Table of contents
Introduction
On October 26, 2026, Bulgarian Prime Minister Rumen Radev delivered a speech to participants at the Sofia Economic Forum, in which he presented his government’s position on key issues such as regional security, infrastructure development, and others. His statements in this speech were presented in the Bulgarian and Romanian media as accusations against Romania, suggesting that because it named the culprit behind the attacks on civilian shipping in early October—Russia—Romania has suffered further blows and is solely to blame. Two days later, a ship was attacked in Bulgaria’s special economic zone in the Black Sea, which shows that even Radev’s ambiguous stance regarding the identification of the perpetrator of the attacks does not help his country achieve greater security. But something else is more important.
The Romanian media’s interpretation of Radev’s words sparked intense outrage, which intertwined with Romanians’ long-standing suspicions toward him—namely, that he harbors a pro-Russian stance, if not something even more serious. Thus, over the next few days, a certain agitation emerged among some Romanian elites and citizens. The famous phrase by the national poet Mihai Eminescu was once again brought to mind, according to which Bulgarians have “thick necks” and are “Bulgaroi,” not “Bulgarians”—which suggests that there is something wild and crude about them.
I, Vlad Mitev, initially believed—as did many people in Romania and Bulgaria—that Radev had said something crude, and I played a part in spreading that message. Radev’s speech, however, is available on YouTube, and upon listening to it, his message to Romania sounds entirely different—friendly and well-disposed toward Romanian President Nicușor Dan, the new Romanian Prime Minister Luca Niculescu, and Romania’s ambassador to Sofia, Brândușa Predescu. Radev expresses his desire to collaborate with them and mentions what he has already undertaken together with his Romanian partners in response to the attacks on civilian ships in the Black Sea. His remarks, which refer to Romania’s “identification of the culprit” (Russia), take on a different tone in the speech, as they are phrased to suggest that there is no easy solution to the problem that has arisen regarding the security of civilian navigation in the Black Sea. Radev emphasizes that Romania has done what the Bulgarian opposition demanded of it and has not achieved greater security. But his conclusion contains no accusation against Romania. He simply draws attention to the fact that the problem of the threat to ships in the western part of the Black Sea has no easy solution.
Radev’s statement came after two intense weeks during which he, together with Romanian President Nicușor Dan, had sought greater support in Brussels from the European Council and NATO. It also came one day after the first round of the presidential election, in which the candidate and incumbent president, Iliana Yotova—backed by Rumen Radev’s ruling “Progressive Bulgaria” party—received just 3% more of the vote than her opponent, financier and former interim Prime Minister Andrei Gyurov, who was supported by the anti-corruption parties “We Continue the Change” and “Democratic Bulgaria.”
Two days later—on October 28, 2026—the defense ministers and chiefs of the general staff of Bulgaria, Romania, and Turkey met in Sofia. From Sofia, they expressed their shared commitment to intensifying coordination and the exchange of intelligence among themselves. Turkish Defense Minister Yașar Güler issued a warning to Ukraine and Russia to cease attacks on ships in the Black Sea.
On November 1, Iliana Yotova was elected president of Bulgaria, securing a lead of about 20% over her opponent, Andrey Gyurov. Below is the transcript of Rumen Radev’s speech, which sparked so much controversy. I invite everyone who was angry or felt shame at Radev’s supposed statements to find at least one hostile statement directed at Romania in the Bulgarian prime minister’s words.
Video
Rumen Radev’s Speech
Dear Mr. Tzomokos, dear Mr. Kremdes, distinguished organizers of this timely event, distinguished high-ranking guests, ladies and gentlemen,
I find myself once again on this distinguished podium. We’ll wait a moment for you to put on your headphones…
Your Excellencies, as your presence here is of the utmost importance. I find myself once again on this distinguished podium, and it is an honor for me that we can speak openly about the challenges we face. And addressing these challenges requires an open and dynamic dialogue, for these are dynamic times. These times present us not only with challenges but also with opportunities—opportunities to jointly set the strategic goals for Bulgaria and the region, and to work together to find solutions to them.
I do not think it is necessary to dwell on the extremely dynamic geopolitical situation, especially in the field of security. We all see what is happening around us—to the north, to the south. We all bear the consequences of the deepening crises and the global conflict—military, economic, and technological.
Starting with the war in Ukraine, which has long since ceased to be a war between two countries. It has turned into a global conflict and a war of attrition. And we must not allow it to turn into a war of destruction.
To the south of us—the conflicts in the Middle East—we see what is happening with prices, especially fuel prices. This is of crucial importance to us. Therefore, I will not go into such analyses.
