Both the largest real estate company and the largest investor in Bulgaria are American. Such was one of the points that Borislav Boyanov, president of the American Chamber of Commerce (AmCham) in Bulgaria, emphasised at the organisation's general assembly.

The gathering, which drew scores of AmCham members, took place at the Radisson SAS Grand Hotel on January 30.

Presiding over it were Boyanov and AmCham executive director Valentin Georgiev.

Boyanov opened the meeting with a minute of silence for the five Bulgarian medics held in Libyan gaol. "There are many people around the world who suffer. I think that we, as members of AmCham, cannot stay without taking action for those who need it," he said.

James Rigassio, commercial councillor to the US embassy, explained in his keynote speech that the spirit of AmCham is to always be moving forward, to see and achieve more. "Now Bulgaria is in the European Union, and many of your plans have been realised, and you've provided a tremendous service to your members," he said, noting that more European Union presence in Bulgaria can coincide with increased US representation.

As a whole, there are many dynamic sectors of the Bulgarian economy in which the US can participate. Rigassio mentioned numerous times the excellent partnerships and co-operation between AmCham and the US embassy in Bulgaria. Joint projects such as assistance in finding business partners and helping bring capital to Bulgaria occur because of their mutual collaboration. He also addressed Bulgaria's new competitiveness in world markets due to its EU membership.
Assuring American participation in the Bulgarian economy can and is occurring in a number of ways, Rigassio said. An ambassadorial road show is planned for early May 2007, in which large American urban areas (the California Bay Area; Denver, Colorado; New York; Boston) will be visited and Bulgarian partnerships will be initiated; 2006 saw AmCham help American companies in the areas of security and defence find Bulgarian partners for the joint training facilities in Bulgaria; there will be a defence-sector trade show in Bucharest in which AmCham Bulgaria will have representation.

Also, environmental technology is "something that Bulgaria needs quite a bit of, something that the European Union is ready to pay for in a large way", he said. To this effect, a delegation of American companies in the environmental technology field came to Bulgaria, Romania and Turkey. AmCham welcomes these companies to the country and makes efforts to match them up with potential Bulgarian partner companies interested in the market.

Rigassio also called on Bulgaria to become more energy independent, saying that "we can do a lot more with energy efficiency and alternative energy sources".

In addition, he said: "There are many European Union issues that Bulgarian companies can learn more about. For all the talk about a common market and open trade in Europe, you actually have to be more careful about non-tariff trade barriers."

AmCham can help, by offering guidance.

Throughout, one of his main themes was that AmCham exists for and by its members - and all suggestions and ideas are welcome.

When Boyanov took the floor, he congratulated AmCham Bulgaria on one of its most successful years, noting that 2006 marked a record year for US investment in the country. "We have succeeded both in promoting US investments in the country and promoting the business climate in the country," he said. "The chamber brought together a record number of US and Bulgarian companies. We have managed to position the chamber as a reliable partner of the Government." He believes that the US-Bulgaria double-tax treaty will become reality in 2007.

Also receiving praise were AmCham's Real Estate, Pharmacy and EU Affairs committees. The EU Affairs Committee had the largest amount of member participation, he said, which demonstrated that AmCham is in fact a member-driven organisation. Its lobbying efforts cover a wide range of areas and legislation; it is "the most successful lobby in the European Union", Boyanov said.

Following Boyanov's address, Georgiev presented the 2006 financial report; it was received with a unanimous vote of approval.

After that, an amendment to the Statutes of the American Chamber of Commerce in Bulgaria was voted on and passed unanimously. At the end of Article X, Section C, par. (8), a sentence now reads: "The resolution on admitting of a new member of the Chamber shall be taken by a 2/3 majority of all members of the Board of Directors."

Before presentation of and voting on the new members of the board, Georgiev and Boyanov paid tribute to two long-standing board members who had chosen to vacate their positions - Stefan Dimitrov and David Hampson. Both, currently vice presidents of AmCham, served on the board from 1999-2007.

Eight positions were open for board member election. From the 12 candidates, those who won were Olga Borissova, Borislav Boyanov, Anthony Hassiotis, Thomas Higgins, Andon Ichev, Kenneth Lefkowitz, George Randelov and Elitsa Tsaneva.