Diplomats and businessmen praised Sunday's elections this week and offered cautious optimism on Bulgaria's future.

Kirko Kirkov, chief executive officer of Belgian-owned Union Miniere, told The Echo that the country's success in foreign investment terms largely depends on what elements make up the coalition government. "I like the individual and I like the vision, and I like the young people that are there," he said.

"But I'm concerned about the capability of the young team that has been presented and the economic vision." He added that the fact that some of the members of the National Movement Simeon II had been living outside of Bulgaria could be problematic because they may not be as familiar with some of the current problems in the country.

Kirkov said he hoped the new government would keep the existing foreign investment framework and work on improving it. He also said that on the issue of tackling corruption, it was too early to tell how successful the new leadership would be.

Philip Bay, president of the American Chamber of Commerce in Bulgaria, said Sunday's voting was a good sign. "I think that 12 years after the fall of communism Bulgarian democratic structures have proven their strength, resilience and it bodes well for the future."

He said that the Bulgarian people have spoken and the old politicians must listen. Bay was also upbeat about the future. "Bulgaria's economy is on a clear fast-track towards economic integration into the global economy. This cannot be changed.

"If the new government can execute policy and not just talk policy, they will get along very well with foreign investors and international financial institutions."

At a press conference on Wednesday, Swedish Ambassador Sten Ask said he hoped the new government would continue working at the same pace towards European Union accession. He said that the country has a very good chance of concluding accession negotiations by 2004.

A U.S. embassy spokesperson said that by all accounts the elections appeared to be free and fair, and they were expecting relations between the two governments to continue to be good.