I know my time is extremely limited, as a very relevant debate will take place here shortly, one that will contribute to achieving the objective of this forum. That is why I will be concise and move directly to the issues and questions that concern us all—us, the Bulgarian business community, as well as our foreign partners.
And the questions are complex. How will we adapt more quickly and effectively to these dynamic geopolitical changes, and how will we seek strategic opportunities for our country and for the entire region? How will we ensure our security? Because that is the foundation of all other activities. Without security, there is no social development, no economy, and no investment in human capital.
How will we manage to be more resilient and stronger together? This is an extremely important question. And here, regional cooperation and regional alliances will become increasingly important. As for us specifically—how will we more quickly overcome this heavy economic and financial legacy? Let me remind you: we are still experiencing a downward trend in investment—I’m referring to foreign direct investment, exports, and industrial production.
What we inherited—an empty treasury, burdened by debt, without a budget, with a neglected Recovery and Resilience Plan, with social spending rising explosively, and, precisely, a lack of capital investment. How will we address these challenges in the 2027 Budget, which we will present next week? Namely: on the one hand, to secure revenue, ensure demographic policy, and guarantee support for investment in order to achieve economic growth; and on the other hand—to reduce the deficit significantly and lower the debt burden.
These are extremely contradictory objectives—very difficult, very challenging—but we will strive to achieve them. That is why, in the 2027 Budget, we are setting clear priorities. First and foremost, this involves the recovery of public finances. Increased social and family support. More funding for defense. For critical sectors such as health, education, culture, sports, and others.
Stimulating production and providing tax incentives so that we can rely on economic growth, because only increased production, higher productivity, and greater competitiveness can truly solve budgetary problems. We want to achieve something very important—at least to reverse the trend. To change the model of economic development. From a model based on consumption, redistribution, and cheap labor, we must shift to a model of accelerated economic development—through increased productivity, competitiveness, and innovation; through greater investment.
The part that deals with Romania
These are the main and most important tasks we have set out in this budget. But let me return to the most important condition—security. Especially recently, with the attacks against our ships in the Black Sea, this issue has become extremely important. And we must find a solution as quickly as possible.
I can say that, to date, the actions of Bulgarian institutions—our sailors, our rescuers, and our teams—have been extremely swift, professional, and well-coordinated. From the very first minutes of the tragedies that occurred in our exclusive economic zone, our rescue teams were on the scene, even though the rescue operations took place at night and under difficult weather conditions. We have demonstrated that Bulgaria, as a civilized nation, is capable of fulfilling its international obligations regarding emergency search and rescue within its exclusive economic zone.
We immediately took all necessary diplomatic measures at the executive level: discussions with NATO, videoconferences with the European Commission, and with the President of Romania. I see that Brândușa (Brândușa Predescu is Romania’s ambassador to Sofia—Ed.) is here. Together with Nicușor Dan, we immediately met with the NATO Secretary General. We analyzed all the options available to us as guarantees for our security.
Together with the Romanian president, we brought to the attention of the European Council and European leaders the issue of a memorandum that would finally prohibit or limit attacks on civilian ships in the Black Sea.
We held discussions with the new Romanian prime minister, as well as with Turkish President Erdogan. We are acting with great dynamism and the utmost responsibility. We have mobilized all the resources of the Bulgarian armed forces—our entire air, maritime, and land defense capabilities—wherever we have surveillance systems, in order to ensure the most thorough possible understanding of the situation in our maritime space.
Our allies have responded. As you know, an allied aircraft arrived immediately and is conducting patrol, surveillance, and reconnaissance missions over the Black Sea coast. We are expecting even more support. The most important thing—and this is where we must pay attention—is that we did everything possible, under difficult weather conditions, to bring the ship Chelsea 3 into the port of Burgas to ensure a thorough and detailed investigation. Our allies have arrived here with high-tech equipment, and we are awaiting the findings.
Now, regarding the question that has been raised—perhaps more of a political, pre-election, or ideological nature: “But name the aggressor immediately, so that we can point him out together.” I have no objection. I was the only prime minister who summoned the Russian ambassador over the incident involving our three state customs vessels in the Black Sea. And I made my position and views very clear from the very beginning.
But I have principles: when I make an accusation, before doing so, I must have clear evidence on the table—not just rely on slogans. Now there has been another viewpoint: many people believe that when we point the finger at the aggressor and threaten them, the attacks will stop, and thus we will protect our territorial waters from potential attacks.
