Boston, MA -- (SBWIRE) -- 01/02/2013 -- BMI View: There remains considerable caution amongst those investing in Bulgaria's construction and infrastructure sector as growth remains low again this quarter. Growth is up slightly, with a forecast of 2.1% year-on-year (y-o-y) in 2012, however this is expected to slip back to 0.8% in 2013. The ongoing eurozone crisis continues to crush any long term signs of growth as private sector worries about corruption and growth have also dampened prospects. The industry value is expected to rise from US$2.8bn this year to US$3.2bn by 2016.

Key developments in Bulgaria's infrastructure sector include:

- Bulgaria awarded Westinghouse a contract to prepare a plan for the development of a third nuclear reactor at the country's Kozloduy site, on August 27 2012. Westinghouse was in competition with French company Areva. The company is required to submit its report on the expected cost of the 1,000MW reactor on the Danube River bordering Romania by March 2013. Bulgaria shelved plans for the construction of a 2,000MW nuclear plant at Belene after failing to attract investment for the EUR10bn (US$12.5bn) project.
- The governments of Bulgaria, Qatar and Turkey are to collaborate on the construction of a new highway in Bulgaria. The 300km highway will connect the southern town of Svilengrad with the town of Ruse on the Danube River. The US$964.5mn project will be jointly financed by the three governments under a public-private partnership agreement, with construction to take four years.

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We expect EU membership to remain key to Bulgaria's long-term political outlook, helping to underpin investor sentiment in the country and steady economic growth. However, we note that despite having already joined the bloc, Bulgaria has a number of challenges it must yet tackle to improve its business environment and help ensure a more stable economic and political situation over the next ten years. Below we draw attention to these challenges and outline possible scenarios for political change.

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