of the past, could become the raw material of the future. This vision aligns closely with the European Commission's Clean Industry Pact, which emphasizes sustainable production, reduced raw material dependency, and greater circularity. Kovachki points out that Europe already recognizes the strategic importance of critical raw materials like antimony, a metal recently thrust into the spotlight due to reduced exports from China. His suggestion: Bulgaria could contribute to this European supply chain through innovative recovery technologies. Importantly, Kovachki's ideas fit well within the EU's broader strategy for green growth and industrial resilience. The Clean Industry Pact and the European Critical Raw Materials Act both prioritize the development of local supply chains, circular use of resources, and new technologies for decarbonization – all principles echoed in Kovachki's proposals. Rather than viewing decarbonization as a burden, Kovachki sees it as a 'driver of growth,' particularly when paired with industrial policy. 'This sector can place Bulgaria on the global economic and geopolitical map,' he says, underscoring the opportunity for research, innovation, and job creation. His approach is not in opposition to the Green Deal, but rather complementary – suggesting that legacy energy resources like coal, when used innovatively, can support Europe's clean transition. Kovachki also draws inspiration from international developments, particularly U.S. efforts to maintain industrial leadership and innovation. He refers to the return of 'economic common sense' and the strategic role of industry under American policy as a positive model, noting the significance of strategic partnerships, including those between Bulgaria and the U.S. His call to action includes welcoming international companies to explore and invest in Bulgaria's rare metal potential – a move that could boost both domestic capabilities and global integration. From an editorial standpoint, Kovachki's proposals offer a pragmatic and well-aligned vision for Bulgaria's role in the 21st-century economy. They do not seek to dismantle EU policies, but rather leverage them more effectively. His belief in the industrial future of Bulgaria is grounded in both global trends and local opportunity. Crucially, the emphasis on technological reinvention, sustainability, and strategic resource use aligns with the EU's competitive goals. The extraction of rare metals from coal byproducts is an area ripe for innovation, and if supported with a national strategy, could transform regions traditionally dependent on coal into future-facing hubs of green industry. In this sense, Kovachki's vision is not only about economic diversification – it's about turning challenges into assets. His approach underscores the importance of looking forward, not back, while maximizing the resources and strategic advantages already present within the country. 'A country that only trains service staff cannot lead global developments. Countries with strong industries and new technologies set the agenda.' 'Rare metals may turn coal – once seen as a fuel of the past – into a resource for the future.' 'Bulgaria should not see itself as small. We are a medium-sized European country with strategic importance.' As the EU intensifies its efforts to secure critical materials, lower emissions, and boost industrial competitiveness, voices like Hristo Kovachki's offer grounded and constructive perspectives on how member states like Bulgaria can actively participate – and even lead – in this transformation. TIME BUSINESS NEWS
Euronews
26-02-2025
- Business
- Euronews
A business plan for a low-carbon, competitive European economy
The European Union must become the global destination for green technologies. This is one of the stated objectives of the Clean Industry Pact, presented on Wednesday by the European Commission. The idea is to make decarbonisation a factor in the continent's growth and reindustrialisation. The plan is designed to enable the 27 Member States to make the transition to a low-carbon economy and at the same time keep up pace with their Chinese and American competitors. "The Clean Industrial Pact represents a paradigm shift in European industrial policy. For the first time, there is talk of European preference, particularly for public procurement, to encourage green technologies made in Europe," explains Neil Makaroff, director of the Strategic Perspectives think-tank. "For the first time, we are also going to invest in value chains on a European scale, particularly where there is a gap. Typically, we have no lithium refining capacity, when in fact we need it to produce batteries," he adds. Reducing energy costs The institution is therefore proposing to mobilise more than €100 billion in the short term. It also wants to offer businesses predictability. The aim is to reduce energy costs for industry, starting with energy-intensive ones such as steel and cement, and also households. The institution also wants to take action in the clean technologies sector, which will be at the heart of competitiveness and growth. According to Cleantech for Europe, which represents some twenty green companies, the pact is a step in the right direction. "I think it instils a significant dose of pragmatism into the Green Deal, by recognising that private companies will have to do it and implement it to transform our economy", says Victor Van Hoorn, Director of Cleantech for Europe. Promoting access to resources at the best price The Commission also wants to secure access to critical raw materials, and therefore proposes the introduction of group purchasing or to enable companies to pool their requests. It is also calling on the EU to diversify its supply chains and turn to reliable international partners. The Commission stresses that it will not hesitate to use its trade defence tools to protect European companies in the event of unfair competition. However, some people are questioning the purpose of this plan. Critics fear that this strategy is a roundabout way of unravelling the Green Pact, the flagship project of Commission President Ursula von der Leyen's first term in office. In response to these concerns, the Commission points out that its objective is to achieve carbon neutrality by 2050 and that it is maintaining its ambition to reduce greenhouse gas emissions by 55% by 2030. It also stresses its desire to achieve a 90% reduction in these emissions by 2040. To underline the argument that decarbonisation is a lever for growth, the Commission points out that plans for renewable energies should generate more than 3.5 million jobs by 2030.