I just want to mention the case of Romania. They did exactly that. Indeed, the Romanian political leadership stepped forward and said: “It doesn’t matter that there is no evidence; we know that Russia is responsible for these attacks, and we categorically condemn them.”
And what happened? Two ships—one of them just a few days ago—were struck and sunk with the utmost audacity in Romanian territorial waters. So, I want to tell you—the issue is very complex. Sometimes, even in this situation, it is beyond our capabilities to retaliate on our own.
That is why we have taken a clear stance: together with our allies, we will do everything possible—both through military means and, above all, through diplomatic means—to guarantee freedom of navigation in the Black Sea. This is vital for our economy.
And I want to assure you that Bulgarian ports and our territorial waters are safe for navigation. I have requested statistics for the same period—from September to the present, up to the same date—as well as from the beginning of October, when the attacks began, until now: traffic to and from the ports of Varna and Burgas has remained unchanged.
Compared to last year, we are recording much higher volumes. Therefore, we will continue to do everything in our power, using all available means, to guarantee this safety. The anchor of our security lies in the European Union and NATO, as well as in a strong transatlantic partnership with our strategic ally, the United States, especially when it comes to security.
We have a duty to continue developing our own defense capabilities. That is why, in the budget, we are inevitably allocating more funds for the modernization of the Bulgarian armed forces and for cooperation with other European Union member states under the SAFE joint procurement program. This is the path we have charted and are following.
Regional and EU dimensions of government’s policy
We cannot have a growing economy without connectivity. And this announcement made by European Commission President Ursula von der Leyen in her report just one month ago—that Bulgaria will host the summit on connectivity along the Central Corridor—is by no means coincidental. This is the active—I might even say proactive—work of our government. Because we have an important problem to solve: how will we finally transform our strategic geographic position into a strategic economic advantage? And we are finally, after decades, on the verge of beginning to solve this important problem together with you, of course.
And it’s not just the Central Corridor. We are also actively working on the corridor connecting the Gulf countries, passing through Bulgaria, to our European partners. This is extremely important, especially given what is happening in the Strait of Hormuz. And this is linked to another issue, which I raised, among other things, at the European Council, in front of all our partners. And this concerns fuel production in Europe. Because, in recent decades, numerous refineries have closed in Europe. And Europe is facing a shortfall in aviation fuel production. Only 60% of our needs are met. There is a diesel shortage. And we import it mainly from this region—I’m referring to Europe.
But we have a strategic asset that is not merely of regional importance. I am referring to our refinery in Burgas. I am referring to the Bulgarian refinery in Burgas, which is currently still owned by “Lukoil.”
However, decisions regarding this refinery are made outside of Bulgaria, outside the European Union. That is why I believe that this refinery, which is certainly one of the largest and most modern in Europe, is not merely a national asset of ours. It is a European asset, especially in times of crisis. That is why I expect us to be more active here as allies, seeking solutions to guarantee our energy security and independence.
Recently, at the end of last month, I signed an extremely important agreement together with the transportation ministers of Greece, Bulgaria, and Romania. It aims to connect the Aegean Sea, the Black Sea, and the Danube. Here lies the immense potential and extraordinary opportunity to expand these connections together.
All these corridors passing through Bulgaria represent a huge opportunity for us to strengthen our transportation and freight forwarding companies, as well as to build and invest here in logistics centers and warehouses. This represents an even greater opportunity for our goods to find new markets. So this is where we will definitely focus our attention. But this global and regional connectivity, which we have through these corridors, also requires internal national connectivity.
And this is precisely what is reflected in our strategy: our internal transportation corridors should be part of these global corridors. Only in this way will we achieve accelerated development. And here we are finally determined to change the model for building strategic domestic transportation and energy infrastructure.
We’ve done the math: if we continue to build this way—exclusively with public funds, as has been the case so far—it will take at least 50 years. While connections are showing some progress—albeit limited—along the east-west axis within Bulgaria, those along the north-south axis in Bulgaria remain in an extremely unsatisfactory state. That is why we have drafted the new Public-Private Partnership Act, so that the model we will apply aims to mobilize private capital for the rapid construction of our strategic transportation infrastructure.
On Friday, we had a very encouraging meeting—with nearly the entire government, the Bulgarian pension funds, the Bulgarian Stock Exchange, and the Financial Supervision Commission. I am extremely optimistic, as everyone enthusiastically welcomed this idea. We are set to establish a National Investment Company. We are set to begin mobilizing capital very quickly through various means.
