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Bulgarian firms need innovation encouragement

The Bulgarian Chamber of Commerce and Industry (BCCI) has said that companies’ investment in innovation should be exempt from tax, and that at least BGN 1 billion (€511.3 million) should be earmarked for science and innovation over the next seven years, according to national newspaper Klassa.

BCCI Co-Chairman Yosif Avramov also suggested a reduction in co-financing requirements for beneficiaries of projects from EU structural funds from current levels of 20-50% to no more than 10%, according to Klassa. His statement follows a recent survey by the BCCI indicating that over half of Bulgarian firms do not invest in innovation, partly due to lack of money.

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