American Chamber of Commerce (AmCham) in Bulgaria on Tuesday urged the government, which will come to power after the early parliamentary elections in October, to ensure a stable business environment.

"Core challenges facing the next government are lack of confidence in institutions, worsening business and investment climate, and slow economic growth," the business organization said in a White Paper with policy priorities and recommendations published on its website.

Bulgaria needs to do more and do it urgently to address these problems in order to ensure a stable and satisfactory quality of life for the current and next generation, the document said.

"Perhaps most importantly, government action is needed to reassure business about the intention to maintain a welcoming, predictable, and stable political, economic and regulatory environment," the White Pater said.

Maintaining mandated levels of fiscal and monetary reserves, and seeking efficient use of available budget resources to stimulate growth and job creation, are two of the core recommendations identified by AmCham in the area of economic and financial stability.

In the area of regulatory transparency and predictability, the next government should initiate a comprehensive public administration reform aimed at effectiveness, consistency, professionalism and impartiality, and ensure a professional approach to managing the judiciary in order to insulate judicial appointments and decisions from political influence, the White Paper said.

Meanwhile, the government should provide targeted incentives to promote investment, ensure predictability and a stable business environment by drafting and adhering to a medium-term tax policy plan, and develop a new vision for public-private partnerships, AmCham recommended.

According to the recommendations, the country should also update labor policy and legislation to respond better to the changing socio-economic environment, address major "shortcomings" in the energy system which have substantial negative impact on Bulgaria's economy and investment climate, and consider creating incentives for lending to key sectors of the economy. Endit

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