Next, we will implement what is already provided for in the budget of the Ministry of Regional Development and Spatial Planning, so that we can extremely rapidly accelerate the preparation of urban planning schemes, expropriation procedures, and environmental impact studies, enabling us to very quickly launch, through public-private partnerships, the concession-based highways.
And Petrohan with the tunnel—that section is ready. Ruse–Makaza, to connect with Alexandroupolis, which I’ve mentioned at other conferences as a strategic hub for us—for Bulgaria and for the region. To connect this port, via Bulgaria, further north toward Romania. The “Black Sea” highway, the “Rila” highway. We must also consider the Vidin–Botevgrad section, to finally complete it. The “Hemus” highway must be completed as soon as possible. The “Thrace” Highway—the absolutely essential third lane from Sofia to Plovdiv.
And all of this we must—and we have the ambition, and we must—achieve within two terms. We can no longer wait, because this represents a huge obstacle to our economy.
Energy
Let’s move on to another sector vital to the economy—the energy sector. We know that energy is the foundation of all economic activity. Bulgaria has very quickly, almost imperceptibly, become the leader in the Balkans in terms of installed energy storage battery capacity. Just yesterday, an interesting article appeared in Reuters—if you noticed—which clearly states:
If we consider the figures regarding the ratio of power generation and battery energy storage capacity to the capacity of the entire energy system and on a per-capita basis, I can say that, from Australia through Europe to California, Bulgaria is the leader in terms of these ratios. And this has already changed the situation. I know that the business community is extremely interested—and not just the business community—in lower prices, because they guarantee greater competitiveness.
Batteries offer the possibility of extremely dynamic development in the renewable energy sector, enabling us to achieve these lower prices. And it was precisely with the help of batteries that, this summer, during the major crisis, we also helped our neighbors—both Romania and Greece—because it was precisely at night, during peak hours, that electricity from the batteries installed in Bulgaria was used. Not to mention the pumped-storage hydroelectric plants—I’ll say it again, but this time we have a genuine ambition to build these three plants.
The waters in mountainous areas represent an immense resource that we possess. We already have dams in place—we just need to be faster and more flexible in putting them into operation, because this is the most efficient and environmentally friendly “battery.” And when they do come online—the green energy corridors—the “Gregi” project in North Africa, which crosses Greece to deliver green energy; when the green energy corridor from Azerbaijan comes online, right here in Bulgaria could be the storage site that ensures the daily cycle of this green energy as it is distributed to the rest of Europe. We, too, must capitalize on this potential and ensure an advantage for the region and for Europe.
Foreign direct investment
Furthermore, it is very important for us to revitalize the economy—specifically through foreign direct investment. We are working in an extremely dynamic and comprehensive manner with key strategic partners. I will not mention their names before signing the relevant binding memorandums of understanding. I do hope, however, that things are at a fairly advanced stage.
One of the areas where we want to attract foreign investment—specifically strategic investment—is artificial intelligence factories and large data centers. We have all the necessary basic commercial regulations in place. We already have, as they say, the “game-changing” elements. We have the most important element of what we offer: political will, predictability, and speed.
Recently, I was in France for the space summit organized by President Macron. And there I visited such a center—a 50-megawatt artificial intelligence facility. I can say that we must use these examples to combat prejudices. Because certain circles are trying to stir up a fuss, saying, “Look, this is terrible, this is scary; these centers would use up all our water, make a lot of noise, consume all our electricity, take up all our land,” and so on. Absolute lies!
At the center we visited—the water circulates in a closed loop; there are probably just three hydrants inside, and that’s it. These doors are equipped with an internal cooling system. No noise at all. A compact footprint, enormous potential. And we need to put this project into practice as soon as possible, because it will propel Bulgaria into an entirely different orbit. We’re moving on to the industries of the future—high-tech manufacturing.
By the way, when I spoke with these investors, who are already at an extremely advanced stage here in Bulgaria—this is a serious Euro-American consortium—they told me: “We want to build the largest artificial intelligence factory. We’re going to build it right here in Bulgaria.”
I asked them, “Why in Bulgaria? If there’s serious European involvement, build it in…” I couldn’t believe it. I asked them, “Why not build it in Germany or France?” They replied, “The problem is huge—we’d have to wait five years for permits and to get connected to the grid.”
And here—and they’ve realized this—we offer what matters most: speed. Speed in decision-making. Speed in execution. Speed in getting connected and support at the highest political level.
So, we will focus our efforts in this direction. Robotics is another very important strategic field—especially for Europe, not to mention Bulgaria.
We are facing serious demographic imbalances. We are facing an aging population. We are facing a labor shortage.
Currently, this problem is being addressed through increasingly heavy reliance on imports, as Europe’s ethnic, religious, and cultural landscape shifts. We are seeing that this is already beginning to create problems. The way to solve this problem is through automation at all levels.
And I believe that in Bulgaria, thanks to the investments accumulated over the years in INSAIT, in the development of a strong IT ecosystem, thanks to our solid educational system—especially in this field, as demonstrated at international competitions—and thanks to our existing traditions in mechatronics and robotics, we can truly be a country capable of attracting strategic investments in this field. Not to mention the defense industry—serious negotiations are already underway there, and we expect to see progress in this area soon as well.
But the most important thing for us is the support provided to the Bulgarian business community, Bulgarian entrepreneurs, and Bulgarian manufacturers. That is why we are including a series of measures in the budget to provide this support: tax incentives for scientific research and technology transfer; raising the VAT registration threshold; a reduction in the administrative burden; a one-stop shop for services; and a European digital wallet, so that everything can be done much more quickly, with far less bureaucracy for the business community.
Support for investments: we are determined to lower the threshold for priority projects from 25 to 15 million, so that medium-sized enterprises in Bulgaria can participate immediately. Assistance for expropriations. Assistance, particularly in industrial zones, for their development and for access infrastructure.
Our goal is for Bulgarians, with their entrepreneurial spirit, to increasingly withdraw their money from banks—where over 100 billion lies idle—and invest it in the real economy. This is the path we see for the future.
Of course, we are also talking here about investments in human capital. Despite the extremely difficult and challenging budgetary situation, we are allocating substantial funds. We are increasing funding for both education and health care—particularly for the National Children’s Hospital and for the salaries of young doctors.
However, we plan to exercise much stricter control over the spending of funds from the Health Insurance Fund, and to this end, we are already developing robust digital systems to put an end to all the scandalous leaks and thefts in the healthcare system serving Bulgarian citizens.
As you can see, inspections will continue with the full force of law enforcement. We have also set out to increase incomes: tax breaks for families with children and for children with disabilities; new preferential tax breaks to support our children’s development—for anyone involved in sports, the arts, etc.; and tax breaks for a range of activities. We will not leave pensioners without a pension increase, even if it is minimal; we have also planned an increase for public sector employees.
So, these are, in fact, the most important investments. We will also invest in greater safety, as befits a civilized European country. And we want to be a developed and dignified European country.
Human and natural resources
How can we do this when our people are dying on the roads and we hold a record—which we share with Romania, alternating from time to time in terms of the number of traffic fatalities per capita? We are establishing a very serious Road Safety Center. We will allocate funds for the purchase of aviation equipment—firefighting aircraft; a new search-and-rescue vessel for the Black Sea; and digital systems for monitoring dam water levels. You know what used to happen… we must ensure this doesn’t happen again.
Many, many other things, but I repeat—for us, human capital is the most important. Support for schoolchildren—school scholarships have not been adjusted in over a decade. Support for college students is also planned.
So, I hope that through all these comprehensive measures… These are just a part of the policies, priorities, and reforms we’re implementing—and, believe me, there are reforms. Even indirectly, everything we’ve undertaken—such as reducing taxes on products—falls under our support for citizens and the business community. And right now there is resistance; some have put this process on hold because it will result in losses. But we want this issue to be diversified; we are drastically reducing these taxes and we want there to be freedom—so that this matter isn’t reserved solely for an elite. It won’t be that way, regardless of the resistance that arises.
The law on mineral resources will be adopted soon.
I believe it must be a fair and objective law, so that Bulgaria can gain more from its mineral resources and, at the same time, give serious entrepreneurs the opportunity to conduct environmental studies that comply with all standards, so that we can finally have a digitized geological map of Bulgaria.
This is extremely important for us and for Europe, because Europe must return to the extraction of raw materials—particularly those of critical importance—and to their processing. We, thank God, have not shut it down—on the contrary, we have developed it; we have not shut down our extractive industry; we are developing it and intend to continue doing so in the future.
And finally: I know there will be resistance, but we are seeing a number of changes with the Gambling Law. Because, I repeat, the most important thing for us is to ensure the development of the most important factor in any country—our people. Therefore, we will move resolutely in this direction.
I believe we will achieve this through joint efforts, together with all of you. We can promise you transparency, openness, and cooperation, and I hope that, in these challenging times, our efforts will be crowned with success.
Thank you for your attention!
Photo: Rumen Radev at the Sofia Economic Forum (source: YouTube)
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